Addis Ababa – Sun Peak Metals, a Canadian exploration company, has announced the resumption of exploration endeavors at its Shire site, situated in the Tigray region.
The company’s operations had been suspended for a duration of three years owing to the war between the federal government and the Tigray People’s Liberation Front in the region as well as COVID -19 pandemic.
The company declared yesterday the recommencement of its operational activities, signifying its intention to commence exploration efforts on three licenses within the Shire Project in the first half of 2024.
This phase will encompass comprehensive drilling endeavors aimed at evaluating numerous copper-gold volcanogenic massive sulfur (VMS) targets meticulously delineated by Sun Peak.
The Shire Project consists of six exploration licenses, encompassing an area of approximately 1,450 square kilometers.
Greg Davis, the CEO of Sun Peak, conveyed contentment regarding the prevailing peace and stability in the Tigray region. “We are greatly encouraged by the restoration of peace and stability in the Tigray region.” he remarked. “Our Ethiopian team, headquartered in Addis Abeba and Shire, stands ready and supportive for the resumption of exploration endeavors.”
The company also said it has concluded a comprehensive security and safety assessment conducted by its independent security and risk management consultant recently. “The assessment confirmed minimal levels of risk in the licensed area and for the type of exploration drilling work planned,” reads the statement released by Sun Peak Metals.
After declaring its readiness to recommence exploration activities on the Shire project on Wednesday, the company witnessed its stock soar to its highest level in nearly three years. AS