Sunergy Plans Mobilization Of Its Revenue Generating Gold Bulk Sampling Program On Its 150 sq. km. Nyinahin Gold Concession in Ghana As Gold Prices Rise to Record Levels
SCOTTSDALE, Ariz., Sept. 6, 2011 /PRNewswire/ — Sunergy Inc. (the “Company”) (SNEY.PK) announces its plans to mobilize its revenue generating gold bulk sampling program on its Nyinahin gold concession in Ghana, West Africa. The recent increase in the price of gold to more than $1,800/tr. oz. has served as a reminder of the great potential for gold recovery from Sunergy’s Nyinahin Concession.
Immediately adjacent on the east to the Nyinahin Concession is the Esaase-Jeni (Gyeni) properties, held by Keegan Resources of Canada. Keegan is continuing a program begun in 2005 of geochemical sampling, geophysical (aeromagnetic) surveying, and a concurrent core-drilling program. These efforts have enabled Keegan to develop 3.2 million tr. oz. of indicated gold reserves, plus an additional 1.7 million tr. oz. of inferred reserves, all at a cut-off of 0.4 g/ton gold. The ore zones delineated by Keegan are located along several Northeast-Southwest fault zones that cut the Birimian meta-sedimentary rocks of Early Proterozic age in the Esaase concession area, several of which extend southwestward into Sunergy’s Nyinahin Concession. The indicated hard-rock reserves already identified by Keegan contain more than $5.7 billion in gold, and the inferred gold reserves, an additional $3 billion. Prior to Keegan’s acquisition of the Bonte (now called Esaase) and the Jeni (Gyeni) concessions, they were mined for alluvial gold by Bonte Gold Mines, a subsidiary of Akrokeri-Ashanti Gold Mines of Canada, which recovered over 200,000 tr. oz., worth ca. $360 million at current gold prices.
This past year or two has brought several alluvial gold operations to our boundaries. The alluvial mining for gold along the valleys of the Bonte and Jeni (Gyeni) streams has continued into the recently opened areas for small licensed concessions along the Ofin River Valley, both to the north and to the south of the Nyinahin Concession. Currently, there is active mining by British, Brazilians, Chinese, Ghanaians, and reportedly Germans, some within a half kilometer of the boundaries of the Nyinahin concession. There is no question that valuable deposits of alluvial gold, are located along the Ofin River Valley within Sunergy’s Nyinahin Concession.
During Q’4 2011 we plan to test and evaluate the alluvial gold recovery potential on our Concession. We plan to do this by bulk sampling existing artisan pits along the river on our concession and to excavate a grid system of new pits to establish continuity of mineralization and to evaluate the depth of both overburden and the thickness of gold bearing gravels to bedrock. We also plan to test bedrock on the ground surface in the bottom of the pits and to drill to depth to test for gold mineralization. Our program is designed to be revenue generating with a planned budget of around $250,000.00 US which could enable potential recovery of an estimated 500oz./gold which would generate about $900,000.00 of gross revenue from the program. Our plan involves either leasing a suitable gold recovery plant or joint venturing with another operator with suitable equipment. The permitting for the operation will commence shortly.
Located southwest of Kumasi, in Ghana’s Ashanti Region, the Nyinahin Concession might host both vein deposits in the meta-sedimentary rocks of Ghana’s Precambrian shield, and also host alluvial deposits in the sediments of Pleistocene to Recent age of the Ofin River Valley. The increased gold price has focused Sunergy’s efforts to accelerate our programs for bulk sampling of alluvial gold deposits and increased efforts to rapidly evaluate the hard rock potential of the Nyinahin area through geochemical sampling, geophysical surveying emphasizing airborne magnetometry, and rock sampling, both during surface examination and the core drilling of geochemical/geophysical anomalies.
In February 2010 a report was prepared by Robert Levich CPG, EurGeol, Director and Chief of West African Operations discussing the alluvial gold recovery potential along the Ofin River and its tributaries that flow through the eastern portion of our 150 sq. km. Nyinahin gold/diamond mining concession in Ghana, West Africa. The report can be reviewed in its entirety on the Company’s website under projects http://www.sunergygold.com/
The report states: ‘Downstream from Nyinahin, 1.45 million ozs of gold have been produced from the Offin River valley, more than from any other river system in Ghana. The Bonte-Jeni tributary system, which has produced more than 200,000 ozs of alluvial gold, and is the Ofin’s most productive tributary, enters the Offin River valley at the eastern edge of the Nyinahin concession. Below this confluence, the Offin River continues for ca. 10 km through the southeastern area of Sunergy’s Nyinahin concession. In summary, there is excellent potential for economic recovery of gold from the alluvial deposits in the Offin River Valley within Sunergy’s Nyinahin concession,’ Robert Levich, Director.
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 the Keegan Resources property. This concession has the Ofin River flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Ofin River is known for good alluvial gold production. The Company also controls 100% of the 140 sq. km. gold, diamond and REE Pampana River concession in Sierra Leone, West Africa. The company conducted dredge operations there this past operating season.
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.
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.
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SOURCE Sunergy Inc.