Tip Top Prospect
Gold Summit Corporation announces that diamond drilling at the Tip Top Property in Esmeralda County, Nevada is currently underway. A series of holes are planned to test down dip and along strike from the known mineralized gold vein system where previous core drilling results included true width intercepts of 3.5m at 16.8 g/t and 2.6m at 15.8 g/t gold.
In addition to Tip Top, Gold Summit controls four other large epithermal alteration systems with outcropping bonanza veins: Blue Sphinx, Gold Springs and Monte Cristo in Nevada and Gold Reef in southern California. All of these prospects contain significant untested potential for high grade underground gold resources and are currently being evaluated for future exploration programs.
Blue Sphinx Prospect
A third block of unpatented lode claims have been acquired at Gold Summit’s Blue Sphinx prospect in Nevada. A Purchase Option agreement will allow Gold Summit to acquire a 100% interest in 75 claims for a consideration of 200,000 Gold Summit shares to be issued over three years. The claims adjoin two smaller and separated blocks held by Gold Summit referred to as the Blue Sphinx and Golden Pen claims. These blocks are subject to two separate Purchase-Option agreements concluded earlier this year. Both allow acquisition of 100% interests by making annual cash payments towards a purchase price of $250,000 plus a 3% NSR on each claim group.
The consolidated Blue Sphinx prospect contains a series of sub-parallel epithermal, bonanza, quartz veins along the western margin of a large area of sericitic alteration, measuring approximately 1.5 km x 1.5 km. Striking NW-SW, the vein system incorporates the former Golden Pen and Blue Sphinx Mines that lie 1 km apart. Historical records including a composite longitudinal section show that a series of steeply plunging “bonanza shoots” were partially mined at the Golden Pen Mine from a NW striking quartz-alunite vein 2 to 3 metres wide, to 90 metres below surface. These shoots, that appear to be open down plunge, reportedly contain values as high as 192 g/t (grams per tonne) gold with 6,514 g/t silver. Average grades of the ore mined at the Golden Pen are not recorded, but probably exceed 13 g/t gold according to records for the district as a whole.
The Golden Pen Mine area was explored in recent years with widely spaced RC drill holes and surface bulldozer cuts in an attempt to develop a surface heap leach operation. There is no evidence that the system was explored by core drilling for extensions to the higher grade shoots. That also appears to be the case at the location of the Bovard or Blue Sphinx Mine. Recent surface sampling of outcropping vein material in the Blue Sphinx Mine area returned values up to 20.6 g/t gold.
Gold Summit is currently completing compilation of historic information and plans to carry out detailed mapping prior to drill testing the vein system to depth.
For further information, contact Anthony Taylor, Director, at (775) 284-7200 or Anthony Roodenburg, Director, at (416) 485-1327, or visit our web site at: www.goldsummitcorp.com
WARNING: The Company relies upon litigation protection for "forward-looking" statements. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. NOT for distribution in the USA. |
