NEWS-New Resource Estimate of 280,000 Ounces GoldOk so we are not at a million plus yet, but this is very encouraging. Lets get the recent placement closed then get drilling again. We "know" there is a lot more gold and silver out there.
:-)
Gold Summit Reports New Resource Estimate of 280,000 Ounces Gold at Monte Cristo
RENO, NEVADA, Dec 14, 2009 (MARKETWIRE via COMTEX News Network) --
Gold Summit Corporation (TSX VENTURE: GSM) ("GSM" or the "Company") announces that it has received preliminary results from the new SURPAC block model of the McLean Lode at Monte Cristo, forming part of a National Instrument 43-101 ("NI 43-101") compliant technical report to be posted on SEDAR within 45 days of this announcement.
At a 1.0 g/t gold cut off, the inferred global resource amounts to 278,923 ounces of gold contained in 1,923,391 tonnes at a grade of 4.51 g/t gold. At a 5.0 g/t gold cut off, the inferred global resource amounts to 173,939 ounces gold contained in 364,767 tonnes at a grade of 14.83 g/t gold. Additional variography and statistical studies are in progress to produce resource estimates at 2.0, 3.0 and 4.0 g/t cut off grades.
Commenting on the new resource numbers, Dr. Anthony P. Taylor, Chief Executive Officer of GSM said: "we have long considered that the McLean Lode has production promise and are very encouraged with the new estimate that clearly points in the direction of a mine scoping study. That may include step out drilling to increase the resource, additional core drilling within the resource to provide a more accurate estimate of mineable widths and gold and silver grades and mine and metallurgical engineering and permitting studies".