VANCOUVER, BC / ACCESSWIRE / June 20, 2024 / Sun Peak Metals Company (“a company“or”Sun Peak(TSXV:PEAK)(OTCQB:SUNPF) is pleased to report that the 2024 initial drilling program at the Shire project in Ethiopia is now complete and results are pending.
The company drilled 24 diamond holes on the existing Terer and Hamlo VMS targets on the Terer licence, totaling 5,236 metres. All core samples have now been sent to the laboratory and the first batch of results are expected in July.
Highlights
- A total of 12 diamond holes were completed at the Terer VMS target totaling 2,660 metres.
- A total of 12 diamond drill holes have been completed at the Hamlow VMS target, totaling 2,576 metres.
- The first batch of examination results is expected to be released in July.
- Exploration work consisting of excavation, mapping and sampling will continue during the rainy season.
- Drilling is scheduled to resume in the fourth quarter of 2024 after the rainy season.
“The Sun Peak Exploration team has done an outstanding job in completing the initial phase of drilling efficiently and safely in 2024. We are very proud of the performance of our entire team in completing the planned measurement of this initial program on time and on budget. says Greg Davis, President and CEO of Sun Peak. “We look forward to releasing the inspection results once they are received and interpreted in July.”
Both the Terer and Hamlo targets are part of a group of targets referred to as the Anguda VMS System area, which is part of a large VMS-defined cluster trending southwest-northeast over 20 km and over 10 km wide. Both targets contain geophysical outcrops, with high geophysical gravity anomalies and strong geophysical VTEM conductors.
The company is now planning its next drilling program, which is expected to begin after the end of the rainy season in October.
Statement of qualified person
David K. Daoud, B. Geo, Vice President, Exploration is the qualified person overseeing Sun Peak's exploration projects in Ethiopia and has reviewed and approved this press release.
All reported drill holes are core holes for diamond drilling.
A quality assurance/quality control program was part of the sampling program. This program involves the systematic introduction of standards, duplicates and blank samples into the sample stream produced by the sampling process.
Samples were prepared at the ALS laboratory in Addis Ababa, Ethiopia and sent to the ALS laboratory in Dublin, Ireland for analysis.
About Sun Peak Metals
Sun Peak is exploring the region-wide Shire VMS project in the Tigray region of northern Ethiopia. The Shire Project consists of six exploration licenses and covers approximately 1,450 square kilometers in the prospective Arabian-Nubian Shield. The licenses are located in the same geological environment as both the Bisha mine and the Asmara projects. The Meli and Terer licenses are part of a joint venture agreement with Ezana Mining, a private Ethiopian company, and the other four are 100% owned by Sun Peak. The Sun Peak team has operated in East Africa for more than two decades, and the company's strategy is to apply exploration techniques that have worked in the region before, to build assets through VMS's major copper and gold discoveries.
On behalf of the Board of Directors of Sun Peak Metals
Greg Davis
President, CEO and Director
For more information, please contact:
Greg Davis
(Tel): +1 (604) 999 1099
(e): info@sunpeakmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer of Forward-Looking Information
Certain information and statements contained in this press release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, “forward-looking statements”), which reflect management's expectations with respect to the disclosures and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. This information or data may include, but is not limited to, data relating to the goal of making a significant discovery, developing a large-scale project in Ethiopia and identifying other potential properties and opportunities both in Ethiopia and globally. Such statements are subject to risks and uncertainties that could cause actual results, performance or developments to differ materially from those expressed in the statements. There can be no assurance that any of the events anticipated in the forward-looking statements will occur, or if they do occur, what benefits Sun Peak will receive from them. These forward-looking statements reflect the current views of management and are based on certain expectations, estimates and assumptions, which may prove incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including but not limited to: the risk that the results of the planned exploration programs at the Shire Project will not meet anticipated results. These forward-looking statements are made as of the date of this press release, and except as required by applicable securities laws, Sun Peak undertakes no obligation to update these forward-looking statements, or to update reasons why actual results may differ from those anticipated. In forward-looking statements. Additional information about these and other assumptions, risks and uncertainties is contained in the “Risks and Uncertainties” section of the prospectus filed with Canadian security regulators.
source: Sun Peak Metals Company
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