Gold Summit, Canada Lithium start drilling at Paymaster
Ticker Symbol: C:GSM C:CLQ
Gold Summit, Canada Lithium start drilling at Paymaster
Gold Summit Corp (2) (C:GSM)
Shares Issued 10,277,460
Last Close 9/24/2009 $0.22
Friday September 25 2009 - News Release
Also Canada Lithium Corp (C:CLQ) News Release
Ms. Andrea Rascati of Gold Canyon reports
GOLD SUMMIT AND CANADA LITHIUM START DRILLING FOR LITHIUM BRINE IN NEVADA
Gold Summit Corp., operator on behalf of joint venture partner Canada Lithium Corp., started drilling at the Paymaster property on Wednesday, Sept. 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.
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