Sun PEAK Metals Announces First Assay Results from 2024 Drill Program
SUN PEAK METALS ANNOUNCES FIRST ASSAY RESULTS FROM 2024 DRILL PROGRAM
July 25, 2024 – Vancouver - As part of its goal in discovering significant Copper -Gold VMS deposits in
northern Ethiopia, Sun Peak Metals Corp. (the “Company” or “Sun Peak”) (TSXV: PEAK | OTCQB: SUNPF)
is pleased to report results from the first nine holes of its initial 2024 drill program on Sun Peak’s extensive
1,450 sq km Shire Project in Ethiopia. The Company drilled 24 diamond drill holes, totaling 5,236 meters,
testing the Terer and Hamlo VMS Targets , which are both located on the Terer Exploration License . The
results confirm the effectiveness of Sun Peak’s discovery methodology, and the Company is eager to
resume drilling after the rainy season concludes in October.
Highlights
Terer Target:
• Drill hole TR-002 intersected:
18.46 meters of 1.34% copper-equivalent (“CuEq”)
• including 9.80 meters of 2.13% CuEq
and 8.71 meters of 1.04% CuEq
• Drilling has intercepted VMS style alteration and mineralization, including massive and semi -
massive sulphide and sulphide stringer zones
• The Terer VMS zone is located 2 km west and directly along strike of the Anguda North gravity
high anomaly, which will be tested in the next drilling phase.
Hamlo Target:
• Defined a new VMS mineralized zone with extensive hydrothermal alteration, trending over 1 km
along strike.
• Assay results received for the initial seven holes at Hamlo indicate a pyrite-rich VMS mineralized
system, which appears to increas e in metal content at greater depths. This is consistent with
typical VMS metal zoning.
• Drill hole HM-006 intersected
o 10.90m of 0.29 g/t Au and 1.36% Zn,
including 4.88m of 3.04 % Zn.
The drill results at Terer and Hamlo, combined with findings from Anguda South, confirm a significant VMS
system extending over 10 km, validating the geological model and exploration methods used by Sun Peak.
The VMS trend is supported by mapped VMS gossan outcrops, hydrothermal alteration zones, VTEM
PRESS RELEASE
NR 2024-06
For Immediate Release
July 25, 2024
Vancouver, British Columbia
airborne geophysics, geochemistry, and gravity anomalies, including the large gravity target at Anguda
North.
Commenting on the results, Greg Davis, President and CEO stated, “Combined with the results in the Sun
Peak news release dated May 28, 2024, these first assay results from Terer and Hamlo demonstrate the
effectiveness of Sun Peak’s discovery methodology in uncovering valuable VMS deposits and we are more
confident than ever that the Shire Project can host multiple VMS Deposits. We expect the remainder of the
assays to be received in August and we look forward to outlining Sun Peak’s exploration and drill plans
when drilling can resume in October, after the rainy season is over. This will include drill testing the large
Anguda North gravity anomaly, as well as continuing work on the Meli Trend. Sun Peak is fully funded to
continue drilling this fall with over $3.3 million in the bank.”
Terer Summary
• 12 diamond drill holes completed, totaling 2660.26 meters. Assay results have been received for
two holes, TR-001 and TR-002.
• Drill hole TR-002 intersected 18.46 meters of 1.34% CuEq comprised of 0.47% Cu, 1.85% Zn, 0.32
g/t Au, and 7.2 g/t Ag and 8.71 m of 1.04% CuEq comprised of 0.56% Cu, 0.65% Zn, 0.29 g/t Au,
and 5.14 g/t Ag (See Table 1).
• Terer VMS prospect now extends of over a kilometer long with VMS gossan outcrops that trend
mainly east -west, and steeply dipping to the north, with coincident VTEM conductors and
moderate gravity high anomalies.
• The VMS mineralized zone is hosted within chlorite altered, strongly foliated mafic volcanic rocks
(See Figure 1), that forms the hanging wall and the footwall rock units.
• The Terer VMS zone appears to consist of thin ly stacked massive sulphide lenses, crosscut by
faulting and possibly displaced by at least 4 different dyke systems (mafic, felsic, granitic, and
gabbroic). Most of these dykes were emplaced along normal fault zones (See Figure 2: Section A).
• The Terer VMS zone is located 2 km west and directly along strike of the Anguda North gravity
high anomaly, potentially representing continuity of a greater VMS zone (See Figure 3).
Figure 1: Terer Drilling Plan Map: Results received for TR-001 and TR-002 – Results in Table 1.
Figure 2: Terer Drilling - Cross-Section A
Figure 3: Terer-Anguda regional VMS trend.
Table 1: Terer Drill Results Summary
*CuEq for drill intersections is calculated based on July 22/2024 spot prices for Cu US$4.20/lb, Au
US$2395/oz, Ag US$29/oz and Zn US$1.21/lb. Recovery is assumed to be 100% as no metallurgical data is
available. The formula is CuEQ % = Cu% + (Au g/t * (Au $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)) +
(Ag g/t * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)+ (Zn% * (Zn $ per lb / Cu $ per lb)).
Hamlo Summary
• 12 diamond drill holes completed, totaling 2576 .0 meters. Assay results have been received for
the first 7 holes.
• Defined a large hydrothermally altered mixed stringer and massive sulfide zone, trending over
300m along strike (open in all directions) (See Figure 4).
• Hosted within foliated, sheared, and hydrothermally altered felsic volcanic flows and tuffs ,
representing the footwall, surrounded by chlorite and epidote-altered mafic volcanics ,
representing the hanging wall volcanic rocks for the VMS mineralized zones.
• The zone appears truncated to the northeast by a normal fault, with drill hole HM-010 intersecting
primarily hanging wall mafic volcanics.
• The Hamlo sulphide zone is within a 10km southwest and northeast trend which is sub-parallel to
the Terer Trend (See Figure 6).
• The initial assay results from the first 7 holes at Hamlo indicate a pyritic rich VMS mineralized
system, that seems to have base metals increase at depth. It could be explained by a metal zoning,
that is very common in VMS style mineralized deposits (See Table 2).
• HM-006 ended in 10.90 m of 0.291 g/t Au and 1.36% Zn from 292.15 to 303.05m (See Figure 5:
Section B).
Figure 4: Hamlo Drilling Plan Map: Results received for holes in red annotation (HM -001 to HM -007) –
Results in Table 2.