Nevda: Gold Springs

GOLD SPRINGSThe Gold Springs projection is situated in Lincoln County, Nevada almost 40 kilometers east of Pioche near the Nevada-Utah state line. It is located in the historic Eagle Valley mining district, which manufactured around $400,000 in gold and silver from 1896 to the late 1930s. In the 1930s high grade silver ore was mined and delivered from the principal veins on Gold Summit’s existing block of 93 unlicensed lode mining claims.

Gold Springs is conducted under a lease with an option to buy with Nevada Eagle Resources, LLC that supplies for year advance royalty outpayments toward a manufacturing royalty, which varies from 2.0-5.0% as gold prices range from $250-$500.

Two north-easterly striking, west dipping fault zones possess silicification, quartz veining and precious metal mineralization at Gold Springs. The western or “Tempa-Helen” vein structure reaches 2-10 meters in breadth and has been happened to have for over 4000 meters along strike with a vertical distance of 250 meters investigated by topographic relief. At the Tempa mine, the vein shows ponderous, crystalline to banded quartz, quartz-after-bladed calcite with argentite and bladed calcite in a discrete shoot varying from 1-3 meters in width on the hanging wall of a wider 5 meter silicified zone.

Assays from samples of quartz-after-bladed calcite at the Tempa mine consist of as much as 575 g/t silver and 4.0 g/t gold. Samples of the silicified construction publish gold values of 0.01-0.05 ppm with silver values of 2.0-5.0 ppm. Silver was manufactured in the 1930’s at an average grade of about 20 ounces per ton at the Helen mine near the south-western end of the vein trend. Silicified breccias and bladed quartz-after-calcite shoots happen over a 500 meter strike length northeast of the Tempa shaft, with 5-400 g/t silver values and 0.1-5.4 g/t gold values. Silver to gold ratios in samples with gold values overseeing 0.5 g/t are generally 100:1. The highest investigatons (in elevation) of the Tempa vein are predominated by linear zones of vast silicification with very minor brecciation and stringer zone quartz veining consisting of anomalous gold and silver values (0.01 ppm Au, 5.09 ppm Ag), explained by Gold Summit as being high in the hydrothermal system.

The eastern or “Miramonte” structural zone is situated 650 meters east of the Tempa vein zone and has been tracked for 1200 meters as a series of outcroppings, prospect shafts and two underground mining workings. The Miramonte constructure is introduced at surface as linear zones of silicification, regionally with some stringer zone quartz veining. This zone has only been investigated by Gold Summit in part, but constricted first pass rock sampling exhibits that this zone is similar geochemically to the upper levels of the Tempa zone. Those portions of the zone searched at the lowest investigations, and prior investigated by shallow underground mining workings, consist faltering quartz–adularia veins in altered latites. Rock sampling in 2005 by Gold Summit at one of these old mining workings, the President’s Pit, included chip sampling of a 1.3 meter quartz-adularia vein that averages 33.49 g/t gold and 87 g/t silver, inclusively of individual assays of 41.6 and 52.8 g/t gold.

Gold Summit schedules to go on surface investigation of the familiar vein structures in 2008 with supplmentary geologic mapping and rock sampling in readiness for a drill program to try for broading of familiar high grade mineralization at depth and along strike from the Tempa and Miramonte mining workings utilizing a core drill. This drilling program is already in the scheduling stage, but actualization depends on overall corporate priorities for funds and staff.