Money For Monte Christo - Potential 8m ozsGSM have started drilling at Monte Christo. Lets hope the results help them with some more fund raising - at much higher than recent 12.5 cents. Understand that the company is currently over in Europe .....
Potential "eight million ounces" ? - if they find that well.....:-)
smilewithme
Objective Capital
"Our view is that Gold Summit has opted to proceed with RC drilling in the absence of an available core rig to avoid further delays and to make progress towards increasing the resource. The current NI 43-101 compliant resource over the McLean Lode is an estimated 69,000 ounces of gold, averaging 6.5 grams per tonne. Gold Summit believes there are several such lodes in the Monte Cristo district and that there is the potential for a Comstock Lode style deposit to exist. The company has identified a dozen more drill targets within the Monte Cristo project area, where initial outcrop sampling or drilling has encountered high-grade mineralisation. To prove up a resource on the scale of the Comstock Lode (approximately eight million ounces) will require a few thousand metres of drilling over each of these targets.
This year, progress at Monte Cristo has been slow-moving, largely due to lack of funding. Meanwhile, work on one of the company’s other projects, the Saluda project in the Carolina slate belt is progressing with JV partner Astral Mining. Gold Summit may do well to find a similar way to inject some funds into the Monte Cristo project if they hope to find the next Comstock."
https://www.objectivecapital.co.uk/c/ocuk/articles/070920-201.asp?oid=MA4