Vancouver, B.C. March 7, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to announce that it has expanded its land position by staking 12 mineral claims totalling 9,086 hectares contiguous to its Buck Project. The new claims comprise two separate blocks along the western and southern borders of the Buck Project, increasing the total claim area to 42,781 hectares (Figure 1).
Highlights:
- Acquired mineral claims in a highly prospective area: The claims are located in an area with highly prospective mineral potential, and are underlain by the Kasalka Group volcanics, host to the Buck Main mineralized system.
- Represents a significant increase in land position: The Buck Project area now covers a contiguous area of 37 mineral claims totalling 42,781 hectares (427.8 square kilometres), which represents an increase of 27%.
- New claims are under 100% control by Sun Summit: The new claims will be included in the existing Buck Project option agreement, which gives Sun Summit the exclusive right to acquire a 100% interest in the Buck Project1.
- Field exploration to commence this summer: Prospecting, geological mapping, stream sediment and rock geochemical sampling will occur this summer across these new claims as well as at additional under-explored targets across the project area (see March 1, 2023, news release) focusing on evaluating the potential for similar lithologies, alteration and mineralization styles with Buck Main and other known mineral occurrences.
Sharyn Alexander, Sun Summit’s President noted: “We are pleased to have successfully acquired new mineral claims adjacent to the western and southern boundary of the Buck Project land position. With the results of our recent property-wide field exploration, we see the potential of this area to host a variety of mineralization styles and feel that the addition of this strategic ground complements our land package. We are now one of the largest land holders in the emerging central British Columbia porphyry-epithermal belt which covers the Buck Project towards Surge Copper’s Ootsa project to the southwest. This expanded exploration footprint provides an exciting opportunity to expand on the regional exploration program initiated in 2022 on a larger land position and will allow us to evaluate its potential to increase our chances for further discovery. We are very eager to get boots on the ground across these new claims and start exploring.”
Figure 1. Map showing the newly acquired claims
Regional Geology
The new claim areas are underlain by the southern extension of the same geological rock units that underlie the Buck Project. The middle sequence of rocks is dominated by Cretaceous Kasalka Group volcanic and volcaniclastic rocks and cross-cutting Cretaceous and Eocene intrusions. These prospective rocks host significant epithermal-related mineralization at Buck Main and also epithermal-related mineralization at the Blackwater and Capoose gold-silver development projects (Artemis Gold Inc.), and high-grade silver-base metal veins at Silver Queen (Equity Metals Corp.).
Exploration across the new claims will commence this summer in conjunction with focused programs at IRK, Eagle Eye, Silverthorne and Morice Mountain, and will include prospecting, geological mapping, stream sediment and rock geochemical sampling. The focus will be on evaluating out-cropping zones of Kasalka Group volcaniclastic rocks and comparing observed lithologies, alteration and mineralization styles with Buck Main and other known mineral occurrences. Details and timing of the summer exploration program will be announced in the coming months.
Close to the boundary of the newly acquired claims are several documented poly-metallic mineral occurrences, which demonstrate the high-prospectivity of the southern boundary area of the Buck Project. The entire land package is located in the emerging central British Columbia porphyry-epithermal belt of the Western Skeena Arch, a highly prospective region for metallic mineral deposits, including a diverse suite of deposit types including porphyry, epithermal, volcanogenic massive sulphide (VMS), and a variety of polymetallic Cu-(Ag-Au-Pb-Zn) veins. Most of the mineralization in the Skeena Arch is interpreted to be genetically related to Late Cretaceous and Eocene magmatism. Significant exploration efforts in the Western Skeena Arch have focused primarily on porphyry-copper systems that are associated with these two magmatic episodes. More recent regional exploration efforts have focused on high-grade vein-type occurrences which may indicate proximity to larger zones of porphyry and epithermal mineralization2.
National Instrument 43-101 Disclosure
This news release has been 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 also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.
Community Engagement
Sun Summit is engaging with First Nations on whose territory the Buck Project is 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 as the project continues.
About the Buck Project
The Buck Project is situated in a historic mining district near Houston, B.C., with excellent nearby infrastructure that allows for year-round, road-accessible exploration.
The project is host to the Buck Main intermediate-sulfidation epithermal-related gold-silver-zinc system. Most of the mineralization drilled to date at Buck Main consists of long, continuous zones of disseminated and breccia-hosted, bulk tonnage-style gold-silver-zinc. Vein-hosted, high-grade mineralization has also been intersected near the center of Buck Main.
Exploration at the Buck Project is focused on investigating the lateral and vertical extent of gold-silver-zinc mineralization at the Buck Main system, and to define additional drill targets across the entire land package through systematic exploration programs.
About Sun Summit
Sun Summit Minerals (TSX-V: SMN; OTCQB: SMREF) is a mineral exploration company focused on expanding its gold, silver, and zinc discovery at its flagship Buck Project located in north-central British Columbia.
Sun Summit is committed to environmental and social responsibility, with a focus on accountable development and building respectful and beneficial relationships with Indigenous and local communities.
Further details are available at www.sunsummitminerals.com.
Link to Figure
For further information, contact:
Sharyn Alexander
President
info@sunsummitminerals.com
Roger Blair
Acuity Advisory Corp., Corporate Communications
rblair@acuityadvisorycorp.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; variations in anticipated metal recoveries; 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 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.
1 Subject to a 2.5% net smelter returns royalty in favour of the optionors (which can be reduced to 1.5% of net smelter returns by a $2,500,000 payment prior to the first anniversary of the commencement of commercial production).
2 Comparison is conceptual in nature and does not indicate the presence of similar mineralization within the newly acquired claims.
