None EventThe last NR sure was a none event and a waste of $. all that was done is the confirmation of 'Yes, there is gold but not enough to mine and some drilling is warranted' Just drill and stop wasting time and resources.
Gold Summit Announces 60,000 Ounce Shallow Gold Resource at Sugarloaf Peak
RENO, NEVADA, Oct 29, 2009 (MARKETWIRE via COMTEX News Network) --
GoldSummit Corporation ("GSM") or the "Company")(TSX VENTURE: GSM) hascompleted a 43-101 compliant study of the gold resource at the old TipTop mine, within the Sugarloaf Peak Prospect in Esmeralda County,Nevada, acquired by the company in July this year (release July 10,2009).
The study is based on 138 exploration holes, totalling7,351 metres, drilled from 1980 to 2004 by five exploration or miningcompanies, including Gold Summit. The estimate of the gold resource,the bulk of which lies within 200 feet of surface, at a 1 g/t cut-offgrade, is:
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INDICATED GOLD
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Metric Units Imperial Units
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Cut-off Total Gold Cut-off Total Gold
Grade Tonnes GPT (grams) Grade Tons Oz/t (oz)
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1.0 gpt 352,922 3.274 1,155,467 0.03 oz/t 388,920 0.096 37,181
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INFERRED GOLD
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Metric Units Imperial Units
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Cut-off Total Gold Cut-off Total Gold
Grade Tonnes GPT (grams) Grade Tons Oz/t (oz)
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1.0 gpt 293,312 2.473 725,361 0.03 oz/t 323,230 0.072 23,341
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TheTip Top Mine mineralized vein has an identified strike-length of 370 m.The vein system in the study incorporates a footwall vein with anaverage true width of 2 m, hosted in andesite, with a narrower, hangingwall vein 1 m average true width at an andesite-rhyolite contact. Theseveins merge in part creating a zone up to 5 m in true width.
Thereport concludes that more drilling of both distal and down-dipportions of the deposit is clearly warranted to enlarge the resourceand recommends a Phase 1 programme of $685,000 for that purpose. Theprogramme includes initial base line studies required for any proposedmining operation.
Commenting on the report, Dr Anthony P.Taylor, Chief Executive Officer, said "we are very pleased with theseresults that come in midway in the range of the non-compliant resourcenumbers announced in July and, particularly, that two-thirds of theounces are in the indicated category. The recommendation for a vigorousdrilling programme follows from the 3D model which shows distincttarget areas untouched by earlier drilling. The intent of the proposeddrilling campaign is to significantly increase the resource base guidedby the 3D Surpac model. This doubles our total resources base atpotentially economic grades in Nevada to over 120,000 ounces"
Surpac is a 3D geologic modeling and mine planning software tool which was utilized in the preparation of the NI 43-101 report.
GSMexplores in Nevada primarily for high-grade gold and gold/silverdeposits that would support underground, low cost mining operations.GSM's primary properties cover four Tertiary epithermal vein districts.All have drill ready targets defined by surface work, most with bonanzagrades in outcrops or discovery drill holes.
The Company'sflagship property, Monte Cristo, contains a NI 43-101 compliantinferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold. Anupdated resource evaluation and NI 43-101 report, to include drillingresults obtained since the completion of the first report in 2006, isunderway. The report will include a newly recognised shallow resourceto the north -west of the main McLean Lode as well as an estimate forold drill results and channel sampling from the Black Mammoth mine thatsits to the east and, probably, in the footwall of the main structurethat hosts the McLean Lode.
High-grade shoots that form theheart of the McLean Lode resource are open down plunge and the Companyplans drilling to extend these. This will be guided by a new Surpac 3Dmodel, the basis for the new resource report. Surpac is a computermodelling, estimation, mine planning system in common use in the miningindustry.
The Sugarloaf Peak Prospect
In the late 1800sgold-silver mineralization at Sugarloaf Peak was discovered in anintensely silicified outcrop north of the Tip Top adit and shortlyafter, in the Brownie Mine. Both of these mines have splayed veins inthe footwall and hanging wall, on or near an andesite-rhyolite contact.
The geochemical signature from rock chip and drill samplingindicates a low-sulfidation environment similar to Midas in northernNevada. Vein textures are typically crustiform to colloform bandedquartz, adularia, and massive to bladed calcite veins. Very littlesulphide is present, and wall rock alteration varies in width and typedepending upon host lithology. The average silver-to-gold ratio is 9.8.Host rocks for the veins, that have a cumulative strike length of over2,700 m, are rhyolite, andesite and rhyodacite.
The Tip Topvein structure likely extends for another 370 m northeast toward theBuckskin Mine. To the southwest, the 600 metre strike length towardsthe Brownie Mine is covered by slumped material (talus) and isuntested. There, a mineralized zone 3 to 5 m wide and 150 m longaveraged about 4.5 g/t gold.
Several other mineralized veins inthe Project area show potential for discovery of gold-silvermineralization. Named Sagehen Flats, Riddle, Buena Vista and northwestTip Top, they occur as sporadic outcrops of fine-grained or opalinesilica carrying anomalous gold and silver values assaying up to 4.32ppm gold and 16 ppm silver.
The 43-101 report is authored byNicole Preuss, M.Sc.,LG, M.Aus IMM, a Qualified Person, defined inNational Instrument 43-101 Standards of Disclosure of Mineral Projects,licensed in the State of Washington.
Larry Kornze, a GSMdirector and a registered Professional Geologist, designated as theQualified Person under National Instrument 43-101 has reviewed andapproved the contents of this news release.
This news releasecontains forward-looking statements. These statements are based oninformation currently available to GSM and GSM provides no assurancethat actual results will meet management's expectations.Forward-looking statements include estimates and statements thatdescribe GSM's future plans, objectives or goals, including words tothe effect that GSM or management expects a stated condition or resultto occur. Forward-looking statements may be identified by such terms as"anticipates", "believes", "could", "estimates", "expects", "may","shall", "will", or "would". Since forward-looking statements are basedon assumptions and address future events and conditions, by their verynature they involve inherent risks and uncertainties. Actual resultsrelating to, among other things, results of exploration, projectdevelopment, reclamation and capital costs of GSM's mineral properties,and GSM's financial condition and prospects, could differ materiallyfrom those currently anticipated in such statements for many reasonssuch as: changes in general economic conditions and conditions in thefinancial markets; changes in demand and prices for minerals;litigation, legislative, environmental and other judicial, regulatory,political and competitive developments; technological and operationaldifficulties encountered in connection with the activities of theCompany; and other matters discussed in this news release. This list isnot exhaustive of the factors that may affect any of GSM'sforward-looking statements. These and other factors should beconsidered carefully and readers should not place undue reliance onGSM's forward-looking statements. GSM does not undertake to update anyforward-looking statement that may be made from time to time by GSM oron its behalf, except in accordance with applicable securities laws.
Thisnews release includes certain "forward looking statements" within themeaning of the United States Private Securities Litigation Reform Actof 1995. Without limitation, statements regarding potentialmineralization and resources and reserves, exploration results, andfuture plans and objectives of the Company are forward lookingstatements that involve various degrees of risk. The following areimportant factors that could cause the Company's actual results todiffer materially from those expressed or implied by such forwardlooking statements: changes in the world wide price of mineralcommodities, general market conditions, risks inherent in mineralexploration, risks associated with development, construction and miningoperations, the uncertainty of future profitability and the uncertaintyof access to additional capital.
Neither TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200 www.goldsummitcorp.com
SOURCE: Gold Summit Corporation
https://www.goldsummitcorp.com
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