Antofagasta entered into an exploration agreement with Sunridge Gold Corp whereby Antofagasta Minerals can earn an initial 60% interest in Sunridge's Asmara project in Eritrea by funding US$10 million of exploration work over a 5-year period, and a further 15% interest (for an aggregate 75% interest in the project) by delivering a feasibility study on the project.
Sunridge Gold announced that it has commenced a new drill program at the Asmara Project, Eritrea. Drilling will focus on expanding the known resources within the “Development Areas” that contains four deposits, Emba Derho, Debarwa, Adi Nefas and Gupo Gold. Drilling has commenced at the Debarwa high-grade copper-gold-zinc volcanogenic massive sulphide (VMS) project. Approximately 2,000 metres is planned for this phase of drilling which will test several strong geological and geophysical anomalies that appear to be extensions of the known mineralized zones.
Sunridge Gold announce that it has signed a memorandum of understanding to enter into a strategic partnership with Antofagasta Minerals whereby Antofagasta will fund US$10,000,000 of exploration work over a 5-year period to earn a 60% interest in part of the Company’s Asmara Project in Eritrea, now known as the Exploration Areas, and will purchase common shares of Sunridge in a non-brokered private placement for proceeds of US$5 million. Antofagasta will become Sunridge’s largest shareholder owning an approximate 18% interest in Sunridge.
