Gold Summit Corporation (“GSM”) TSX-V GSM yesterday began a 2000 metres reverse
circulation (RC) drilling programme to test one of several epithermal vein targets in the
Ohio Camp area at Monte Cristo. These targets were described in some detail in a
news release of August 1, 2007. Commenting on the modification to the core drilling
programme announced then, GSM’s President and CEO Dr A.P.Taylor said: “we have
taken the opportunity to use a readily available RC drill rig to provide better targeting for
future core drilling, given favourable results”.
Six angle holes, each approximately 300 metres in length are planned to drill down dip of
gold mineralization and quartz-calcite veining intersected over approximately 350 metre
strike length in a grid of shallow vertical holes drilled by Atlas Minerals in 1987. Surface
expressions of mineralization at the Atlas Target include banded quartz vein float and a
gold soil anomaly outlined by GSM sampling.
The pattern of gold intersections in Atlas holes, with intervals 5 to 35m wide ranging
between 0.1 to over 1 g/t Au, include some narrow intervals of higher grades are
comparable with shallow intersections at the McLean Lode. It lies 6 km to the north
where deeper drilling by GSM led to the discovery of a “root” higher grade, bonanza vein
system in 2005/6. A 44-101 compliant resource there currently totals 331,000 tonnes of
6.5 g/t Au with a closely related, but offset, silver rich zone. The Mclean Lode is offset
by post mineral cross faulting, but remains open at depth. Gold and silver grades in the
McLean Lode range from 0.1 to 253 g/t Au and 0.1 to 1300 g/t Ag.
The McLean Lode and Ohio Camp, as well as 12 other drill target areas, sit astride a
major regional fault with associated alteration that GSM has mapped for over 11 km, all
contained within the Monte Cristo project area. The geological setting of the Monte
Cristo district bears striking geological similarities to the Comstock Lode from which a
series of “ore shoots” collectively produced approximately 8 million ozs of gold and 185
million ozs of silver. The fault or “lode” that hosts the ore shoots of the Comstock
extends for approximately 4.5 km.
Gold Summit explores only in the United States for high grade, gold or gold/silver
deposits that would support underground, low cash cost operations. The company’s
primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in
Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined
by surface work, most with bonanza grades in outcrops or discovery drill holes.
In conjunction with JV partner Astral Mining Company, GSM is also exploring
greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt,
the location of the first gold deposits discovered in the United States.
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. |
