Gold Summit Corporation (TSX VENTURE: GSM) ("GSM" or the "Company")
announces that it has signed an agreement to option the Tabour Lake
greenstone gold prospect located in Melgund Township, Kenora
Division, Ontario, and consists of 23 units.
The property surrounds the old Sakoose mine where past
production of 8,000 tons at a grade of 16 g/t gold is recorded from
three shallow shafts in the early 1900's. Subsequent intermittent
underground and surface exploration has traced gold mineralization
approximately 200 metres down a west-south-west plunging shoot. A
total of 20 drill intercepts have intersected widths (not true)
ranging between 6.8 and 0.27 metres with grades ranging between 0.6
to 146 g/t gold, according to a compilation of previous drill
results by the Ontario Geological Survey. The mineralized shoot is
open down plunge to the south west and drilling for extensions is
planned.
The terms of the lease to acquire a 100% undivided interest,
subject to a 2% NSR, require total payments of $100,000 cash and
300,000 GSM common shares over a four year period with an initial
payment of $10,000 and 75,000 common shares. GSM has the option to
purchase 1% of the NSR for $1 million. The issue of shares is
subject to TSX Venture approval.
The Tabour Lake property also contains the Maw gold occurrence
that lies 200 m southeast of the Sakoose Mine, on opposite sides of
a synclinal fold at the contact between mafic metavolcanic and
metasedimentary rocks. Gold mineralization occurs in quartz veins
associated with felsic intrusive rocks in the contact zone, a
classic Archean greenstone gold setting.
Commenting on the acquisition, Gold Summit CEO, Dr. Anthony P
Taylor, said: "although this is a departure from our Nevada
exploration of epithermal systems the Tabour Lake property, along
with our existing Surprise Lake prospect east of Red Lake, is a
good fit in terms of high grade underground gold targets. Ontario
is a mine friendly jurisdiction that encourages exploration and
development with financial incentives and this provides Gold Summit
with a measure of geographical and geological diversity. We also
have, among our group of very experienced explorers, considerable
worldwide experience in greenstone geology"
GSM currently explores primarily in Nevada for high grade gold
and gold/silver deposits that would support underground, low cash
cost operations. GSM has recently announced resources at the Monte
Cristo and Tip Top properties and holds part of four more Tertiary
epithermal vein districts, all with drill ready targets defined by
surface work. All GSM properties have potentially economic gold and
or silver grades in outcrops or discovery drill holes.
On December 14, GSM announced preliminary results from a NI 43
101 compliant study on the McLean Lode at Monte Cristo to be filed
in January 2010. The new inferred global resource there amounts to
278,923 ounces of gold contained in 1,923,391 tonnes at a grade of
4.5 g/t gold at a 1.0 g/t gold cut-off. At a 5.0 g/t gold cut-off,
the inferred global resource amounts to 173,939 ounces gold
contained in 364,767 tonnes at a grade of 14.83 g/t gold.
Additional variography and statistical studies are in progress to
produce resource estimates at 2.0, 3.0 and 4.0 g/t gold cut off
grades.
The Sugarloaf Peak Prospect in Esmeralda County, Nevada,
includes the old Tip Top Mine, the subject of a NI 43-101 compliant
report, filed November 10, 2009. The Tip Top Mine has indicated and
inferred resources of 646,234 tonnes grading 2.9 g/t gold at a 1
g/t gold cut off. Results from column leach metallurgical tests of
6 samples, approximately 40 kg each, collected in and around the
old Tip Top adit will soon be available. The resource outcrops and
exploitation by open pit-heap leach operation is under evaluation
with potential partners.
Gold Summit also retains an option on the Surprise Lake
greenstone gold property east of Red Lake in south west Ontario.
The property has numerous surface gold showings and strong iron
carbonate alteration in typical greenstone volcanic host rocks that
warrants surface mapping and geochemical work.
The Company has agreed to convert $8,000 owed to the optionor of
the Surprise Lake property as an annual payment under an option
agreement dated October 29, 2008 into 40,000 common shares at a
deemed price of $0.20 per share. Pursuant to the agreement, GSM
will has an option to acquire a 100% undivided interest, subject to
a 2% net smelter royalty, in the group of 32 claim units in Corless
Township. The common shares to be issued will be subject to a
four-month hold period from the date of issuance. The issuance of
the common shares will not result in a change of control. The
transaction is subject to approval by the TSX Venture Exchange.
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.
The 43-101 report on Monte Cristo 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.
First Canadian Capital Corp. - Investor Relations -Contact Jason
Monaco: jmonaco@firstcanadiancapital.com; tel 416-742-5600 or
866-580-8891
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200
www.goldsummitcorp.com
Gold Summit Corp. (TSXV:GSM)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Gold Summit Corp. (TSXV:GSM)
Historical Stock Chart
Von Mai 2023 bis Mai 2024