Monte Cristo Permit - Drilling SoonWell done GSM -other peoples money is going to be spent drilling the San Francisco Property.
But the real excitement is coming soon – drilling of the flag-ship Monte Cristo property should start soon.
“Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets”
https://www.goldsummitcorp.com/_resources/pressreleases/2008_02_28.pdf
GOLD SUMMIT OPTIONS SAN FRANCISCO PROSPECT TO NEW DIMENSION RESOURCES
Reno, Nevada US, February 28, 2008 /FSC/ - Gold Summit Corporation (GSM - TSX Venture), announces that it has signed an option agreement with New Dimension Resources Ltd (TSX-V NDR) whereby Dimension Resources (USA) Inc., a wholly owned subsidiary, may earn an initial 51% interest in the San Francisco Project from Gold Summit by spending US$350,000 over a three year period. Subsequently it may increase its interest to 61% by spending an additional $1.3 million over three years and further increase to a 75% interest with the completion of a Scoping Study. The agreement is subject to board and regulatory approval.
The San Francisco claims cover the source area of one of the most prominent gold-arsenic-antimony-silver stream sediment anomalies in central Nevada. The area is also the intersection of pronounced northwest and northeast linear trends that control the anomalous drainage pattern evident on published USGS data. These factors, plus the wide-spread occurrence of veins, structural zones and small altered intrusive dykes and plugs that carry highly anomalous gold and silver values, strongly suggest that a large mineralized system underlies the area. Once weather conditions allow, New Dimension plans a detailed surface mapping and sampling program on the San Francisco claims to select potential drill targets.
The San Francisco claims adjoin New Dimension's Reese River Project where significant historic silver production came from veins and breccias concentrated at or near the contact between older sediments and younger intrusive rocks. These provide a very attractive exploration target that extends northerly into the San Francisco claims; an important area to test down dip potential. New Dimension recently identified a gold target where one metre chip samples from isolated outcrops, exposed through cover, assayed 9.83 and 4.83 g/t gold.
New Dimension has submitted a Plan of Operation to the U.S. Forest Service for its planned 2008 drill programs and this plan will be modified to include possible drill targets identified on the San Francisco claims.
Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.
Recently, GSM signed a letter of intent with International Bethlehem Mining Company to form a joint venture to explore the large Monte Cristo property. GSM has received the Plan of Operations Permit from the BLM that will allow drilling to start at Monte Cristo as soon as the definitive JV agreement is signed. Meanwhile, the partners are discussing targets and budgets.
In conjunction with joint venture partner, Astral Mining Company, GSM is exploring two gold properties in the Carolina Slate belt. At the Bear Creek area in North Carolina drilling is currently in progress testing a large gold soil anomaly. Drilling is also planned at the Saluda property in South Carolina where high grade gold values in quartz veins were intersected in 2007.