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Sun Summit Minerals Corp (2)
Symbol SMN
Shares Issued 40,265,178
Close 2024-05-02 C$ 0.25
Market Cap C$ 10,066,295
Recent Sedar Documents

ORIGINAL: Sun Summit's Extensive Data Review Identifies Multiple New High-Grade Gold-Silver Targets at the JD Project

2024-05-02 11:59 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - May 2, 2024) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that it has defined additional targets across the highly prospective Finn to Creek corridor, a significant gold-silver mineralized trend on the recently optioned, road accessible, JD Project in the Toodoggone gold-copper mining district in north-central British Columbia.

Highlights:

  • Multiple priority drill targets defined through extensive data review: An ongoing comprehensive review and compilation of property-wide historical geochemical data has resulted in the definition of multiple new target areas that warrant considerable follow-up work including drilling.

  • Zones of widespread high-grade gold-silver mineralization: Selected assay highlights* from historical rock samples in the Finn to Creek corridor include:

    • Schmitt Zone: 326 g/t Au with 1,535 g/t Ag (sample 18736) and 64.5 g/t Au with 6,151 g/t Ag (sample 18737)

    • Wolf Zone: 79.2 g/t Au with 30.5 g/t Ag (sample 26070) and 35.4 g/t Au with 44.8 g/t Ag (sample 1710255)

    • MVT Zone: 14.7 g/t Au with 809 g/t Ag (sample 18458) and 11.4 g/t Au with 35.2 g/t Ag (sample 1713456)

    • JD West: 14.8 g/t Au with 910 g/t Ag (sample 1710529) and 14.1 g/t Au with 1,601 g/t Ag (sample 18747)

    • Finn Zone: 47.0 g/t Au with 17.5 g/t Ag (sample VF-24) and 27.3 g/t Au with 61.4 g/t Ag (sample I552528)

  • Broad zones of gold-in-soil anomalism: Gold anomalies, with many samples greater than 1.0 g/t Au, are spatially associated with local zones of outcropping epithermal-related gold-silver mineralization. Many of these coincident anomalies have not been previously drill-tested and represent high-priority areas for future exploration programs.

  • 2024 exploration program currently being finalised: Upcoming field work is anticipated to include geological mapping, soil and rock geochemical surveys, geophysical surveys, as well as significant drilling across multiple targets.

* Assay results are historical and have been compiled from sources believed to be accurate. Grab samples are selective in nature and the resulting assays may not be representative of all mineralization across the project.

"The primary goal of our data compilation effort is to generate walk-up, high-potential drill targets," stated Sharyn Alexander, Sun Summit's President. "Ongoing review of historical data, much of which has never been digital, outlines the presence of outcropping zones of high-grade mineralization from rock samples spatially associated with broad and widespread gold-in-soil anomalies. This coincident relationship provides us confidence to prioritize many of the numerous untested anomalies across the project area, specifically along the Finn to Creek corridor, a highly prospective area of largely untested ground. The fact many of these anomalies are defined by soils samples greater than 1.0 g/t gold strongly supports the high-prospectivity of the targets. Further details of the upcoming field program at JD will be announced as the data compilation efforts come to a close."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6142/207709_7c7d8779e43b4a72_001.jpg

Figure 1. JD Project overview

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/207709_7c7d8779e43b4a72_001full.jpg

The JD Project comprises over 15,000 hectares of contiguous mineral claims in the prolific Toodoggone gold-copper mining district in north-central British Columbia (Figure 1). The project is host to high-grade, epithermal-related, gold-silver systems and porphyry-related copper-gold systems and lies just north of the Kemess Cu-Au mining camp.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6142/207709_7c7d8779e43b4a72_002.jpg

Figure 2. Compiled historical geochemical data from the Finn to Creek gold-silver corridor

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/207709_7c7d8779e43b4a72_002full.jpg

* Compiled historical soil geochemical data has been gridded and contoured. Sample locations are also shown, highlighting only results greater than 1.0 g/t Au.
** Gold assay results from over 540 historical rock samples (grabs from outcrop and float) are shown on the map with select results ranging from 10.6 g/t Au to 326 g/t Au. Grab samples are selective in nature and the resulting assays may not be representative of all mineralization across the project.

Target Generation

The recent review of surface geochemistry builds on the historical drill data compiled from the Finn and Creek zones (see February 1, 2024 and February 12, 2024 news releases) that anchor each end of the expanded 4.5 km long Finn to Creek gold-silver corridor, host to numerous epithermal-related vein and breccia systems. Priority targets along this corridor, based on surface geochemistry, are as follows.

Table 1. Selected grab/float (rock) sample highlights from historical exploration programs across the JD project

ZoneSample IDAu (g/t)Ag (g/t)UTM_EUTM_NSample
Wolf2607079.230.56098356368001grab
Wolf171025535.444.86097966367993grab
Wolf171055527.343.06098296367999grab
Wolf2606816.139.06098356367966grab
Wolf2606910.833.56098356368001grab
Tarn40705725.6n/a6103406366418grab
Tarn2682110.654.46101276366704grab
Schmitt1873632615356101216368042float
Schmitt1873764.561516101106368029float
Schmitt1873949.413916101116368060float
Schmitt1874041.112976100716368042float
Schmitt1873840.830016100956368046float
Schmitt171025618.93006101316367979float
Schmitt1873412.719.96100466368251float
MVT1845814.78096103366367556grab
MVT171346511.435.26107246367434grab
JD West171052914.89106104076367910grab
JD West1874714.116016103836367863grab
FinnVF-2447.017.56111466367358grab
FinnI55252827.361.46113346367621grab
FinnVF-2818.011.86110136367468grab
FinnVF-2517.09.16111096367385grab
FinnVF-0216.513.36111386367359grab
Buff2681817.747.46110496368377grab

 

* Data sources are referenced below.
** Gold assay have been compiled from over 540 historical results from rock samples (grabs from outcrop and float) in the Finn to Creek corridor, with select results from 10.6 g/t Au to 326 g/t Au. Grab samples are selective in nature and the resulting assays may not be representative of all mineralization across the project.

  • Finn - The Finn gold-in-soil anomaly spans 770 metres by 350 metres (Figure 2) and is spatially coincident with previously drill-tested, near-surface epithermal-related gold-silver mineralization (e.g., 35.7 m of 7.3 g/t Au (JD95-047*) and 22.0 m of 12.5 g/t Au (JD95-064*), see February 1, 2024 news release). The relationship between soil geochemical anomalism, up to 12.2 g/t Au, rock chip samples with grades up to 47.0 g/t Au with 17.5 g/t Ag (Table 1), and sub-surface high-grade gold mineralization, suggests that other gold soil anomalies are relatively in-situ. Of the 8 gold-in-soil anomalies identified in this release, only the Finn zone anomaly has been sufficiently drill-tested with reasonably close-spaced drilling.
  • Schmitt - The Schmitt coincident soil and rock geochemical anomaly is centered 1.4 km west of the Finn anomaly (Figure 2). The zone consists of a boulder train of siliceous breccias and banded quartz veins that have historically yielded assays of up to 326 g/t Au with 1,535 g/t Ag, and 64.5 g/t Au with and 6,151 g/t Ag (Table 1). The target has not been adequately drill-tested or trenched (only six short drill holes from the early 1980s), and the bedrock source of the high-grade boulders remains unknown. The Schmitt target is prioritized for systematic follow-up work which may include geological and structural mapping, rock-chip sampling, and follow-up drilling.
  • Wolf - The Wolf gold-in-soil anomaly (up to 8.5 g/t Au), centered 1.6 km west of the Finn zone (Figure 2), is spatially associated with zones of outcropping high-grade gold mineralization reportedly exposed over an area of 90 metres by 50 metres. Gold mineralization is hosted in numerous discrete zones (up to three meters in apparent width) of strongly oxidized hydrothermal breccias and local vein stockwork zones where rock chip samples of up to 79.2 g/t Au with 30.5 g/t Ag, and 35.4 g/t Au with 44.8 g/t Ag have been reported. The Wolf target has not been previously drill-tested and warrants detailed follow up.
  • MVT - The MVT gold-in-soil anomaly is centred 1.0 km west of the Finn anomaly where historical soil sampling defined a strongly anomalous 370 metres by 200 metres target (Figure 2). The soil anomaly (samples up to 5.0 g/t Au) is spatially coincident with grab samples of up to 14.7 g/t Au and 809 g/t Ag (Table 1). The MVT target has not been previously drill tested and represents a priority area for future drill programs.
  • JD West - The JD West gold-in-soil geochemical anomaly covers the gap between the Finn and Schmitt zones (Figure 2) where the potential strike-extension of the prospective, low-angle fault at the Finn zone is locally exposed in historical trenches and has been drill tested in several, widely-spaced, shallow holes (see February 1, 2024 news release). The anomaly is spatially associated with the historical Ag-Carbonate zone where grab sampling from quartz-carbonate breccias, hosted along steeply dipping, north-striking normal faults, yielded up to 14.1 g/t Au with 1,601 g/t Ag (Table 1). Geological mapping focused on examining structural controls is warranted to better define the extent of high-grade gold and silver mineralization across the JD West target.
  • Buff - The Buff gold-in-soil anomaly covers an area just north of the Finn zone, beyond a broad gossan centered on an east-draining creek (Figure 2). Previous drilling at the Buff zone targeted the northern dip-extent of Finn zone mineralization at depth (see February 1, 2024 news release). The presence of soil samples with results up to 1.7 g/t Au, and up to 17.7 g/t Au with 47.4 g/t Ag in rock chip samples, suggests the Buff zone may also host a near-surface gold target north and stratigraphically above and/or offset from the Finn zone. This area therefore warrants geological mapping and rock-chip sampling to better define potential drill targets across the broad anomaly.
  • Creek - The high-grade Creek target, on the western extent of the Finn to Creek corridor (Figure 2), contains poorly defined, structurally controlled high-grade gold mineralization (e.g., 4.0 m at 61.2 g/t Au (CZ97-008*), see February 12, 2024 news release). Soil sampling across the Creek zone with results up to 7.5 g/t Au, and grab samples up to 5.7 g/t Au, suggests the potential for locally concealed and near-surface, gold mineralization. Besides drilling, additional work at the Creek zone will consist of systematic geological and structural mapping and rock-chip sampling. An induced polarization (IP) geophysical survey is also planned across the target area.

* Note drill intervals are downhole core lengths. True widths are unknown.

These targets, together with targets defined through historical drill data review at the Finn and Creek zones (see February 1, 2024 and February 12, 2024 news release), will form the framework for target prioritization for the upcoming 2024 exploration program, set to commence in early summer. Ongoing data compilation is now focused on merging and re-processing existing airborne and ground geophysical datasets. Details of the upcoming exploration program will be released once compilation efforts are completed and budgets are finalized.

National Instrument 43-101 Disclosure

This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not been able to verify the historical exploration data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data is historical and the original drill core is not readily available. Technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples.

Community Engagement

Sun Summit is engaging with First Nations on whose territory our projects are 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 with ongoing exploration.

About the JD Project

The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Centerra's Gold's Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.

The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.

The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.

About Sun Summit

Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.

Further details are available at www.sunsummitminerals.com.

References

McBride, S. (2013), 2012 Geological, geochemical and diamond drilling report on the JD Property, Assessment Report Indexing System, Report 33556, https://apps.nrs.gov.bc.ca/pub/aris.

McBride, S. and Leslie, C. (2014), 2013 Geological, geophysical and diamond drilling report on the JD Property, Assessment Report Indexing System, Report 34762, https://apps.nrs.gov.bc.ca/pub/aris.

Morrice, M.G. (1984), 1983 Final Report on the JD Claims Situated Near Moosehorn Creek in the Omineca Mining Division, Project 04, Kidd Creek Mines Ltd., Internal Report.

Peatfield, G.R. and Schmitt, H.R. (1981), Final Report, 1980 Geological and Geochemical Surveys JD Claims, Omineca Mining Division, B.C., Texasgulf Canada Ltd., Internal Report.

Sutherland, I.G. (1981), Report on Geological and Geochemical Surveys on the JD-81 and Moose-81 Groups Situated at McClair Creek in the Omineca Mining Divisions, Assessment Report Indexing System, Report 9833, https://apps.nrs.gov.bc.ca/pub/aris.

Sutherland, I.G. (1983), 1982 Final Report on the JD Property, Project 04, Kidd Creek Mines Ltd., Internal Report.

Link to Figures

Figure 1:
https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2024/05/Fig-1-Toodoggone-Overview.jpg

Figure 2:
https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2024/05/Fig-2-Finn-to-Creek-Geochem.jpg

On behalf of the board of directors

Brian Lock

For further information, contact:

Sharyn Alexander
President
info@sunsummitminerals.com

Matthew Benedetto
Simone Capital
mbenedetto@simonecapital.ca

Tel. 416-817-1226

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. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. 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, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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/207709

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