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Message: SGC , Byron comments
- Drill Results Are Ready for the Pre-feasibility Study at Emba Derho: Sunridge Gold Corp. ("Sunridge") released drill results from the Emba Derho copper-zinc-gold deposit, which hosts 87% of the identified mineral resources at its 100%-owned Asmara property. Highlight hole ED-268-D intersected 1.89% copper over a true width of 47.25 metres and 1.17% copper over a true width of another 80.25 metres. Highlight hole ED-273-D intersected 5.16% zinc over a true width of 142.79 metres, including 8.63% zinc over a true width of 26.80 metres (see Exhibit 3). Based on these drill results and previous exploration data, a pre-feasibility study on the Emba Derho deposit is scheduled to be completed by the end of Q1/12.
- The Mineralization at Emba Derho Is Extended to Depth and the Northeast: Based on the released assay results, the mineralized zone at Emba Derho was extended for another 50 - 70 metres at depth and around 50 metres along strike to the northeast (see Exhibits 1 and 2). We believe there is significant upside potential for the long-term exploration success at the Asmara property based on Sunridge's 850 square kilometres of exploration land there.
- More Positive News Is on the Road: The company is expected to update the resource calculation at its 100%-owned Debarwa high-grade copper-gold-silver-zinc deposit in the next several weeks. A feasibility study on the Debarwa deposit is scheduled to be completed in November 2011. We believe more exciting drill results from the Asmara and Besakoa projects could be released in the coming months.
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Valuation: We reiterate our BUY rating and $1.95 target price.
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