The San Francisco Project, consisting of 69 claims, covers the source area of one of the most prominent gold-arsenic-antimony-silver stream sediment anomalies in central Nevada. The area is also the intersection of pronounced northwest and northeast linear trends that control the anomalous drainage pattern evident on published USGS data. These factors, plus the wide-spread occurrence of veins, structural zones and small altered intrusive dykes and plugs that carry highly anomalous gold and silver values, strongly suggest that a large mineralized system underlies the area.
Gold Summit Corporation (TSX-V GSM) has signed an option agreement with New Dimension Resources Ltd (TSX-V NDR) whereby Dimension (USA) Inc., a wholly owned subsidiary, may earn an initial 51% interest in the San Francisco Project from Gold Summit by spending US$350,000 over a three year period. Subsequently it may increase its interest to 61% by spending an additional $1.3 million over three years and further increase to a 75% interest with the completion of a Scoping Study.
The San Francisco claims adjoin New Dimension’s Reese River Project where significant historic silver production came from veins and breccias concentrated at or near the contact between older sediments and younger intrusive rocks. These provide a very attractive exploration target that extends northerly into the San Francisco claims; an important area to test down dip potential. New Dimension recently identified a gold target where one metre chip samples from isolated outcrops, exposed through cover, assayed 9.83 and 4.83 g/t gold.
Once weather conditions allow, New Dimension plans a detailed surface mapping and sampling program on the San Francisco claims to select potential drill targets. New Dimension has submitted a Plan of Operation to the U.S. Forest Service for its planned 2008 drill programs and this plan will be modified to include possible drill targets identified on the San Francisco claims.
- Au and Ag in veins and breccias over a large area
- "Upper Plate" sediment-hosted mineralization
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