Technical Report filed on Sugarloaf Peak Gold Deposit

 

 

Toronto, ON -Gold Summit Corporation reported that it has filed a NI 43-101 compliant technical report on its Sugarloaf Peak gold prospect in Esmeralda County, Nevada.

At a 1 g/t gold cut-off, indicated and inferred resources at the Tip Top mine totaled 646,234 tonnes grading 2.9 g/t gold, a total of 60,270 ounces. The Tip Top vein system has an identified strike-length of 370 m with an average true width of 2 m, ranging between 1 m and 5 m.

The report concludes that more drilling of both distal and down dip portions of the deposit is warranted to enlarge the resource and recommends $685,000 program for that purpose, to include initial base line studies for any proposed operation. GSM explores in Nevada primarily for high-grade gold and gold/silver deposits 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 bonanza grades in outcrops or discovery drill holes.

The Company’s flagship property, Monte Cristo, contains a NI 43-101 compliant inferred resource estimate of 331,000 tonnes averaging 6.5 g/t gold.  An updated resource evaluation and NI 43-101 report, to include drilling results obtained since the completion of the first report in 2006, is underway.  The report will include a newly recognized shallow resource to the north west of the main McLean Lode as well as an estimate for old drill results and channel sampling from the Black Mammoth mine that may be part of the whole McLean structure.

High grade shoots that form the heart of the McLean Lode resource are open down plunge and the Company plans drilling to extend these.  This will be guided by a new Surpac generated model, the basis for the new resource report.

The company’s 970 Caughlin Crossing, Suite 100, Reno, NV 89519, 775-284-7200, fax: 775-284-7202, email: [email protected].