Sun Summit to Recommence Drill Program at Buck Property; Plans Property-Wide Geophysical Survey
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2022) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that exploration drilling is set to recommence at its 100% controlled Buck Property, central British Columbia. The exploration program will be designed to expand on the Buck Main epithermal gold discovery which remains open in all directions and at depth.
Highlights
- Crews are mobilizing: One drill rig is currently on site and the crew has commenced mobilization.
- Expanded program will test new targets: The first drillholes will build on the significant results from previous programs focused on testing new targets within Buck Main and the limits of the mineralized hydrothermal footprint.
- Property-wide geophysical survey: Plans are underway to commence a property-wide VTEM geophysical survey, which will help define additional targets on the property, some of which could be coincidental with recently discovered geochemical anomalies.
"We are very eager to get the drill rig turning again," Sharyn Alexander, Sun Summit's President, stated. "Even without receiving all assays back from the lab from our most recent program, we are excited with what we're seeing so far. Drill results at Buck Main continue to return significant gold intercepts from surface, adding bulk-tonnage mineralization as well as high grade 'sweeteners'. We look forward to the months ahead as we move this program forward and continue to share results from our previous exploration and drilling."
Drill Program
The upcoming drilling is designed to follow-up the 10,327 metre drill program, which targeted high-grade and bulk tonnage-style gold mineralization at Buck Main (see news release dated November 30th, 2021). From that program, a total of eight holes have been released including significant intercepts of high-grade gold mineralization (e.g., 11.4 grams per tonne (g/t) gold over 3.0 metres including 31.3 g/t gold over 1.0 metres; BK21-035) and continuous bulk tonnage-style gold mineralization (e.g., 0.68 g/t gold over 175.3 metres including 1.16 g/t gold over 53.8 metres; BK21-038) (see news release dated January 5th, 2022). Additional assay results will be released shortly as they are received and analyzed.
After pausing the drill program at the end of 2021 to receive assays, the Company is now ramping-up activities to investigate previously untested targets, as well as test an emerging broad zone of breccia-hosted sulfide mineralization identified in the last drill program (see news release dated November 30th, 2021). The drill program could increase in scope to be substantially larger than the program just completed.
The Buck Main mineralized footprint is approximately 900 by 950 metres and remains open in all directions and at depth. A total of 66 diamond drill holes totalling ~24,000 metres have been completed at Buck since the project was optioned in July 2019. Significant intercepts from previous drill programs include:
- High-grade vein-hosted gold mineralization
- 31.6 g/t gold over 4.0 metres including 246 g/t gold over 0.5 metres; BK21-020 (see news release dated May 11th, 2021)
- 5.86 g/t gold over 17.0 metres including 23.05 g/t gold over 3.0 metres; BK20-012 (see news release dated January 5th, 2021)
- Broad zones of near-surface bulk tonnage-style gold mineralization
- 0.78 g/t gold over 186 metres including 1.07 g/t gold over 109 metres; BK21-017 (see news release dated May 11th, 2021)
- 0.71 g/t gold over 187.0 metres including 1.02 g/t gold over 87.1 metres; BK21-033 (see news release dated July 6th, 2021)
Property-Wide VTEM Survey
The Company has begun planning a ~2,000 line kilometre Versatile Time Domain Electromagnetic (VTEM) survey. The results of the geophysical survey will help outline and prioritize additional exploration targets, hopefully being coincidental with recently discovered geochemical anomalies within the 33,000 hectare tenure package. Surface sample results from the extensive field program conducted across the Buck Property last year will be released shortly, after the Sun Summit technical team completes its analysis and evaluation.
National Instrument 43-101 Disclosure
This news release has been approved by Sun Summit's CEO, Robert D. Willis, P. Eng. a "Qualified Person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.
Community Engagement
Sun Summit is engaging with First Nations on whose territory the Buck Property is located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations as the project continues.
Health and Safety
The Company's exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.
Buck Property
Sun Summit's flagship Buck Project is a high-grade and bulk tonnage gold and silver property located near the town of Houston in central B.C. The 100% optioned property has excellent developed infrastructure and allows year-round exploration access.
Red Cloud Securities Retained for Market Stabilization and Liquidity Services
Sun Summit also announces that it has retained Red Cloud Securities Inc. of Toronto, Ontario to provide market stabilization and liquidity services for $4,500 per month. Such payments will be made from Sun Summit's general working capital. There are no performance factors contained in the agreement, and Red Cloud will not receive any shares or options from the Company as compensation for its services. Sun Summit is not aware whether Red Cloud holds any of its shares or has any right or intent to acquire Sun Summit shares. This retainer replaces and supersedes the retainer in December 2019 of Mackie Research Capital Corporation for similar services at the same cost. This new retainer may be terminated by either party on no less than 30 days' notice. Additionally, Sun Summit and Red Cloud have terminated their agreement made in September 2020 respecting Red Cloud providing corporate access services for a fee of $10,000 per month.
Red Cloud is an investment dealer focused on providing comprehensive capital market services and financing alternatives to the junior resource sector. It was founded by capital markets professionals who designed the firm to service small public and private companies.
About Sun Summit
Sun Summit Minerals is an exploration company focused on expanding its epithermal gold discovery at its flagship Buck Project located in north-central British Columbia.
The Company is exploring multiple high priority gold and silver targets through systematic exploration campaigns with year-round drilling access. The Project has high-grade and bulk-tonnage gold and silver potential and is located in an established mining region that includes many former operating mines and current exploration projects.
Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sunsummitminerals.com
For further information, contact:
Sharyn Alexander
President
Nancy Curry
Corporate Communications
Tel. 778-588-9606
Forward Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111438