Sun Summit Minerals (TSX.V: SMN) has been aggressively exploring their 100% controlled Buck Property located in British Colombia, Canada. The entire 2021 program is fully financed, and assays from 5 of the 18 completed holes are reported.
Significant high-grade gold mineralization was intersected in the Trench zone;
- 31.6 grams per tonne (g/t) gold over 4.0 metres, including 246 g/t gold over 0.5 metre (BK21-020);
- 7.36 g/t gold over 3.0 metres, including 21.70 g/t gold over 1.0 metre (BK21-019).
- These initial results from BK20-012 step out holes confirm the high-grade potential of this newly discovered area.
Broad zones of bulk-tonnage-style gold mineralization was intersected in the Horseshoe zone:
- 0.78 g/t gold over 186 metres, including 1.07 g/t gold over 109 metres and including 7.17 g/t gold over 5.2 metres (BK21-017). This interval represents the longest continuous zone of significant gold and silver mineralization ever drilled on the property
- 0.81 g/t gold over 70.0 metres, including 1.04 g/t gold over 43.0 metres (BK21-018).
Bob Willis, Sun Summit's chief executive officer, stated: "The 2021 program has started off with exceptional results. Our first hole in the Horseshoe zone cut a long and continuous interval of significant gold mineralization, which contained a high-grade zone which clearly indicates the potential of high-grade sweeteners within bulk tonnage-style grades. "Assays from drill hole BK21-020, a100-metre step out from discovery hole BK20-012 in the Trench zone, confirms the considerable potential of this area. The vein-hosted mineralization in this new hole yielded the highest gold grade ever drilled at Buck.
"Our systematic approach to investigating the potential of the Buck property is paying off and we look forward to keeping our shareholders informed on our progress as assays are returned from the lab. The current drill phase expanded the footprint of the Trench-Horseshoe mineralized system. The limits of the system have not been reached and it remains open in all directions."
The three Trench zone holes (BK21-019, 020 and 022; see "Assay results -- Trench zone" table) were designed to investigate the extent of multiple zones of high-grade gold mineralization discovered inBK20-012 (see news release dated Jan. 5, 2021).
BK21-020 was drilled to the south and cut across the west-dippingBK20-012 and intersected (intervals are not true widths) 31.75 g/t AuEq (31.6g/t gold, 9.4 g/t silver) over 4.0 metres including 247 g/t AuEq (246 g/t gold,66.7 g/t silver) over 0.5 metre approximately 100 metres to the southeast ofthe 49.6 g/t gold over a 1.5-metre interval in BK20-012 (see news release dated Jan. 5, 2021). Here, local quartz plus carbonate plus sulphide vein-hosted gold mineralization is associated with a broad zone of quartz plus sericite alteration peripheral to quartz plus feldspar porphyritic dikes. Similarly,BK21-019 cut numerous zones of gold mineralization highlighted by 1.57 g/t AuEq(1.51 g/t gold, 3.58 g/t silver) over 23.1 metres, including 22.04 g/t AuEq (21.70g/t gold, 22.20 g/t silver) over 1.0 metre at 133 metres downhole. The higher-grade interval in BK21-019 was cut approximately 25 metres north of the23.05 g/t gold over a 3.0-metre interval in BK20-012 (see news release dated Jan. 5, 2021). Results from all three holes demonstrate the high-grade potential of this new target area. Tighter-spaced drilling with oriented core is warranted to better define structural orientations of high-grade veins. Assays are pending from nine additional holes in the Trench zone.
The two Horseshoe zone holes (BK21-017 and 018; see the "Assay results -- Horseshoe zone" table) were designed to test the strike extent of bulk-tonnage, sulphide-cemented breccia-hosted gold mineralization.
BK21-017 was collared on the same pad as BK20-012but drilled in an opposite direction to the east. The hole returned 1.15 g/tAuEQ (1.07 g/t gold, 5.48 g/t silver) over 109 metres associated with a dacite matrix-rich and local sulphide plus quartz plus carbonate-cemented hydrothermal breccia. BK21-018 was collared 65 metres south of BK21-017 and drilled to the north under BK21-017. The hole returned 0.85 g/t AuEq (0.81 g/t gold, 2.52 g/t silver) over 70.0 metres, including 1.07 g/t AuEq (1.04 g/t gold, 2.11 g/t silver) over 43 metres associated with sphalerite-rich sulphide-cemented breccias. Together, both holes build on results from 2020 (BK20-006, 007, 009and top of 012) and further expand the zone of near-surface, bulk-tonnage-style gold mineralization to the east. All phases of breccias contain gold and silver mineralization associated with clotted, disseminated and breccia-hosted sphalerite (zinc sulphide) and pyrite. Assays are pending from two additional holes in the Horseshoe zone.
Currently Sun Summit (TSX.V: SMN) is trading at $0.92 and has 54.1M shares outstanding, giving it a market cap of: ~$49M. With all the success Sun Summit has had, the remainder 13 holes should further confirm the potential of this target area on the 33,000ha Buck Property (the Company has confirmed numerous other target areas on the Project that will be advanced offering more discovery potential).
British Columbia is no stranger to gold mining, according to a report done by The British Columbia Geological Survey’s, MINFILE database lists over 3,380 occurrences for which gold is identified as the primary commodity. Of these, approximately 700 have recorded gold production(400 lode producers and 300 placer). Between 1858 and 2013, about 32 million ounces were produced from lode deposits and 6 million ounces from placers. Remaining in-ground gold resources in the province are estimated at 280 million ounces (all information based off Vancouver Mineral Development Office www.gov.bc.ca/mineraldevelopment).