Gold Summit Reports Drill Assay Results From Carolinas
Gold Summit Corporation (TSX-V GSM), in conjunction with joint venture partners Astral Mining Corporation (TSX-V AST), reports complete assay data from recent core drilling on prospects in North and South Carolina.
At the Bear Creek Prospect in North Carolina, three core holes, testing a widespread gold soil anomaly, intersected lengthy zones of elevated gold values in the .05 to 0.15 g/t range with higher intervals of 7.6m at 0.22 g/t and 7.6m at 0.25 g/t gold in Holes 1 and 2. Hole 3 also contained intervals exceeding 7m averaging 0.2 g/t gold, including higher grades of 8.7 g/t gold over 0.31m and of 1.6 g/t gold over 1.12m.
Anomalous gold values generally correspond to fine-grained silica-pyrite intervals in the sediment/volcanic rock package. The two higher-grade intervals in Hole 3 appear to be the same intensely silicified horizon repeated by folding. Further work in the area would concentrate on tracing this resistant unit at surface.
Assays from the massive quartz vein intervals intersected in three out of four core holes completed on the Saluda Prospect in South Carolina contained weakly anomalous gold values. However, an interval of 3m grading 7 g/t gold was intersected in the fourth hole. The results indicate that although the quartz veins show good continuity down dip to the west, gold values diminish rapidly away from the discovery pit/outcrop in that direction.
The results to date from both properties are not sufficiently encouraging to merit more work on the immediate property areas but the partners remain interested in evaluating more of the higher-priority gold anomalies in the broader districts if suitable option terms can be negotiated.
Ronald D McDaniel, BSc, MSc, a registered Professional Geologist in the State of North Carolina, is designated as the Qualified Person under National Instrument 43-101 responsible for supervising the Joint Venture’s technical work in the Eastern United States.
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. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.
For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.