The Property
Besakoa -- VMS Copper/Zinc/Gold
The Besakoa property covers approximately 60 square kilometres in south central Madagascar and can be accessed by road from the port city of Toliara.
On September 19, 2012 Sunridge announced assay results from the 5,000 metre diamond drill program on the Besakoa project in Madagascar. The drill program tested a number of volcanogenic-massive-sulphide style targets which were defined using geophysical and soil geochemical surveys, geological and structural mapping and gossan prospecting. Results were generally disappointing although several of the holes intercepted semi massive sulphide mineralization and had anomalous base and precious metal values.
For full details see NEws Rlease dated Sept. 19, 2011
The Agreement:
Sunridge can earn 100% of the project. Sunridge has earned an initial 50% interest by spending US$2,000,000 by September 2011 and issuing 500,000 shares to the owners, Majescor Resources Inc. Upon acquiring 50% Sunridge will have the right to earn an additional 25% by spending an additional $2,500,000 by the end of the third year and by issuing Majescor an additional 500,000 common shares of Sunridge.
Upon acquiring 75% Sunridge will have a one year period in which to elect to acquire the remaining 25% interest in the Property at the fair value determined at that time by an independent valuation or as agreed to between the parties in cash, or at the election of Sunridge, in the equivalent value of Sunridge common shares subject to regulatory approval.
