Sun Peak Metals Announces Commencement of Drilling at the Shire Project

VANCOUVER, BC / ACCESSWIRE / April 4, 2024 / Sun Peak Metals Corp. (the "Company" or "Sun Peak") (TSXV:PEAK)(OTCQB:SUNPF) is pleased to report that drilling has commenced on the Shire Project in Ethiopia. The initial 2024 drill program has 6,000 to 7,000 meters planned and will focus on new, untested copper-gold VMS targets which have been developed by the Company. The target currently being drilled is the Hamlo VMS prospect on the Terer Exploration License.

"It is very exciting to restart our work on the Shire Project after more than three years" stated Greg Davis, Sun Peak's President and CEO. "Our team's expectations are high that new copper-gold VMS discoveries will be made on the project this year."

The Hamlo Prospect
The Hamlo VMS Prospect is one of several high priority anomalies that are part of a well-developed VMS cluster located on the south-central part of the Terer Exploration License. The prospect was identified by exploration work which showed a significant gold and copper soil geochemistry anomaly. The 2019 airborne VTEM survey then identified a strong electromagnetic (EM) conductor, coincident with VMS style geology which was mapped over one kilometer. Subsequent detailed ground gravity work defined a gravity high anomaly that appears to be related to the subsurface extension of the gossan at surface.

"We are excited to drill test these new targets which our team has been developing over the past several years" stated David K. Daoud, Sun Peak's VP of Exploration. "The Hamlo prospect exhibits a similar signature as other VMS deposits in the Arabian-Nubian Shield with coincident VMS style geochemical and geophysical anomalies, with VMS gossan outcrop at surface."

Map 1: Hamlo Target Geology, Geophysics, and Gossans

Foto: Accesswire

The initial phase of drilling at Hamlo will be targeted to intercept a gravity anomaly located below the gossan at surface and will attempt to test up to three mineralized zones: the oxide cap (gossan), the Cu enriched supergene zone and the primary sulfide zone initially to a depth of 250 meters.

Following the initial phase of drilling at the Hamlo prospect, drilling will then test other high priority new targets on the Shire Project including Terer, Anguda North, Meda, and Inda.

The Company is fully funded to carry out the planned drilling for 2024.

Summary of Work from Suspended Program in November 2020
Exploration work, including drilling with two diamond drills, had begun in October 2020 and was abruptly suspended when the 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 Gossan Target, and 10 drill holes for 730 meters were drilled at the Anguda Southern Limb Target, located on the Terer License.