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25.02.2010
Sunergy Commences Due Diligence on a New 57 sq. km. Full Prospecting Licensed Mining Concession, Located 25 Miles NE of Nyinahin Along the Offin River, in Ghana, West Africa
Sunergy Commences Due Diligence on a New 57 sq. km. Full Prospecting Licensed Mining Concession, Located 25 Miles NE of Nyinahin Along the Offin River, in Ghana, West Africa
SCOTTSDALE, AZ, Feb 25, 2010 - Sunergy, Inc. (OTCBB: SNEY) ("the Company") reports it has commenced due diligence, pursuant to a Letter of Intent and Agreement in Principle, to purchase a 57 sq. km. 2 year renewable full prospecting license for gold, silver, diamonds and base metals located along the Offin River about 25 miles NE of our Nyinahin concession. This acquisition, if finalized, will increase our land position to 207 sq. km. with substantial exploration/development area along the famous Offin River.
The Concession covers an approximate area of 57.0 sq. km. and is located in the Ashanti Region of Ghana and located along the Asankrangwa Gold Belt of Ghana. It falls under the Atwima Nwabiagya Administrative District with its headquarters located at Nkawie. The concession can be reached via the Kumasi-Kronom-Adankwame highway. Adankwame, Amoaman, Asaman, Asofua, Dabaa, Esaso and Kapro are some of the notable towns and villages within the concession. Accessibility within the area is very good and this is provided by a number of paved roads and few footpaths linking the various towns and villages.
Evidence of past exploration and mining activities in the area exists in the form of pits. There is strong clustering of artisan pits located along the Esuaya River as well as the Offin River. Fragments of phyllite, metagreywacke and quartz are noted in the waste pile. The existence of these pits confirms alluvial gold was discovered and recovered by Artisan miners who usually recover about 30%, leaving the balance to be recovered by modern mechanized methods. An additional benefit of the pits is the overburden has also already been removed.
Exploration work conducted recently involves preliminary geological mapping and stream sediment sampling. A total of 60 stream sediment samples were collected. The preliminary mapping indicates that the concession is underlain by Birimian metasediments intruded by Biotite-rich granite belonging to the Cape Coast suite. Whereas outcrops of the granites were observed in most parts, only floats of the metasediment could be seen.
The Stream sediment samples were analyzed for gold using 50g fire assay method at SGS laboratory at Tarkwa with a low-level detection limit of 2ppb.
Gold values include 20Auppb, 32Auppb, and 80Auppb to a peak of 310Auppb. Probability plot of the sample results gave a threshold value of about 12Auppb at 88th percentile and anomalous value being pegged at 20Auppb representing the 92nd percentile. Histogram of the results suggests two population densities. These populations are attributed to the two major rock types in the area (Birimian metasediments and the Cape Coast granite).
Northwards of the concession is the Fufuo concession belonging to Sika Resources Inc. (A Canadian Junior Exploration Company). To the south is the Owabi water works forest Reserve. Within the district, some 46 miles WNW is the Kenyasi - Yamfo concessions belonging to Newmont Ghana Gold, where gold production is expected to begin by end of 2006; 60 km SE is the Konongo mine; about 64 km south is the famous AGC Obuasi mine and finally about 75 km SSW is also the AGC Bibiani mines. The strategic location of the concession indicates a high probability of finding a deposit.
For over a century, mineralization associated with belt-basin faults was for both local prospectors and foreign exploration companies a primary exploration target due to the presence of coarse, visible gold. Deposits of this type in Ghana include Obuasi, Prestea, Bogosu, Konongo and Bibiani.
Robert Levich CPG, EurGeol, Director and Chief of West African Operations (See Press Release dated December 21, 2009) said, "We are excited at this opportunity to extend our mineable area along the Offin and other rivers on the new concession. We are also evaluating further growth to the south along the Offin which could allow us to become the largest alluvial gold/diamond operators in Ghana."
Company Chairman, P.K. Rana Medhi, said: "This new project offers additional immediate gold recovery opportunities through the numerous abandoned Artisan pits along the Offin River and will employ the identical exploration/development methods as our Nyinahin concession. The close location also adds to positive economics because we can utilize the same personnel."
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 sq. km. Nyinahin mining concession with a full prospecting license. The concession is surrounded by several operating mines and is adjacent to Newmont Mining's property. This concession has the Offin river flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Offin river is known for good alluvial gold production. Artisans usually recover about 30% of the available gold through primitive hand methods, leaving 60-70% to be recovered by modern mechanical operations.
Further information is available on the Company's website www.sunergygold.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin Mining Concession and Sunergy's ability to make the required payments to General Metals as they become due.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: P.K. Rana Medhi Chairman of The Board Sunergy, Inc. 480.399.7222 cell 480.477.5810 office pkmedhi@cox.net info@sunergygold.com
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SCOTTSDALE, AZ, Feb 25, 2010 - Sunergy, Inc. (OTCBB: SNEY) ("the Company") reports it has commenced due diligence, pursuant to a Letter of Intent and Agreement in Principle, to purchase a 57 sq. km. 2 year renewable full prospecting license for gold, silver, diamonds and base metals located along the Offin River about 25 miles NE of our Nyinahin concession. This acquisition, if finalized, will increase our land position to 207 sq. km. with substantial exploration/development area along the famous Offin River.
The Concession covers an approximate area of 57.0 sq. km. and is located in the Ashanti Region of Ghana and located along the Asankrangwa Gold Belt of Ghana. It falls under the Atwima Nwabiagya Administrative District with its headquarters located at Nkawie. The concession can be reached via the Kumasi-Kronom-Adankwame highway. Adankwame, Amoaman, Asaman, Asofua, Dabaa, Esaso and Kapro are some of the notable towns and villages within the concession. Accessibility within the area is very good and this is provided by a number of paved roads and few footpaths linking the various towns and villages.
Evidence of past exploration and mining activities in the area exists in the form of pits. There is strong clustering of artisan pits located along the Esuaya River as well as the Offin River. Fragments of phyllite, metagreywacke and quartz are noted in the waste pile. The existence of these pits confirms alluvial gold was discovered and recovered by Artisan miners who usually recover about 30%, leaving the balance to be recovered by modern mechanized methods. An additional benefit of the pits is the overburden has also already been removed.
Exploration work conducted recently involves preliminary geological mapping and stream sediment sampling. A total of 60 stream sediment samples were collected. The preliminary mapping indicates that the concession is underlain by Birimian metasediments intruded by Biotite-rich granite belonging to the Cape Coast suite. Whereas outcrops of the granites were observed in most parts, only floats of the metasediment could be seen.
The Stream sediment samples were analyzed for gold using 50g fire assay method at SGS laboratory at Tarkwa with a low-level detection limit of 2ppb.
Gold values include 20Auppb, 32Auppb, and 80Auppb to a peak of 310Auppb. Probability plot of the sample results gave a threshold value of about 12Auppb at 88th percentile and anomalous value being pegged at 20Auppb representing the 92nd percentile. Histogram of the results suggests two population densities. These populations are attributed to the two major rock types in the area (Birimian metasediments and the Cape Coast granite).
Northwards of the concession is the Fufuo concession belonging to Sika Resources Inc. (A Canadian Junior Exploration Company). To the south is the Owabi water works forest Reserve. Within the district, some 46 miles WNW is the Kenyasi - Yamfo concessions belonging to Newmont Ghana Gold, where gold production is expected to begin by end of 2006; 60 km SE is the Konongo mine; about 64 km south is the famous AGC Obuasi mine and finally about 75 km SSW is also the AGC Bibiani mines. The strategic location of the concession indicates a high probability of finding a deposit.
For over a century, mineralization associated with belt-basin faults was for both local prospectors and foreign exploration companies a primary exploration target due to the presence of coarse, visible gold. Deposits of this type in Ghana include Obuasi, Prestea, Bogosu, Konongo and Bibiani.
Robert Levich CPG, EurGeol, Director and Chief of West African Operations (See Press Release dated December 21, 2009) said, "We are excited at this opportunity to extend our mineable area along the Offin and other rivers on the new concession. We are also evaluating further growth to the south along the Offin which could allow us to become the largest alluvial gold/diamond operators in Ghana."
Company Chairman, P.K. Rana Medhi, said: "This new project offers additional immediate gold recovery opportunities through the numerous abandoned Artisan pits along the Offin River and will employ the identical exploration/development methods as our Nyinahin concession. The close location also adds to positive economics because we can utilize the same personnel."
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 sq. km. Nyinahin mining concession with a full prospecting license. The concession is surrounded by several operating mines and is adjacent to Newmont Mining's property. This concession has the Offin river flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Offin river is known for good alluvial gold production. Artisans usually recover about 30% of the available gold through primitive hand methods, leaving 60-70% to be recovered by modern mechanical operations.
Further information is available on the Company's website www.sunergygold.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin Mining Concession and Sunergy's ability to make the required payments to General Metals as they become due.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: P.K. Rana Medhi Chairman of The Board Sunergy, Inc. 480.399.7222 cell 480.477.5810 office pkmedhi@cox.net info@sunergygold.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=US86732G2075">http://www.irw-press.com/alert_subscription.php?lang=en&isin=US86732G2075</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.