Gold Summit Gains 100% Interest in Nevada Lithium Brine Exploration: Joint Venture Partner Withdraws
November 05 2009 - 9:50AM
Marketwired
Gold Summit Corporation (TSX VENTURE: GSM) ("GSM") or the
("Company"), today received notice that Canada Lithium Corporation
(TSX VENTURE: CLQ) has withdrawn from the Nevada Lithium Brine
Joint Venture in order to concentrate on their Quebec Lithium
pegmatite resource. Canada Lithium held a 75% interest in the joint
venture.
Analytical results from the first test well drilled by the joint
venture in the Paymaster area are now available. They show that the
saline water encountered below 150 metres contains only weakly
anomalous lithium values (8 ppm) despite the highly anomalous
values in the containing clastic sediments. These average 316 ppm
lithium between 150 and 365 metres in a range between 130 ppm and
940 ppm lithium. These high indicate that some lithium clays,
probably hectorite are present, but could not be competitive with
other hectorite bearing clay deposits lithium values in the 3500
ppm range.
Commenting on the drilling results, Dr. Anthony P. Taylor Chief
Executive Officer of Gold Summit said, "we are obviously
disappointed that our first well does not contain economic levels
in brines, but the lithium enriched sediments indicate that
abundant source rocks are present. We now have a 100% interest in
the project that includes a large data base and some 15 other
target areas. We are in the exploration business and success is
rarely immediate. Given suitable funding, we plan to continue the
search for a new economic lithium brine deposit, although not to
the detriment of our core high grade gold and silver efforts".
Larry Kornze, a GSM director and a registered Professional
Geologist, designated as the Qualified Person under National
Instrument 43-101 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.
Contacts: Gold Summit Corporation Andrea Rascati (775) 284-7200
www.goldsummitcorp.com
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