RE: Open Forum ????Sadone, article as requested. For those of you that don't know Minesite are pretty good on analysis and the fact that they covered Gold Summit Corp is saying something. Insider buying, options loaded up, without a doubt somethings in the pipeline imho. I'm expecting a jv with funding initially, that in itself will triple the stock from existing levels.
free stock charts from ADVFN.COM
Minews Story Date: August 09, 2006 Gold Summit Eyes The Future By Looking At The Past. By Our Canadian Correspondent It has been a rough ride for shareholders in Canadian listed Gold Summit over the past year but armed with a highly competent technical team led by Dr. Anthony Taylor, the prospects for the junior are looking up. You see, Tony and his team, which includes Dr. John Gammon and Doug Bowden, have all put in their time with the likes of Cominco, BP Minerals, Kennecott, Gencor and Noranda. Feeding off their past experiences, Gold Summit recently diversified from its Nevada projects to tie up two large databases in the Carolinas. Tony knows the area well having managed the Amselco Minerals team that discovered the 1.4 million ounce Ridgeway mine back in 1980. Despite having limited modern day exploration, the Carolina Slate Belt hosts over 400 recorded gold occurrences and mines in the greenstone belt that extends over 1,000 kms from Alabama to Virginia. The first area of interest for Gold Summit is in North Carolina where the 300 square km Bear Creek Area contains numerous gold occurrences over a 6.5 kms NE trend of volcanic and sedimentary rocks. Soil sampling in 1997 generated five anomalies with values ranging between 30 and 8500 parts per billion gold including one that averaged 1000 parts per billion over a 25 metre width. To put this in perspective, the soil anomaly at Ridgeway averaged 230 parts per billion gold. At another location, the tailings from historic workings returned 29 g/t gold. In return for the technical and managerial assets, Gold Summit must pay $240,000 in cash and issue 120,000 shares over five years with the clock starting after signature of the first lease on any tract of land within the area. Moving to South Carolina, quartz sericite pyrite alteration occurs along three NE trending zones over a 15 sq kms area. On the Rinehart tract, a soil anomaly measuring 250 by 200 metre in size and averaging over 20 parts per billion gold, with a core averaging 100 parts per billion gold was outlined in1997. At the heart of this anomaly, a trench returned 0.5 g/t gold over 44 metres and adjacent to the trench a small pit yielded a 12.5 g/t gold assay. With results like these, Gold Summit wasted no time picking up the 203 acre Rinehart Lease, which grants the company the right to explore and operate a mine on the property after making annual lease payments of $3,000 for five years and $4,000 thereafter. A gross return royalty of 5% applies with a purchase option of $3 million. Since the lease has been granted, the five year clock has started to tick meaning Gold Summit must pay $250,000 in cash and issue 120,000 shares over five years. Meanwhile in Nevada, the company has a stable of gold properties that are prospective for high grade, underground deposits. The most advanced is the Monte Cristo property that hosts an inferred resource of 365,000 tons grading 0.19 ozs/tonne gold at the Maclean Pit. New target area will be drill tested either late this year or early in 2007. The results from three holes punched into its National property in the northern part of the state yielded up to 20 metres of clay and pyrite with very fine grained quartz with assays expected shortly. In addition to other bonanza vein prospects in Nevada, namely Blue Sphinx and Gold Basin, Gold Summit continued to maximize its geological know how by staking the San Francisco property. This is a sediment hosted Carlin style project that covers the source area for one of the most prominent arsenic, antimony and gold stream sediment anomalies in central Nevada. All in all, Gold Summit has a lot on the go and currently trading way below its high for the year of C$0.51 the company appears to offer considerable value. However, a catalyst will be needed to drive its stock forward and early staged acquisitions clearly won’t do it. Tony and his team have assembled an enviable property package but in the end it will be the drill bit that tells the story for Gold Summit. https://www.minesite.com/storyFull5.php?storySeq=3706