ASX Companies Announcements Release via ASX Online ASMARA PROJECT RESULTS Joint venture partner Sunridge Gold Corp. (SGC-TSX.V) has advised that: “The return of assay results from an additional 15 diamond drill holes from the Emba Derho volcanogenic massive sulphide (VMS) deposit, part of the Asmara Project, Eritrea. These latest assay results continue to demonstrate the very large size potential of Emba Derho and drill holes ED-045-D and ED-051-D have discovered what may be a new higher grade primary copper zone. As can be seen on the attached map the new zone is still open to the northeast and drilling is ongoing to further test it. In addition, some of these recent holes have intercepted the highest zinc grades to date at Emba Derho. The total strike length has now been defined for over 750 metres and mineralisation remains open in all directions. With the discovery of a new higher grade copper zone and higher grade zinc intercepts management strongly believes that Emba Derho has the potential to become large bulk-mineable zinc, gold and copper open-pit deposit. DRILL HIGHLIGHTS: ED-037-D – 38.10 metres grading 4.46 % Zn and 1.0 g/t Au ED-038-D – 81.60 metres grading 3.0 % Zn ED-039-D – 55.26 metres grading 3.12% Zn ED-042-D – 32.73 metres grading 4.25% Zn ED-044-D – 63.40 metres grading 3.58% Zn ED-045-D – 53.20 metres grading 1.03% Cu and 46.20 metres grading 1.56% Cu ED-046-D – 42.90 metres grading 4.1% Zn ED-051-D – 84.50 metres grading 2.69% Cu including 26.96 metres grading 4.6% Cu Details of all significant mineralized intervals from the drill holes are as follows: O = Oxide zone near surface, S = Supergene copper zone, P-Zn = Primary zinc zone, P-Cu = Primary copper zone. Diamond Drill Hole # From metres To metres Interval metres Gold g/t Silver g/t Copper % Zinc % Zone ED-033-D 164.50 189.65 25.15 0.17 9.0 0.13 2.77 P-Zn 2 Diamond Drill Hole # From metres To metres Interval metres Gold g/t Silver g/t Copper % Zinc % Zone And 217.00 236.00 19.00 0.07 7.00 1.00 0.17 P-Cu ED-034-D 114.20 159.20 45.00 0.12 9.02 0.68 1.10 P-Zn ED-035-D 61.50 95.38 33.88 0.26 8.04 0.54 1.50 P-Zn ED-037-D 89.40 127.50 38.10 1.09 17.50 0.09 4.46 P-Zn And 148.00 177.30 29.30 0.12 7.82 0.34 2.35 P-Zn And 205.35 225.30 19.95 0.10 6.65 1.03 0.26 P-Cu ED-038-D 192.20 273.80 81.60 0.40 13.49 0.26 3.00 P-Zn ED-039-D 105.40 112.1 6.70 4.91 90.45 0.17 0.96 O And 119.40 174.66 55.26 0.32 7.99 0.06 3.12 P-Zn ED-040-D 59.85 110.16 50.31 0.66 15.35 0.28 2.79 P-Zn ED-041-D 45.50 62.10 16.60 0.11 5.00 0.75 0.15 S ED-042-D 131.92 164.65 32.73 0.56 9.47 0.16 4.25 P-Zn And 164.65 191.33 26.68 0.20 5.00 0.95 0.05 P-Cu ED-043-D 55.00 68.20 13.20 0.80 5.00 0.96 0.07 S ED-044-D 62.60 126.00 63.40 0.46 17.05 0.34 3.58 P-Zn ED-045-D 94.28 115.13 20.85 0.94 10.28 0.46 1.59 P-Zn And 161.80 215.00 53.20 0.12 6.28 1.03 0.18 P-Cu And 230.00 276.20 46.20 0.15 8.58 1.56 0.52 P-Cu ED-046-D 89.58 132.48 42.90 0.81 21.89 0.39 4.10 P-Zn And 151.65 200.25 48.60 0.20 10.67 0.6 1.78 P-Zn ED-048-D 147.00 244.60 96.90 0.24 9.38 0.48 1.78 P-Zn ED-051-D 240.00 324.50 84.50 0.18 9.25 2.69 0.27 P-Cu Including 277.40 304.36 26.96 0.24 12.92 4.16 0.31 P-Cu Note: The current market value of zinc is approximately US$1.50 per pound and copper US$3.50 per pound. A metric tonne is 1,000 kilograms and there are approximately 2.205 pounds in each kilogram. To illustrate the potential value of the mineralisation at Emba Derho in the primary zone, where the values are between 2 to 4 % zinc and 1 to 2 % copper, an example of 3% zinc and 1% copper would mean that a metric tonne of mineralized rock would contain 30 kilograms (or 66.25 pounds) of zinc and 10 kilograms (or 22.05 pounds) of copper. The massive sulphide mineralisation at Emba Derho is composed of a series of stacked and folded lenses ranging in thickness from 10 metres to over 100 metres in thickness that generally dip steeply to the north and are cut by a series of narrow (mostly between 1 to 5 metres) unmineralised quartz porphyry dikes. The outcropping weathered gossan zone, which is the surface expression of the underlying massive sulphide mineralisation, can be traced for over 700 metres. Emba Derho is located only 6 kilometres to the west of the high-grade zinc-gold Adi Nefas VMS deposit and the Gupo Gold Deposit. The high-grade copper-gold-zinc Debarwa VMS Deposit is approximately 25 3 kilometres to the south. With the discovery at Emba Derho there are now four significant zones of mineralisation within the Asmara Project; Debarwa, Adi Nefas, Gupo Gold and Emba Derho”. On the 22nd August 2006, Sub-Sahara announced the proposed sale of its interest to Sunridge at the Fair Market Value of A$16,370,000 to be satisfied by the issues of 7.6 million shares at an issue price of C$1.84 per share (current price C$2.65). The joint venture partners are in the process of seeking approval for the sale of the various interests in the Asmara project and until the sale has been completed, Sub-Sahara will continue to inform the market of additional information that falls outside the agreed value but will have a material effect on the Sunridge share price. For and on behalf of Sub-Sahara Resources NL M.R. Griffiths CEO - Director For further information please e-mail Michael Griffiths (enquiries@subsahara.com.au ) or contact by phone on 61-8-9227 3260 The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M R Griffiths, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Griffiths is a full-time employee of Sub-Sahara Resources NL. Mr Griffiths has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Griffiths consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. |