Sun PEAK Metals Announces Encouraging Assay Results from 2020 Drill Program
SUN PEAK METALS ANNOUNCES ENCOURAGING ASSAY RESULTS FROM 2020 DRILL PROGRAM
May 28, 2024 – Vancouver - Sun Peak Metals Corp . (the “ Company” or “ Sun Peak ”) (TSXV:PEAK |
OTCQB:SUNPF) is pleased to report final drill assay results from the suspended drill program from October
and November 2020.
Exploration work, including drilling with two diamond drills, had begun in October 2020 and was abruptly
suspended when the Tigray regional conflict in Ethiopia began on November 4, 2020. During this time, 11
drill holes for 1,534 meters were drilled at the Meli Main Target, 2 drill holes for 108 meters were drilled
at the Meli Far-West Target, and 10 drill holes for 730 meters were drilled at the Ang uda Southern Limb
Target, located on the Terer License. See Figure 1: Shire Project License Area
In early 2024, the exploration team was able to recover the drill core and resume work, including logging
and sampling the core from 2020.
Highlights
• ML-013 intercepted 8.89 meters averaging 2.22 % copper, 2.76 g/t gold, and 31.8 g/t silver ,
extending the Meli Main VMS zone down dip.
• ML-014 intercepted 11.48 meters averaging 2.38 % copper, 3.57 g/t gold, and 31.2 g/t silver.
• ML-018 intercepted 9.61 meters averaging 2.21 % copper, 3.18 g/t gold, and 32.3 g/t silver.
• MW-001 intercepted 15.84 meters averaging 1.90 g/t gold, including 7.55 meters of 2.94 g/t gold,
the first drill hole targeting the Far-West target, located approximately 3 km west of Meli Main
and potentially along strike.
”While drilled in 2020, the drill core had not been fully logged or sampled before the unexpected halting
of work.” stated CEO and President, Greg Davis, ”We were very pleased to discover that the drill core had
been retrieved mostly intact with the integrity of the storage preserved.“ Mr. Davis goes on to say, “Results
at both Meli and Anguda Southern Limb targets help confirm the presence of the large scale VMS systems
we set out to discover in 2019 and continue to pursue now that we are back in the field.”
VP of Exploration, David Daoud stated, “ Overall these results continue to support our geological model
that these targets share the characteristics of large VMS deposits in the Arabian-Nubian shield similar to
both the Bisha and Emba Derho deposits. At Meli, we continue to see high- grade copper and gold
mineralization over significant intercepts. Combining these results with the results at the Far-West target
and the large, still untested, gravity anomaly that was found in-between the two targets continue to create
PRESS RELEASE
NR 2024-04
For Immediate Release
May 28, 2024
Vancouver, British Columbia
excitement for the emerging trend. We have just started our work on the Far West target, but we are very
excited about the potential of the central and the western portions of the Meli target.”
Regarding the Anguda Southern Limb targets, Mr. Daoud stated, “The consistent copper, gold, silver, and
zinc content in the southern limb combined with observations of the greater Anguda VMS system area, are
very encouraging. They point to the existence of a large and strong VMS system encompassing the entire
Terer/Anguda trend, an area of more than 10km strike length. We are hopeful the current drilling will help
reveal more of what could potentially be a massive VMS deposit.”
Figure 1: Shire Project License Area
Current Drill Program Update
The current drill program, which was announced April 5, 2024, is further testing various targets within the
Anguda VMS System area including the Hamlo and Terer VMS Targets . The first assays from the current
program are expected around the end of June.
2020 Drill Program Results
Meli Main Target
At the Meli Main Target 11 drill holes for 1,534 meters were drilled in October and November 2020. This
is in addition to the seven drill holes for 746.4 meters drilled earlier that same year. The Meli primary
sulfide zones are copper and gold rich VMS style mineralization. The higher gold and copper grades could
imply the mineralization is near a VMS vent (or vents) with potential for massive sulfide mineralized layers
near to these vents.
The drilling from October and November 2020 successfully extended the copper -gold rich VMS
mineralization to depth and the zone remains open for expansion to the west and to depth. The drilling
defined the eastern contact of the Meli Main zone which appears to be truncated by a normal fault (down
dropped by a block fault). See Figure 2: Drill Plan Map and Figure 3: Drill Cross Section.
The VTEM geophysical data and detailed ground gravity combined with the geological mapping show the
potential of the trend extending to Meli Central and Far -West target. This VMS trend is approximately 3
km between drilling at Meli Main and where drilling at the Far-West target intercepted near surface VMS
gold rich gossan. See Figure 4: Plan Map of Meli VMS Trend to Far-West Target.
Figure 2: Meli Main Drill Plan Map
Figure 3: Meli Main Cross Section
Figure 4: Plan Map of Meli VMS Trend to Far-West Target with Gravity Background.
Table 1: Meli Main Drill Results from November and October 2020
DH From (m) To (m) Length (m) Au g/t Ag g/t Cu % Zn %
ML-009 68.8 71.16 2.36 1.60 7.4 1.42 0.74
ML-010 13.65 17.5 3.85 0.01 1.9 0.66 0.10
ML-013 142.23 151.12 8.89 2.76 31.8 2.22 1.75
ML-014 162.6 174.08 11.48 3.57 31.2 2.38 0.65
ML-018 108.64 118.25 9.61 3.18 32.3 2.21 0.56
Note: ML-011, ML-012, ML-015, ML-016, and ML-017 did not intercept the zone
Table 2: Meli Main Drill Results from February and March 2020 (*previously reported)
DH From (m) To (m) Length (m) Au g/t Ag g/t Cu % Zn %
*ML-001 55.6 70.9 15.3 3.18 25.0 2.2 1.4
*ML-002 47.37 84.6 37.23 2.45 29.4 2.4 1.3
*ML-003 87.74 123.17 35.43 2.52 22.3 1.8 1.5
*ML-004 72.46 83.2 10.74 3.34 27.3 1.8 1.0
*ML-005 90.26 101.25 10.99 3.01 26.8 1.8 0.8
*ML-006 70.95 74.79 3.84 2.57 30.3 1.9 0.7
*ML-007 18.05 23.3 5.25 <0.01 3.3 2.3 <0.1
*ML-007 34.05 35.17 1.12 3.07 45.2 5.7 <0.1
*ML-007 52.55 53.53 0.98 4.34 38.9 5.4 <0.1
*ML-007 61.03 63.32 2.29 2.97 24.2 1.5 0.65
Far-West Target
The Far-West Target is located approximately 3 km west of Meli Main along the Meli VMS trend. In
November 2020, 2 shallow drill holes for 108 meters were drilled at the target which were designed to
test the gold oxide gossan.
Drilling confirms the presence of significant gold mineralization in the gossan and demonstrate the
potential for the Meli West Target to host gold and copper VMS sulphide to depth. The Meli VMS
mineralized trend has now successfully been extended for over 3km along strike. The mineralization still
open to depth and along strike, an d future drilling at the Far -West target will test the massive sulfide
potential beneath the gossan.
Table 3: Far-West Target Results
DH From (m) To (m) Length (m) Au g/t Ag g/t
MW-001 5.5 21.34 15.84 1.90 10.7
including 5.5 7 1.50 2.34 0.6
including 11.05 21.34 10.29 2.51 15.6
including 11.05 18.6 7.55 2.94 16.0
Note: MW-002 did not drill any significant intercepts.
Anguda Southern Limb Target
The Company completed 10 drill holes for 730 meters at the Anguda Southern Limb Target in October and
November 2020. The Anguda southern limb VMS prospect consists of over 1km long VMS gossan. The
immediate area around this target is referred to as the Anguda VMS System area (see Figure 5: Anguda
VMS System Area), which is part of large defined VMS cluster that trends southwest- northeast for over
20km by over 10km wide. The drilling successfully tested the VMS mineralized system at Anguda southern
limb which is located only about 300m south of the large gravity high Anguda North VMS anomaly and
represents its hanging wall rocks. See Figure 6: Anguda Southern Limb Drill Plan Map and Figure 7: Anguda
Southern Limb Cross Section.
Figure 5: Anguda VMS System Area, with Gravity