Nevada: Gold Basin
The Gold Basin projection is situated almost 150 kilometers east of Reno, Nevada and is located at the south end of the Clan Alpine Range between Fairview Peak and Bell Mountain. It consists of three northwest trending epithermal vein systems within the renascent Miocene Fairview Caldera on the eastern margin of the Walker Lane structural province. Two other vein systems in the contiguous zone are taken under control by competitioner claims; one of these, the Bell Mountain, consists of a reported near-surface resource of 900,000 tons @ 1.33 g/t gold.
Gold Summit currently takes under control 62 unlicensed lode mining claims in two freestanding blocks covering three defined vein systems. These claims are conducted under a lease-option agreement with Renegade Exploration Inc. and Elliott Crist, which grants Gold Summit the option to possess a 100% interest for a complex of cash payments amounting US$41,000 and 200,000 common shares paid and released over three years. Thereafter the property is matter to a 3% NSR manufacturing royalty that may be decreased to 1% on payment of US$2,000,000.
The Gold Basin, Sphinx and South Extension vein systems are of the low-sulfidation type and happen within a 10 square mile area of hydrothermally altered lithic ash flow tuffs of the Fairview Caldera. The Gold Basin vein can be procedeed in float and manifest for over 1500 meters within a structural zone of straight jointing and shearing up to 15 meters wide. Gold applys a test up to 16 g/t gold are published from surface rock chip sampling, with equivalent levels of silver. The Sphinx vein system engages a structural zone with a width of 1-300 meters that has been tracked for over 3000 meters from the northwest flank of Bell Mountain to an borderland with the east-northeast trending Bell Mountain vein system to the northwest. Samples of quartz vein from within the Sphinx vein system as intended report gold values of 1.0-9.1 g/t and silver values up to 84 g/t. Silver to gold ratios average 20:1 where gold surpasses 1.0 g/t. The South Extension Zone is a 1700 meter long structural zone parallel to and southwest of the Sphinx Vein. It is predominated by extended silicification over breadth of a meter to over 100 meters with small outcroppings of vein quartz. First pass sampling of silicification and quartz veining manufactured gold values varying from 100-454 ppb and silver values from 10-21.6 ppm.
The Gold Basin projection consists of multiple, robust epithermal quartz veins that have never been drilled and occur to be very assumed for high grade, underground gold mineralization. Final development of the prosperous first pass surface sampling will run to a plan for drilling, the timing of which will be dependent on overall priorities for funds and staff in 2008.