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The Monte Cristo gold-silver property is the most advanced of Gold Summit’s properties. The property is located in the historic Gilbert Mining District and has been the focus of most of the exploration to date by Gold Summit. Drilling has resulted in a resource estimate of 69,000 oz. on the McLean Lode, a zone of episodic veining and brecciation with high-grade gold and silver. This lode occurs along an 11 km long mineralized structural zone. Initially two properties were acquired in 2002 for a low purchase price and Net Smelter Return (NSR) royalties of 3-4%, of which all but 1% can be bought for $6 million. In mid-2006, an agreement was reached to obtain a 60% interest in the southern extension of the district for 750,000 Gold Summit shares and expenditures of $1.2 million over five years, which can be increased to 70 and 80% by completing a feasibility study and placing a mine into production, respectively.
The Gilbert district started in the 1880's, with the Carrie lead-silver mine, 2.5 km southeast of the McLean Lode. Gold was first discovered in the district in 1924, just east of the McLean Lode. Since the 1970's, various companies have explored the district for porphyry copper and molybdenum, Carlin gold, and Round Mountain gold-type deposits. The high-grade volcanic-hosted epithermal gold-silver veins, such as the McLean Lode, have been targeted by Gold Summit. The McLean Lode operated as a small open pit and heap leach in 1988-89 producing about 27,000 oz of gold. From then until 2000 various companies, including a few majors, explored in the area around the McLean pit for a larger resource, bringing the total number of holes to 268. |
MCC-12 3.3 m @ 47 g/t Gold and 78.2 g/t
Silver from 197.6 m
(diameter of circle is 2.5 cm)
Monte Cristo Property Map 
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Northeast to north-northeast trending zone of mineralized quartz veins/lodes
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Veins/lodes as outcrop with widths ranging
from 5 cm to 1.5 m
Ohio Camp – approximately 5 km
south of McLean Lode
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Chalcedonic quartz veins 0.5 km
north of McLean Lode
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Since 2004, Gold Summit has completed geological mapping, rock, soil, and vegetation geochemical sampling, and compiled the available historical data. This led them to drill testing the extensions of the McLean Lode in 40 holes drilled below the bottom of the McLean pit. These holes had a minimum of 4.0 g/t Au over 1.5 m with reasonable continuity and intersections 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 located on an 11 km long north-northeast fault zone in Tertiary volcanics which is offset by northwest cross faults. The host rocks are Tertiary andesites, the same as the host rocks of the famous Comstock Lode at Virginia City, that produced 8 Moz of silver. The gold-silver mineralization occurs within parallel shear structures 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 altered andesitic rocks. The gold is associated with minor pyrite and acanthite. Native gold is seen 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 used to estimate 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 believes it has discovered one shoot in a Comstock style system with potential for additional shoots all along the 11 km system.
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The lode is 400m long, 300m down-dip and open, and averages 4.4 m wide (1-11 m), displaced at both ends by cross-cutting faults. Both the poorer quality historical RC drilling and more accurate core sampling by Gold Summit was used to estimate 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 believes it has discovered one shoot in a Comstock style system and that many other shoots should occur along the 11 km system. |
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MCC-23 2.4 m @ 104 g/t Gold and 48 g/t Silver from 256.1 m
(core is approximately 6 cm in width) |
Mine Development Associates has calculated a 43101-compliant inferred resource for the McLean Lode:
3D Model
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More recently, Gold Summit has been exploring the southern end of the district where surface alteration and veining similar to that on the McLean Lode is exposed. Past drilling in some of these areas includes four RC holes with up to 2.1 g/t Au over 17 m. Gold Summit plans to start drilling these targets upon completion of consolidation of the historical data and receipt of the necessary permits. |
