), reports that field work is underway at itsBurning Lake copper-nickel prospect near Dryden in western Ontario. Initially, an area
surrounding the discovery outcrop is being cleared while check sampling and remapping
of nearby outcrops is undertaken. Disseminated copper-nickel mineralization occurs at
the discovery outcrop on the side of an old logging road. Host rocks are coarse grained
gabbroic to pyroxenitic rocks intruding pillowed mafic volcanics. Other occurrences of
massive mafic to ultramafic rocks containing disseminated and vein sulphides were
recently noted and sampled.
Compilation of available magnetic and geological data is expected to provide a number
of sites for initial diamond drill testing for a large disseminated copper-nickel sulphide
target.
Rock samples from the discovery outcrop, collected by Falconbridge in 1998, assayed
between 0.16% and 1.62% copper and between 0.32% and 1.7% nickel. At that time no
geophysical signatures of massive sulphides were noted and the target was not drilled.
The Burning Lake Prospect, consisting of 48 claim units, is held under option from
English Prospecting Services on behalf of Rubicon Minerals Corporation. The agreement
requires cash payments and issuance of 100,000 GSM shares over a four year period,
subject to 2 % NSR royalty.
Commenting on the prospect Dr A.P.Taylor, President and CEO of Gold Summit, said:
"as part of new initiative to broaden the commodity base explored by Gold Summit, this
is a very promising early stage target in good host rocks"
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. Allthese have drill ready targets defined by surface work, most with bonanza grades in
outcrops or discovery drill holes.
More recently Gold Summit entered into an agreement with Black Pearl minerals to
explore for brines in saline basins within the Great Basin Province in south west United
States. These basins are also known to contain deposits of potassium, sodium and boron.