Gold Summit Announces 60,000 Ounce Shallow Gold Resource at Sugarloaf Peak
29 Ottobre 2009 - 2:30PM
Marketwired Canada
Gold Summit Corporation ("GSM") or the "Company")(TSX VENTURE:GSM) has completed
a 43-101 compliant study of the gold resource at the old Tip Top mine, within
the Sugarloaf Peak Prospect in Esmeralda County, Nevada, acquired by the company
in July this year (release July 10, 2009).
The study is based on 138 exploration holes, totalling 7,351 metres, drilled
from 1980 to 2004 by five exploration or mining companies, including Gold
Summit. The estimate of the gold resource, the bulk of which lies within 200
feet of surface, at a 1 g/t cut-off grade, is:
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INDICATED GOLD
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Metric Units Imperial Units
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Cut-off Total Gold Cut-off Total Gold
Grade Tonnes GPT (grams) Grade Tons Oz/t (oz)
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1.0 gpt 352,922 3.274 1,155,467 0.03 oz/t 388,920 0.096 37,181
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INFERRED GOLD
----------------------------------------------------------------------------
Metric Units Imperial Units
----------------------------------------------------------------------------
Cut-off Total Gold Cut-off Total Gold
Grade Tonnes GPT (grams) Grade Tons Oz/t (oz)
----------------------------------------------------------------------------
1.0 gpt 293,312 2.473 725,361 0.03 oz/t 323,230 0.072 23,341
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The Tip Top Mine mineralized vein has an identified strike-length of 370 m. The
vein system in the study incorporates a footwall vein with an average true width
of 2 m, hosted in andesite, with a narrower, hanging wall vein 1 m average true
width at an andesite-rhyolite contact. These veins merge in part creating a zone
up to 5 m in true width.
The report concludes that more drilling of both distal and down-dip portions of
the deposit is clearly warranted to enlarge the resource and recommends a Phase
1 programme of $685,000 for that purpose. The programme includes initial base
line studies required for any proposed mining operation.
Commenting on the report, Dr Anthony P. Taylor, Chief Executive Officer, said
"we are very pleased with these results that come in midway in the range of the
non-compliant resource numbers announced in July and, particularly, that
two-thirds of the ounces are in the indicated category. The recommendation for a
vigorous drilling programme follows from the 3D model which shows distinct
target areas untouched by earlier drilling. The intent of the proposed drilling
campaign is to significantly increase the resource base guided by the 3D Surpac
model. This doubles our total resources base at potentially economic grades in
Nevada to over 120,000 ounces"
Surpac is a 3D geologic modeling and mine planning software tool which was
utilized in the preparation of the NI 43-101 report.
GSM explores in Nevada primarily for high-grade gold and gold/silver deposits
that would support underground, low cost mining operations. GSM's primary
properties cover four Tertiary epithermal vein districts. All have drill ready
targets defined by surface work, most with bonanza grades in outcrops or
discovery drill holes.
The Company's flagship property, Monte Cristo, contains a NI 43-101 compliant
inferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold. An updated
resource evaluation and NI 43-101 report, to include drilling results obtained
since the completion of the first report in 2006, is underway. The report will
include a newly recognised shallow resource to the north -west of the main
McLean Lode as well as an estimate for old drill results and channel sampling
from the Black Mammoth mine that sits to the east and, probably, in the footwall
of the main structure that hosts the McLean Lode.
High-grade shoots that form the heart of the McLean Lode resource are open down
plunge and the Company plans drilling to extend these. This will be guided by a
new Surpac 3D model, the basis for the new resource report. Surpac is a computer
modelling, estimation, mine planning system in common use in the mining
industry.
The Sugarloaf Peak Prospect
In the late 1800s gold-silver mineralization at Sugarloaf Peak was discovered in
an intensely silicified outcrop north of the Tip Top adit and shortly after, in
the Brownie Mine. Both of these mines have splayed veins in the footwall and
hanging wall, on or near an andesite-rhyolite contact.
The geochemical signature from rock chip and drill sampling indicates a
low-sulfidation environment similar to Midas in northern Nevada. Vein textures
are typically crustiform to colloform banded quartz, adularia, and massive to
bladed calcite veins. Very little sulphide is present, and wall rock alteration
varies in width and type depending upon host lithology. The average
silver-to-gold ratio is 9.8. Host rocks for the veins, that have a cumulative
strike length of over 2,700 m, are rhyolite, andesite and rhyodacite.
The Tip Top vein structure likely extends for another 370 m northeast toward the
Buckskin Mine. To the southwest, the 600 metre strike length towards the Brownie
Mine is covered by slumped material (talus) and is untested. There, a
mineralized zone 3 to 5 m wide and 150 m long averaged about 4.5 g/t gold.
Several other mineralized veins in the Project area show potential for discovery
of gold-silver mineralization. Named Sagehen Flats, Riddle, Buena Vista and
northwest Tip Top, they occur as sporadic outcrops of fine-grained or opaline
silica carrying anomalous gold and silver values assaying up to 4.32 ppm gold
and 16 ppm silver.
The 43-101 report is authored by Nicole Preuss, M.Sc.,LG, M.Aus IMM, a Qualified
Person, defined in National Instrument 43-101 Standards of Disclosure of Mineral
Projects, licensed in the State of Washington.
Larry Kornze, a GSM director and a registered Professional Geologist, designated
as the Qualified Person under National Instrument 43-101 has reviewed and
approved the contents of this news release.
This news release contains forward-looking statements. These statements are
based on information currently available to GSM and GSM provides no assurance
that actual results will meet management's expectations. Forward-looking
statements include estimates and statements that describe GSM's future plans,
objectives or goals, including words to the effect that GSM or management
expects a stated condition or result to occur. Forward-looking statements may be
identified by such terms as "anticipates", "believes", "could", "estimates",
"expects", "may", "shall", "will", or "would". Since forward-looking statements
are based on assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results relating
to, among other things, results of exploration, project development, reclamation
and capital costs of GSM's mineral properties, and GSM's financial condition and
prospects, could differ materially from those currently anticipated in such
statements for many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices for minerals;
litigation, legislative, environmental and other judicial, regulatory, political
and competitive developments; technological and operational difficulties
encountered in connection with the activities of the Company; and other matters
discussed in this news release. This list is not exhaustive of the factors that
may affect any of GSM's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue reliance on
GSM's forward-looking statements. GSM does not undertake to update any
forward-looking statement that may be made from time to time by GSM or on its
behalf, except in accordance with applicable securities laws.
This news release includes certain "forward looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Without limitation, statements regarding potential mineralization and resources
and reserves, exploration results, and future plans and objectives of the
Company are forward looking statements that involve various degrees of risk. The
following are important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward looking
statements: changes in the world wide price of mineral commodities, general
market conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
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