Sun Peak Metals Corp. 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 Anguda Southern Limb Target, located on the Terer License. In early 2024, the exploration team was able to recover the drill core and resume work, including logging and sampling the core from 2020. 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. 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). 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.

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, and future drilling at the Far-West target will test the massive sulfide potential beneath the gossan. 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, 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.