Gold Summit Reports 3.5 Metres of 12.1 G/T Gold inLookin good....
Gold Summit Reports 3.5 Metres of 12.1 G/T Gold in New Shallow Zone at Monte Cristo
Reno, Nevada US, June 18, 2008 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") announces receipt of complete assay data from the last three of a seven hole core drilling program on the Monte Cristo Property in west central Nevada, located approximately 50 km west north west of Tonopah.
International Bethlehem Mining Corp. ("International Bethlehem") (TSX-V: IBC) has an option to acquire up to a 50% interest in GSM's Monte Cristo Property by incurring exploration expenditures of $3 million over four years. Minimum expenditure of $600,000 for 2008 has been met.
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The core drill holes were planned to fill in large gaps within the existing drill pattern and all three intersected the target McLean Lode. Future plans include more systematic core drilling of the McLean Lode in an effort to increase and upgrade the present 43-101 compliant inferred resource of 331,000 tonnes averaging 6.5 g/t gold to indicated and measured status. Significantly, drill hole MCC-63 intersected the Lode 50 metres to the north of the resource area, thereby demonstrating a potential increase in its size. Drill hole MCC-64 did not intersect significant mineralization and is outside the resource area.
The shallow high grade intersection in drill hole MCC-65 is evidence of an upper mineralized horizon in the system with epithermal characteristics similar to the Main Lode. Sampling of GSM's previous core drill holes within this upper zone has not been completed to date. However, assay records from historical reverse circulation holes drilled by Cyprus Copper in 1989 show a similar higher grade interval. Cyprus Hole GP-72, drilled 50 metre east of hole MCC-65, intersected an interval of 7.6 metres assaying 16.9 g/t gold, including a 1.5 metre interval assaying 39.4 g/t gold. GSM is presently examining 22 core previous drill holes in the area to document and sample the upper horizon. It has potential to provide another continuous high grade zone and could significantly increase the size of the McLean Lode.
The new assays are from half cut HQ core at the Sparks Laboratories of American Assay using standard Fire/AA or gravimetric methods with checks provided by insertion of blank and standard samples. Quoted assays for Cyprus Hole GP-72 were from standard 1.3 metre RC splits assayed in Chemex Laboratories in Sparks using the Fire/gravimetric method with inserted standards.