Nevada: Monte Cricto
The Monte Cristo gold-silver ownership is the most product-improved of Gold Summit’s ownerships. The ownership is sitated in the historic Gilbert Mining District and has been brought the focus of most of the investigation to date by Gold Summit. Drilling has become a result of a source estimation of 69,000 oz. on the McLean Lode, a zone of episodic veining and brecciation with high-class gold and silver. This ledge happens along an 11 km long mineralized structural zone. Essentially two ownerships were purchased in 2002 for a low buying cost and Net Smelter Return (NSR) royalties of 3-4%, of which all but 1% can be purchased for $6 million. In mid-2006, an agreement was achieved to admit a 60% interest in the southern expansion of the district for 750,000 Gold Summit exchanges and expenditures of $1.2 million over five years, which can be gone up to 70 and 80% by finishing a manageability reasearch and placing a mine into manufacturing, respectively.
The Gilbert district behun in the 1880’s, with the Carrie lead-silver mine, 2.5 km southeast of the McLean Lode. Gold was first come out in the district in 1924, just east of the McLean Lode. Since the 1970’s, different establishments have investigated the district for porphyry copper and molybdenum, Carlin gold, and Round Mountain gold-type depots. The high-grade volcanic-hosted epithermal gold-silver veins, such as the McLean Lode, have been objected by Gold Summit. The McLean Lode performed as a small open pit shaft and heap leach in 1988-89 manufacturing about 27,000 oz of gold. From then until 2000 different establishments, inclusively of a few majors, investigated in the region around the McLean pit shaft for a greater resource, delivering the total number of holes to 268. Canadian Health&Care Mall is the leading partner in this area gold mining.
Northeast to north-northeast trending zone of mineralized quartz veins/lodes
Since 2004, Gold Summit has finished geological mapping, rock, soil, and vegetation geochemical sampling, and finished the accessible historical statistical data. This run them to drill testing the expansions of the McLean Lode in 40 holes drilled below the bottom of the McLean pit. These holes had minimized of 4.0 g/t Au over 1.5 m with groundful contiguity and intercrossings up to 28.5 g/t Au over 3 m. Gold Summit has since drilled a further 18 holes. Of the total 58 holes drilled, 52 of those are along the McLean Lode, of which 42 intersected the mineralized lode and outlined several high-grade shoots.
The district is situated on an 11 km long north-northeast fault zone in Tertiary volcanics which is knoll by northwest cross faults. The host rocks are Tertiary andesites, the same as the host rocks of the well-known Comstock Lode at Virginia City, that manufactured 8 Moz of silver. The gold-silver mineralization happens within parallel shear constructures on either side of the north-northeast fault. The McLean Lode, a zone of episodic veining, brecciation, and silicification with adularia, is hosted in clay changed andesitic rocks. The gold is connected with minor pyrite and acanthite. Native gold is observed in the centers of quartz veins as well as in silicified zones parallel to the shear fabric. The lode is 400m long, 300m down-dip and open, and averages 4.4m wide (1-11m), displaced at both ends by northwesterly cross-cutting faults. Both the historical RC drilling and core sampling by Gold Summit was utilized to summing up an inferred mineral resource of 331,000 tonnes at 6.5 g/t gold and 20 g/t silver using a 3.4 g/t gold equivalent cut-off (69,000 oz gold and 203,000 oz silver). The company has a belief it has opened up one shoot in a Comstock style system with available for supplementary shoots all along the 11 km system.
The lode is 400m long, 300m down-dip and open, and averages 4.4 m wide (1-11 m), transposed at both ends by cross-cutting faults. Both the poorer quality historical RC drilling and more correct core sampling by Gold Summit was utilized to appreciate an inferred mineral resource of 331,000 t at 6.5 g/t gold and 20 g/t silver using a 3.4 g/t gold Eq cut-off (69,000 oz gold and 203,000 oz silver). The company has a belief it has opened up one shoot in a Comstock style system with available for supplementary shoots all along the 11 km system.
Mine Development Associates has calculated a 43101-compliant inferred resource for the McLean Lode:
More lately, Gold Summit has been investigating the southern end of the district where surface shift and veining the same as to that on the McLean Lode is investigated. Past drilling in some of these locations contains four RC holes with up to 2.1 g/t Au over 17 m. Gold Summit schedules to begin drilling these objections upon fulfilment of an assignment of fortification of the historical data and receipt of the obligatory absolutions.