Gold ETFs, GLD Firm, Sunridge Advances Debarwa
Thursday, March 17, 2011 9:07 am EST
GOLD ETFS & GLD NEWS – Gold ETFs held firm Thursday, as the SPDR Gold Trust (GLD) rose $0.18 to $136.42 per share. The modest rise in gold ETFs and the GLD coincided with gold bullion advancing $2.22 to $1,401.10 per ounce. With today’s rise, the GLD cut its year-to-date loss to 1.7%.
While gold ETFs and the GLD moved higher, gold companies in the news includedSunridge Gold (SGC.TSXV). The Canadian-based gold company announced the receipt of assay results from 21 diamond drill holes from the Debarwa copper-zinc-gold deposit located on its Asmara Project in Eritrea, Africa. Sunridge stated that most of the drill holes have successfully extended the depth of the primary mineralization at Debarwa from 150 to 200 meters from surface.
Sunridge Gold reported highlights of the results included hole DEB-140, which intersected 14.00m of 2.78% copper, 7.33% zinc, and 1.35 grams per tonne (g/t) gold. Hole DEB-146 hit 7.60m of 1.32% copper, 10.51% zinc, and 4.87 g/t gold.
Michael Hopley, President and CEO of Sunridge Gold, commented that “Much of the focus at Debarwa has been on the shallow parts of the deposit, particularly the Gold Oxide and Copper Supergene Zones. We are excited that many of these new deeper drill holes are demonstrating excellent grades of copper, zinc and gold at depth in the primary zone of mineralization.”
Sunridge noted that the latest assays (along with results from 35 drill holes completed in late 2009) will be incorporated into a resource estimate for Debarwa, which is expected to be completed in April 2011. A total of 59 diamond drill holes have been completed thus far in the current phase of drilling, and assays for 24 additional diamond drill holes are pending.
The new resource will be used as part of the ongoing Debarwa feasibility study, which will consider a standalone process plant using flotation for the recovery of the base and precious metals and will study various mining options over a forecast 9-year life of mine. The study will also evaluate a direct shipping option to mine high-grade copper mineralization (greater than 15% copper) to generate early cash flow and enhance economics of the deposit. Completion of the study is expected in the third quarter of 2011.
Notable gold companies posting gains alongside gold ETFs such as the GLD included Agnico-Eagle Mines (AEM), Yamana Gold (AUY), and Barrick Gold (ABX). AEM, AUY, and ABX advanced 1.3%, 1.1%, and 0.3%, respectively.
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