Jan 19, 2021
 in 
Precious Metals

Sun Summit (TSX.V: SMN) a New Gold Player in BC

Sun Summit Minerals (TSX.V: SMN) is a junior mining exploration company focused on developing their flagship asset – The Buck Project, located in central British Columbia. The company is run by a team of highly successful executives, and geological professionals.

Sun Summit’s (TSX.V: SMN) 100% controlled Buck Project totals approximately 33,000 hectares, with a focus on gold, silver and zinc mineralization. The project has undergone extensive historical drilling, and completed a phase 1 program in April 2020 (1,800m) and a phase 2 program in November 2020 (4,180m).    


The initial phase program showed promising results. Highlights of the Phase 1 drill program includes:

  • 91 metres of 0.80 g/t AuEq (gold equivalent, gold and silver only) within 156 metres of 0.63 g/t AuEq, including 33 metres of 1.01 g/t AuEq.
  • 81 metres of 0.78 g/t AuEq within 200.7 metres of 0.51 g/t AuEq, including 44      metres of 1.01 g/t AuEq.
  • 2.15 metres of 6.3 g/t gold and 10.0 g/t silver, including 0.3 metres of 20.7 g/t gold and 48.9 g/t silver (within 4 metres of the bottom of BK20-002).
  • Mineralization is hosted in highly clay altered, faulted and fractured, brecciated      volcanic tuffs, as wide disseminated zones and high-grade veins. (Widths are drill core length)
  • Very consistent gold and silver grades intersected at shallow depths, some of which are projected to surface.

The company recently completed a successful 10 diamond drill hole program for a total of 4,180m, which was completed in November 2020. On January 5th, 2021, the company announced a High-Grade gold discovery at Buck:

  • A significant high-grade gold discovery has been made in an area previously untested between the Horseshoe and Trench zones: BK20-012 intersected multiple high-grade Au intervals, 17 metres of 5.86 g/t gold including 3 metres of 23.05 g/t gold, and 7.5 meters of 10.19 g/t gold including 1.5 metres of 49.60 g/t gold. These new zones are open in all directions.
  • Extensive zones of near-surface gold + silver mineralization characteristic of the      Horseshoe Zone confirms the bulk-tonnage potential of the Buck property. BK20-006 intersected 46 metres of 1.12 g/t gold equivalent (AuEQ) including 24.7 metres of 1.69 g/t AuEQ and BK20-012 intersected 40.5 meters of 1.03 g/t AuEQ.
  • All holes drilled to date intersected significant intervals of Au + Ag mineralization and many holes ended in mineralization. BK20-010 cut 8.1 metres of 1.25 g/t AuEQ and 5.6 metres of 1.95 g/t AuEQ near the bottom of the hole. BK20-012 ended in 12.7 metres of 1.05 g/t AuEQ.
  • The drill program will resume this month with three primary objectives, 1) target new high-grade Au mineralization peripheral to BK20-012, 2) drill new geophysical targets interpreted to be associated with Au mineralization, and 3) expand drilling footprint in zones of near-surface bulk-tonnage style mineralization. Further details will be provided in an upcoming release.


Note: Gold equivalent (AuEQ) is based on a 75:1 (Ag:Au) ratio. Intervals are downhole core lengths. True widths are unknown.

Bob Willis, Sun Summit’s CEO, stated: “The discovery of several new zones of high-grade gold mineralization is a complete game changer for our current exploration model at Buck. This is an important milestone for all Sun Summit’s shareholders as it demonstrates the existence of previously unrecognized high-grade gold mineralization. Results from BK20-012 and its proximity to untested chargeability anomalies from our recently completed IP survey bode well for additional discoveries.

This discovery of high-grade gold mineralization is the result of our technical team’s hard work to develop and apply new exploration models at Buck and I commend them on this discovery. Based on new interpretations, changes made during this program included deeper drill holes with different orientations compared to historic drilling. Deeper holes succeeded in intersecting new gold zones below historic drill depths and most of these are wide open for expansion. Better hole orientations have encountered several significant gold intervals at or near surface.

We are designing a follow-up drill program to expand on these new zones and to explore for more high-grade mineralization. Sun Summit is financed and permitted for this program that will start as soon as possible. Buck has no seasonality issues for drilling. We are very excited about these new developments and plan to hit this hard.”

The Buck Project is in close proximity to several former operating mines: Equity Silver Mine (Goldcorp acquired by Newmont (TSX: NGT)) and Huckleberry Mine (Imperial Metals (TSX: III)). Also The Blackwater Gold Project (Artemis Gold (TSX: ARTG)) shares similar geology which is located ~170 km to the southeast.

Artemis Gold (TSX: ARTG) acquired The Blackwater Gold Project in August 2020 for $190M, and raised $175M in-conjunction with the transaction. The company announced a Pre-feasibility study on Blackwater, and pegged an after tax Net Present Value of $2.2B with a 5% discount, and an Initial Rate Return of 35% with a payback on initial capital costs of 2 years. The asset currently has gold reserves of 8Moz and silver reserves of 60Moz. For the first 5 years Blackwater will have an All In Sustainable Cost of ($/oz Au) US$508 per ounce. As of today, Artemis Gold (TSX: ARTG) has 122.5M shares outstanding, and is currently trading at $6.25, giving it a market cap of $765.62M (based off information on Artemis Gold website. https://www.artemisgoldinc.com/)

As of today, Sun Summit (TSX.V: SMN) has 51.2M shares outstanding, and is currently trading at $0.41, giving it a market cap of $20.91M. The current share structure is – 11% insider, 20% institutional, and 69% other.

The company (TSX.V: SMN) is run by a team of highly successful executives and geological professionals:

R. Stuart (Tookie) Angus Chairman and Director

Over 40 years of experience. Former head of Global Mining Group at Fasken Martineau. Current Chairman of K92 Mining (TSX: KNT). Former director of First Quantum Minerals, Canico Resources, Bema Gold, Ventana Gold & Nevsun.

Robert D. Willis, B.Sc., P.Eng CEO and Director

Geological engineer with over 35 years of experience. Founder of Geologix Resources, Manhattan Minerals and Pioneer Metals.

Sharyn Alexander, M.Sc., ADGIS. Vice President, Technical Services

Geologist with over 15 years of experience. Technical specialties include project management, GIS, data management, permitting, community relations, technical writing. Prior positions at B2Gold, Barrick Gold (Australia), and SRK Consulting.

Christopher Leslie, M.Sc., P.Geo. Geological Consultant, Technical Advisor

Economic geologist with 15 years of experience in project generation, project evaluation and district-scale targeting in porphyry to epithermal environments. Former Vice President Exploration for Tower Resources Ltd. and Senior Project Geologist for Richfield Ventures Corp.

Chris Gallagher, M.Sc. Geological Consultant, Technical Advisor

Structural geologist with over 15 years of experience. Integrates technology with exploration and a key player in development of exploration methodologies and geologic data management systems. President and CEO of Rogue Geoscience.

Andrew Carstensen, P.Geo. Director

Vice President Exploration at Luminex Resources and Chief Geologist for Lumina Gold.

Sun Summit Minerals (TSX.V: SMN) is fully permitted for exploration, with developed infrastructure nearby – major highways, power, rail and year-round exploration road access. The company will be focusing on the next phase of drilling to further test the recent significant high-grade gold discovery, which indicates these new zones are open in all directions.

DISCLAIMER: SUN SUMMIT MINERALS IS A MARKETING CLIENT
DISCLAIMER: SUN SUMMIT MINERALS IS A MARKETING CLIENT

DISCLAIMER: SUN SUMMIT MINERALS IS A MARKETING CLIENT


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