Vancouver, B.C. July 6, 2021: Sun Summit Minerals Inc. (TSX-V: SMN; OTC: SMREF) (“Sun Summit” or the “Company”) is pleased to report the final assay results from the first phase of its 2021 exploration program on its Buck Property, central British Columbia.

Highlights

Long intervals of continuous gold mineralization cut in BK21-033 (Horseshoe zone):

  • 87 metres of 1.13 grams per tonne (g/t) gold equivalent (AuEQ) within 265 metres of 0.66 g/t AuEQ and 409 metres of 0.52 g/t AuEQ.
  • 409 metre interval starts at six metres down hole and represents the longest zone of continuous gold mineralization intersected on the property.
  • BK21-033 together with previously reported BK21-017 (241 metres of 0.77 g/t AuEQ, including 109 metres of 1.15 g/t AuEQ; May 11th, 2021 News Release) and BK21-032 (187 metres of 0.73 g/t AuEQ including 54.0 metres of 1.19 g/t AuEQ and a lower interval of 59.1 metres of 0.95 g/t AuEQ; June 10th, 2021 News Release) demonstrate significant bulk-tonnage gold potential of the northern-extent of the Horseshoe zone.
  • Based on 2020 and 2021 drilling, the mineralized system at Buck is at least 950 metres east-west by 900 metres north-south, with limits not yet defined.

Note: Intervals are downhole core lengths. True widths are unknown. AuEQ based on a 65:1 silver to gold ratio.

Bob Willis, Sun Summit’s CEO, commented:

“The 2021 drill program is a clear success. All holes cut multiple intervals of strong gold mineralization associated with significant hydrothermal alteration. In addition, large step-out holes from previously drilled areas, have yet to constrain the limits of the epithermal-related mineralized system.

“In this final batch of assays, BK21-033 yielded 211 gram*metres (409 metres x 0.52 g/t AuEQ), the highest gram*metre intersection to date on the property. This drill hole, along with holes BK21-017 and BK21-032, demonstrates the potential of the northern extent of the Horseshoe zone. This will be a priority area to further drill test once we ramp up our drill program.

“We aggressively stepped-out 400 metres to the east and drilled through post-mineralization volcanic rocks and hit Horseshoe zone-style breccia mineralization right below the basalts. This exploration success significantly opens the eastern side of the property for gold zone expansion.

“All Trench zone holes in 2021 were designed based on results from one hole – discovery hole BK20-012 (17.0 metres of 5.89 g/t AuEQ including 3.0 metres of 23.10 g/t AuEQ). With no assays to guide hole placement while drilling was ongoing, we sited holes to maximize coverage within the known Trench-Horseshoe area, rather than trying to target specific high grade intercepts. Even so, drilling succeeded in delivering numerous additional drill intercepts of similar grade from this area. Our team is now working on a modified and still evolving geological model that we will use in generating our plan for the next phase of drilling. We plan to aggressively explore Buck with an expanded drill program as soon as this geological modelling is complete. The Buck gold mineralized hydrothermal system has been intercepted over an area of approximately 950 metres by 900 metres, based on drilling to date. Its limits and full extent are still unknown.

“We also look forward to reporting the results of our ongoing property-wide exploration program as they become available. Early indications from this work are encouraging and may add targets for drill testing sooner rather than later.”

Sun Summit has drilled 18 holes so far in 2021. Results from the first five holes were announced on May 11th, 2021 and results from six additional holes were announced on June 10th, 2021. Results from the final seven holes are reported in this news release (Tables 1, 2 and 3).

Horseshoe Zone:

Drill hole BK21-033 was designed to test the lateral and depth extent of significant mineralization intersected in holes BK21-017 and BK21-018 (see SMN news release dated May 11th, 2021). Based on modelling of results from BK21-017 and BK21-018, BK21-033 was collared on the same pad as BK21-017 but drilled at a shallower dip and to the east. The hole cut long intervals of breccia-hosted, sphalerite-associated, bulk tonnage-style gold mineralization highlighted by 409 metres of 0.52 g/t AuEQ (211 AuEQ gram*metres) including 265 metres of 0.66 g/t AuEQ and 87 metres of 1.13 g/t AuEQ. The nature of gold-associated with zinc mineralization is similar to BK21-017 and BK21-032 – the 409 metre interval also returned 0.57% zinc.

Using the same interval calculation parameters as BK21-033 (i.e., 0.10 g/t AuEQ cut-off), BK21-017, when recalculated, intersected 241 metres of 0.77 g/t AuEQ (186 AuEQ gram*metres) including 109 metres of 1.15 g/t AuEQ (see SMN news release dated May 11th, 2021) and BK21-032, when recalculated, intersected 187 metres of 0.73 g/t AuEQ (137 AuEQ gram*metres) with 54.0 metres of 1.19 g/t AuEQ and a lower interval of 59.1 metres of 0.95 g/t AuEQ (see SMN news release dated June 10th, 2021). These long intervals of high gram*metres demonstrate the significant near surface, bulk-tonnage potential of the Horseshoe zone. These new data integrated with the Company’s exploration model, suggests that significant additional drilling is warranted to define the extent and trend of the broad mineralized zones.

Table 1. Assay results – Horseshoe Zone

From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
AuEQ
(g/t)
BK21-017 11.0 252.0 241.0 0.69 5.14 0.77
inc 66.0 252.0 186.0 0.78 4.91 0.85 1
inc 129.0 238.0 109.0 1.07 5.48 1.15 1
inc 129.0 174.0 45.0 1.64 7.69 1.76 1
inc 134.0 139.2 5.2 7.17 18.23 7.45 1
Inc 137.5 138.1 0.6 17.25 27.50 17.7 1
and 275.0 293.0 18.0 0.20 1.52 0.22 1
and 361.0 369.0 8.0 0.20 3.62 0.25 1
BK21-032 56.0 60.5 4.5 0.48 9.53 0.62 1
and 89.0 276.0 187.0 0.67 4.40 0.73  
inc 89.0 143.0 54.0 1.02 10.80 1.19 1
inc 94.7 107.0 12.3 2.53 29.38 2.99 1
inc 100.0 103.0 3.0 6.85 81.95 8.11 1
inc 192.0 251.1 59.1 0.93 1.85 0.95 1
inc 192.0 223.0 31.0 1.43 2.58 1.46 1
inc 199.0 200.0 1.0 9.57 4.20 9.63 1
and 346.0 348.0 2.0 0.31 2.78 0.35 1
BK21-033 6.0 415.0 409.0 0.45 3.97 0.52
inc 6.0 271.0 265.0 0.58 5.12 0.66
inc 84.0 271.0 187.0 0.71 5.57 0.80
inc 90.9 92.0 1.2 6.95 13.40 7.16
inc 143.0 230.1 87.1 1.02 6.79 1.13
inc 250.0 253.0 3.0 2.46 19.00 2.75
  1. Previously reported intercept (May 11th and June 10th, 2021)
  2. AuEQ (gold equivalent) based on a 65:1 silver to gold (Ag:Au) ratio.
  3. Calculations are uncut and length-weighted using a 0.10 g/t gold equivalent cutoff.
  4. Intervals are downhole core lengths. True widths are unknown.

Step-out holes:

Sun Summit drilled three widely-spaced step-out holes (BK21-030, 031 and 034):

  • BK21-031 collared through over 160 metres of post-mineralization, Eocene aged basalts and bottomed in the same package of dacitic volcanic rocks, breccias, and quartz-feldspar porphyries as the core of the Horseshoe zone, centered 400 metres to the northwest. BK21-031 intersected pervasive hydrothermal-related alteration (quartz + sericite + pyrite) and yielded multiple long intervals of gold mineralization over the 167 metres of drilled Horseshoe-affinity volcanic rocks and intrusive dykes (Table 2). Additional drilling in this new area (Buck SE), is clearly warranted to further test the extent of epithermal-related mineralization and to target higher-grade zones, known to lie peripheral to the styles of alteration and mineralization observed in BK21-031 (e.g., BK21-033).
  • BK21-034 collared over 700 metres northwest of BK21-033 (BK20-012, BK21-017) and targeted a northwest trending magnetic-low geophysical anomaly. The hole intersected a thick sequence of variably altered, andesitic volcanic and volcaniclastic rocks cut by local quartz-feldspar porphyritic dykes and a high-grade, base metal-rich, silver-bearing banded quartz vein. The vein returned an intercept of 1.3 metres of 329 g/t silver with 0.50 g/t gold, 1.40% zinc and 2.96% lead (Table 2).
  • BK21-030, collared 200 metres southwest of BK21-033 (Figure 1), was drilled to the southwest to test a new area at depth previously undrilled. The hole cut numerous intervals of bulk tonnage-style gold mineralization (Table 2) and demonstrates a southern continuation of prospective Horseshoe-style breccias.

Table 2. Assay Results – Step-outs

From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
AuEQ
(g/t)
BK21-030 14.5 19.0 4.5 0.21 2.76 0.26
and 50.0 59.5 9.5 0.35 2.92 0.40
and 66.6 70.0 3.5 0.26 1.70 0.28
and 79.7 84.0 4.3 0.19 0.84 0.21
and 92.0 105.0 13.0 0.51 0.86 0.52
inc 98.0 101.0 3.0 1.53 1.14 1.55
and 185.5 191.6 6.1 0.18 4.24 0.24
and 202.2 210.0 7.8 0.43 1.60 0.45
and 298.2 301.5 3.3 0.20 0.29 0.20
and 312.6 329.4 16.8 0.26 0.75 0.28
BK21-031 186.0 191.2 5.2 0.53 7.01 0.64
and 204.0 208.0 4.0 0.36 13.77 0.57
and 256.0 259.0 3.0 0.16 6.81 0.26
and 269.0 283.0 14.0 0.14 2.66 0.18
and 289.0 298.0 9.0 0.15 3.88 0.21
and 303.0 315.5 12.5 0.13 2.92 0.18
inc 311.0 313.0 2.0 0.19 3.09 0.23
and 318.0 320.0 2.0 0.36 15.25 0.59
BK21-034 277.0 278.3 1.3 0.50 329.00 5.56
  1. AuEQ (gold equivalent) based on a 65:1 silver to gold (Ag:Au) ratio.
  2. Calculations are uncut and length-weighted using a 0.10 g/t gold equivalent cutoff.
  3. Intervals are downhole core lengths. True widths are unknown.

Trench Zone:

Drill holes BK21-027, 028 and 029 were collared in the Trench zone and were designed to test the extent of gold mineralization previously discovered in BK20-012 (17.0 metres of 5.89 g/t AuEQ including 3.0 metres of 23.10 g/t AuEQ; see SMN news release dated January 5th, 2021). Hole BK21-027 was collared on the same pad as BK21-025 (62 metres of 0.85 g/t AuEQ including 19.2 metres of 1.31 g/t AuEQ; see SMN news release dated June 10th, 2021) but drilled at a shallower angle to the west. Hole BK21-028 was collared 25 metres west of BK21-024 (17.0 metres of 2.97 g/t AuEQ including 1.4 metres of 19.71 g/t AuEQ and 1.4 metres of 14.01 g/t AuEQ; see SMN news release dated June 10th, 2021) and drilled to the southwest. BK21-029 was collared 180 metres south of BK21-028 and drilled to the northeast.

All three holes cut multiple intervals of broad zones of bulk tonnage-style gold mineralization hosted in pervasively sericite + quartz altered lapilli tuffs, andesites and quartz-feldspar porphyry dykes. Mineralization is predominantly disseminated and veinlet-hosted comprised of pyrite and sphalerite. Assay results from this zone are reported in Table 3.

Table 3. Assay results – Trench zone

From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
AuEQ
(g/t)
BK21-027 11.0 17.0 6.0 0.68 2.19 0.72
and 60.0 159.0 99.0 0.21 2.83 0.25
inc 60.0 82.0 22.0 0.28 5.42 0.36
inc 92.0 120.0 28.0 0.32 2.37 0.36
inc 126.0 128.0 2.0 0.36 1.37 0.39
inc 135.0 139.0 4.0 0.17 0.96 0.19
and 218.0 221.0 3.0 0.37 1.46 0.40
and 231.0 249.4 18.4 0.16 2.01 0.19
and 280.0 285.8 5.8 0.22 5.27 0.30
and 301.3 302.0 0.7 2.24 20.40 2.55
and 334.0 336.0 2.0 0.24 4.96 0.32
and 371.1 382.0 10.9 0.39 5.77 0.48
and 461.1 462.1 1.0 0.99 22.50 1.33
BK21-028 6.4 14.3 7.9 0.20 1.85 0.23
and 38.6 55.0 16.4 0.12 2.40 0.15
and 91.7 93.6 1.9 0.40 8.28 0.53
and 99.3 163.0 63.7 0.22 1.73 0.25
inc 108.5 110.3 1.8 0.22 2.62 0.26
inc 114.0 142.1 28.1 0.32 2.20 0.36
and 167.8 170.6 2.8 0.14 0.79 0.16
and 190.0 194.0 4.0 1.44 1.41 1.46
and 229.0 229.8 0.8 1.16 9.46 1.30
and 235.6 240.0 4.4 0.31 7.06 0.42
and 252.8 255.0 2.2 0.77 0.95 0.79
and 260.0 262.0 2.0 0.77 10.19 0.92
and 268.4 290.0 21.6 0.33 5.05 0.41
and 297.0 302.0 5.0 0.39 1.26 0.41
and 329.0 352.0 23.0 0.36 3.31 0.41
and 362.1 375.0 13.0 0.21 2.65 0.25
BK21-029 32.2 36.0 3.8 0.21 1.39 0.23
and 43.5 46.8 3.3 0.22 0.89 0.23
and 90.5 94.5 4.0 0.24 2.54 0.28
and 203.7 263.0 59.4 0.31 0.96 0.33
and 233.5 246.0 12.5 0.78 0.97 0.80
and 244.0 245.0 1.0 7.80 5.05 7.88
and 340.5 350.6 10.1 0.13 2.68 0.17
and 440.5 449.0 8.5 0.21 1.97 0.24
  1. AuEQ (gold equivalent) based on a 65:1 silver to gold (Ag:Au) ratio.
  2. Calculations are uncut and length-weighted using a 0.10 g/t gold equivalent cutoff.
  3. Intervals are downhole core lengths. True widths are unknown.

Figure 1. Map showing drill hole locations.

Figure 2. A-A’ Cross section from the Trench to Horseshoe zones showing selected highlights.

Table 4. Drill collar locations

Hole ID UTM
E*
UTM
N*
Elevation
(m)
EOH
(m)
Azimuth Dip
BK21-027 654251.6 6019726 888.16 474 270 -50
BK21-028 654326 6019800 883.71 384 210 -50
BK21-029 654322 6019627 931.56 459 45 -70
BK21-030 654434 6019592 939.89 369 210 -45
BK21-031 655000.3 6019578 927.27 327 210 -50
BK21-033 654564 6019732 909.35 540 90 -50
BK21-034 653920 6020060 812.29 300 200 -50

Notes: * NAD 83 Zone 9N

Quality Assurance and Quality Control

All sample assay results have been monitored through the Company’s quality assurance and quality control (QA/QC) program. Drill core was sawn in half at Sun Summit’s core logging and processing facility in Houston, B.C. Half the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Yellowknife, N.T. Samples were prepared using standard preparation procedures. Following sample preparation, the pulps were sent to the ALS Global analytical laboratory in North Vancouver, B.C., for analysis.

Core samples were analyzed for 48 elements by ICP-MS on a 0.25 gram sample using a four acid digestion (method ME-MS61L or ME-MS61). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Over limit gold (>10 ppm) was re-analyzed by fire assay using a gravimetric finish on a 30 gram sample. Over limit silver (>100 ppm) was re-analyzed using a four acid digestion and ICP-AES finish. Over limit zinc (>10,000 ppm) and lead (>10,000 ppm) was re-analysed using a four acid digestion and ICP-AES finish. ALS Global is registered to ISO / IEC 17025:2017 accreditations for laboratory procedures.

In addition to ALS Global laboratory QA/QC protocols, Sun Summit implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the sample stream.

National Instrument 43-101 Disclosure

This news release has been approved by Sun Summit’s CEO, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.

Community Engagement

Sun Summit is working to engage with First Nations on whose territory the Buck Property is located, to discuss their interests and identify 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 as the project continues.

Health and Safety

The Company’s exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.

Buck Property

The recently expanded 33,000-hectare property, approximately 12 kilometres south of Houston, British Columbia, has excellent nearby infrastructure and allows for year-round road-accessible exploration.

About Sun Summit

Sun Summit Minerals is an exploration company focused on expanding its epithermal gold discovery at its flagship Buck Project located in north-central British Columbia.

The Company is exploring multiple high priority gold and silver targets through methodical, well-funded exploration campaigns with year round drilling access. The Project has high-grade and bulk-tonnage gold and silver potential and is located in a mining-established region that includes many former operating mines and current exploration projects.

Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.

Further details are available at www.sunsummitminerals.com

Figures

Figure 1

https://sunsummitminerals.com/wp-content/uploads/2021/07/Buck_Fig1_Drilling_July6_NR-v2.jpg

Figure 2

https://sunsummitminerals.com/wp-content/uploads/2021/07/Buck_Fig2_EW_Section_July6_NR-scaled.jpg

For further information, contact:

Sharyn Alexander, M.Sc.
VP Technical Services

Nancy Curry
Corporate Communications

info@sunsummitminerals.com
Tel. 778-588-9606

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. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. Except as required by applicable securities laws and regulation, Sun Summit Minerals Corp. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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