Nevada: Blue Sphinx

Blue SphinxGold Summit’s Blue Sphinx projection is located in the historic Bovard District, almost 30 kilometers south of Kennecott’s Rawhide mine within the Walker Lane structural province of Nevada. The Bovard District manufactured about $360,000 in gold and silver from 1908 to 1930, specifically from the Gold Pen and Bovard (Blue Sphinx) mines. The silver to gold ratio of these doodlebug was almost 16:1. These early mining transactions brought focus on following, from surface inventions, plunging shoots of absolutely high grade or “bonanza” doodlebug , historically with grades as huge as $8,000 per ton at a gold price of $20. In addition shoots were investigated while drifting along the stoppage of the veins, but thousands of tons of “low grade” quartz vein material, varying from one to fifteen (average of three) grams per ton gold, were weight the waste dumps. Five thousand tons of this material were transmitted off the claims in 1980, from which about 500 ounces of gold were lixiviated.

Gold Summit required a land position at Blue Sphinx by function claim blocks from three subsisting land owners in the District. The Gold Pen mine location is matter to a lease with an option to buy with Hot Springs Gold Corp. Modest annual cash outpayments are deductibles from a US$250,000 buying option for a 100% interest subject to a 3% NSR royalty with a further option to buy down to 1% for a payment of US$3,000,000. The Blue Sphinx (Bovard) mine is conducted under a a lease with an option to buy from Nevada Eagle Resources, LLC. Modest annual cash outpayments are deductibles from the buying option price of US$250,000; thereafter a 3% NSR manufacturing royalty practices with an option to purchase out 2% for a cash outpayment of US$3,000,000. Century Gold LLC possesses a block of 75 unlicensed mining claims that embays the other two claim blocks. In October 2003 Gold Summit came into a buying/option agreement with Century Gold that let Gold Summit to possess a 100% interest in these claims for a delibiration of 200,000 Gold Summit common shares provided over a period of three years.

Gold Summit’s work to date unites new geologic mapping with a acquisition of prior labour, inclusively of previous drilling programs. This new labour has underlined a mile-long objection zone along the drilling programsNevada Rand-Blue Sphinx fault, prolonging from just south of the Blue Sphinx pit shaft to just north of the Golden Pen mine. There are other constructures within the claim block that have connected with hydrothermal change with weaker surface geochemistry that may work out into drill objections with supplementary labour. Chage associations mapped to date offer that gold mineralization in the familiar mining workings is high in the hydrothermal system. Drilling to date has been almost entirely restricted to the upper 100 meters of the vein system, and directly around the Golden Pen and Bovard mining workings. In the previous, mining brought focus on absolutely high grade plunging shoots faced while drifting along the strike of the veins and factualy put thousands of tons of lower grade (three to fifteen grams per ton gold) quartz vein material on the waste dumps. This material was transmitted off the claims and lixiviated in the 1980s. Prior kept circulation (RC) drilling intercrossed spotty gold mineralization around the boards of the historic mining workings, but several core holes drilled beneath the Bovard pit shaft in the late 1970s intercrossed 10-40 meters of 1.0-2.0 g/t gold, inclusively of several 1-2 meter crossings overseeing 3.0 g/t gold. RC holes in the immense vicinity manifactured very spotty one meter intervals of 1.0 g/t or less. Underground workings mapping and sampling of the Gold Pen workings in 2005 by Gold Summit defined a interlacing of dip from east to west in the lowest levels of the mine. This alteration in dip, associated with elevated gold values and enhancing thickness of quartz veining exhibits a constructively permissive objection that was not tried by prior researchers, who generally tried around the borders of the high grade shoots in the subsisting underground mining workings. Gold Summit’s drill program at Gold Pen will bring focus on trying below the mining workings where the vein ramps up and the constructure alterations and even keeps dip, proceeded by step out drilling at depth along strike.

Gold Summit’s has ten admitted drill sites in the Gold Pen and Bovard locations; timing of drilling will be dependent on general priority grades for funds and staff in 2008.