Gold Summit and Canada Lithium Start Drilling for Lithium Brine in Nevada
September 25 2009 - 8:24AM
Marketwired
Gold Summit Corporation (TSX VENTURE: GSM) ("GSM") or the
"Company"), operator on behalf of joint venture partner Canada
Lithium Corp. ("CLQ") reports that drilling at the Paymaster
property commenced Wednesday, September 23, 2009.
Initially, one hole is planned to a depth of approximately 400
metres to explore for potential lithium brine in subsurface
aquifers. The site was selected on the basis of geochemical and
geophysical data collected and interpreted over the past year.
Canada Lithium Corp. holds a 75% interest in the joint venture
and Gold Summit Corporation holds 25% (news release March 9,
2009).
Field work and data studies are underway in a number of other
basins in southwest Nevada, selected from field and office studies
undertaken in 2008. This work is expected to lead to the selection
of other drill targets.
GSM explores primarily in Nevada for high grade gold and
gold/silver deposits that would support underground, low cash cost
operations. GSM's primary properties cover four Tertiary epithermal
vein districts. All have drill ready targets defined by surface
work, most with bonanza grades in outcrops or discovery drill
holes.
At the recently acquired Sugarloaf Peak property, work on a
SURPAC generated 3D model and resource estimate is complete and
form the basis for a National Instrument 43-101 report to be issued
shortly. The 3D model developed for the deposit will guide new
drilling to add to the resource.
The Company's flagship property, Monte Cristo, contains a NI
43-101 compliant inferred resource estimate of 331,000 tonnes
averaging 6.5 g/t gold. A new resource evaluation and NI 43-101
report is planned to include drilling results obtained since the
completion of the first report in 2006. High grade shoots that form
the heart of the resource are open down plunge and the Company
plans work to extend these.
Larry Kornze, a GSM director and a registered Professional
Geologist, is designated as the Qualified Person under National
Instrument 43-101 and has reviewed and approved the contents of
this news release.
This news release contains forward-looking statements. These
statements are based on information currently available to GSM and
GSM provides no assurance that actual results will meet
management's expectations. Forward-looking statements include
estimates and statements that describe GSM's future plans,
objectives or goals, including words to the effect that GSM or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of
GSM's mineral properties, and GSM's financial condition and
prospects, could differ materially from those currently anticipated
in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. This
list is not exhaustive of the factors that may affect any of GSM's
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
GSM's forward-looking statements. GSM does not undertake to update
any forward-looking statement that may be made from time to time by
GSM or on its behalf, except in accordance with applicable
securities laws.
This news release includes certain "forward looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Without limitation, statements
regarding potential mineralization and resources and reserves,
exploration results, and future plans and objectives of the Company
are forward looking statements that involve various degrees of
risk. The following are important factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks
inherent in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional
capital.
Neither 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.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200
www.goldsummitcorp.com
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