As part of its exploration and expansion programme, junior miner Sunridge Gold has embarked on another initial exploration programme at the Besakoa gold/copper/zinc volcanogenic massive sulphide (VMS) project, in south-central Madagascar.
Madagascar is regarded as an up-and-coming mining jurisdiction with significant geological diversity and mostly under- explored. Further, the Indian Ocean island country’s government is strongly supportive of business and foreign investment, with stable mining laws, which make the country an ideal exploration site.
The current work programme at the Besakoa property is expected to take two to three months and will focus on several highpriority geophysical anomalies that coincide with the VMS-type surface gossan showings. The initial exploration programme began in late June and is expected to be complete by October.
The Besakoa property covers about 60 km2 in the southern-central Madagascar region and can be accessed by road from the port city of Toliara. This property is in a similar geological environment to the company’s Asmara project, in Eritrea, where Sunridge has discovered large VMS deposits over the past five years.
The company says that it aims to develop drill targets that will include a ground gravity survey that will cover 14 km2 over the central-northern area of the property, where gossans and airborne anomalies are located.
It also aims to complete a soil geoche- mical survey, where almost 2 000 soil samples will be taken from the area where the gravity survey is to be conducted. Further, the company will also carry out geological mapping and prospecting, where all sus- pected gossans on the property will be sampled and mapped.
The programme will also include exploration for vanadium. The south-eastern area of the Besakoa property is adjacent to vana- dium exploration company Energizer Resources’ property, where it has been drill- ing the Green Giant vanadium deposit. The adjacent area on Sunridge’s property will be prospected and mapped for its vanadium potential.
Sunridge can earn an initial 50% interest in the Besakoa property by spending $2- million by September 2011 and issuing 500 000 Sunridge shares to uranium exploration company Majescor Resources, the owner of the property. On acquiring a 50% interest in the property, Sunridge will then have the right to acquire a further 25% by spending an additional $2,5-million by the end of the third year and issuing an additional 500 000 common shares in Sunridge to Majescor.
Meanwhile, Sunridge also reports that it has had positive results from reassays of drill core from four diamond drill holes conducted by a previous operator at the Adi Rassi copper/gold prospect, within the Asmara project, in Eritrea. The Adi Rassi mine is situated about 8 km south-east of Sunridge’s 100%-owned Debarwa high-grade copper/gold VMS deposit.
Midtier gold-mining company Golden Star Resources drilled the holes in 1996, but only short select intervals of the core had previously been sampled and assayed.
Highlights from the reassayed drill core from Adi Rassi included 20 m of 0,9 g/t gold and 0,90% copper, stretching between the 116-m and 136-m mark; 24 m of 1,43 g/t gold and 1,34% copper, stretching between the 90-m and 114-m mark; 52 m of 0,97 g/t gold and 0,62% copper, stretching between the 86-m to 138-m mark; and 14 m of 0,12 g/t gold and 1,06% copper.
Based on recent detailed geological mapping and sampling, Adi Rassi is now considered a potentially large and continuous zone containing significant copper and gold mineralisation. This mineralised zone is associated with a significant shear zone that trends north-east for over 3 km.
|
|
