Category

2021

Sun Summit Provides Exploration Update; Visible Gold Identified in Numerous Drill Holes

By | 2021

Vancouver, B.C. March 23rd, 2021: Sun Summit Minerals Inc. (TSX-V: SMN; OTC: SMREF) (“Sun Summit” or the “Company”) provides an update on the Company’s current exploration drill program at its 100% controlled Buck Property, north-central British Columbia. Since mobilization of crews, Sun Summit has completed 10 drill holes for over 4,000 metres focused on investigating zones of high-grade and bulk-tonnage style gold mineralization. Drilling will continue to test these targets as well as other targets going forward.

Highlights

  • Five out of 10 drill holes intersected zones of visible gold mineralization in a new and highly-prospective area between the Horseshoe and Trench zones.
  • Metallic screen fire assay analyses of visible gold-bearing samples from discovery hole BK20-012 demonstrates a local increase in gold grade compared to traditional fire assay methods.
  • Regional exploration targets within the 33,000-hectare land package are being refined and prioritised.

Bob Willis, Sun Summit’s CEO, stated, “Our current drill program at Buck is on track to achieve all three goals we initially set for the team. These goals are targeting high-grade gold mineralization peripheral to our discovery hole, testing newly identified chargeability anomalies, and investigating the strike extent of near-surface breccia-hosted mineralization.

“The fact that 50% of our drill holes so far have cut zones of visible gold mineralization attests to the significance of our discovery and the high-grade potential of the area between the Horseshoe and Trench zones. All holes have intersected mineralized zones similar to those that reported gold in earlier campaigns.

“Buck contains a large-scale system created by multiple mineralizing events that have deposited gold in several environments. It will take more drilling to fully explore Buck’s multiple gold zones, but we are very pleased with what we are seeing as work progresses. Furthermore, based on results from our metallic screen study, we are now systematically and selectively using the metallic screen method to fully evaluate the gold grade of these significant zones. We look forward to presenting assays from this drill phase.”

Drill Program

Sun Summit has now completed 10 diamond drill holes in the Company’s fully-funded 2021 program, previously announced on February 9th, 2021. Drill holes to date have tested areas peripheral to the high-grade intersections of the discovery hole BK20-012 (e.g., 17 metres of 5.86 grams per tonne (g/t) gold including 3 metres of 23.05 g/t gold, and 7.5 metres of 10.19 g/t gold; see the Company’s news release dated January 5th, 2021), as well as areas along strike and down-dip from the near-surface breccia hosted mineralization intersected in numerous holes in 2020 (e.g., BK20-006; 46 meters of 1.12 g/t gold equivalent (AuEQ); see the Company’s news release dated January 5th, 2021). Samples from the first four holes are in the analytical lab and results will be released once they are received, modelled, and interpreted.

Visible gold has been identified in five of the 10 holes drilled to date. Gold is associated with discrete sphalerite + pyrite + quartz + carbonate veins and also in sulfide cemented breccias (Figure 1). Vein- and breccia-controlled mineralization is hosted in pervasively silica and sericite altered volcaniclastic rocks and locally porphyritic dacitic intrusions. The presence of sub-millimetre to millimetre-scale visible gold in numerous drill holes covering a distance of at least 300 metres east-west, demonstrates the high-grade gold potential of the structurally complex hydrothermal system at Buck. Additional drilling is focusing on investigating the true orientation and thickness of this newly interpreted high-grade gold mineralized corridor.

Figure 1. Photos of key mineralization textures and sulfide assemblages. A. quartz + pyrite + gold vein cutting altered volcanics (BK-21-021 at 326m), B. sphalerite + carbonate + gold vein cutting altered dacitic intrusion (BK21-023 at 132.5m), C. sphalerite + pyrite + gold bearing breccia cement (BK21-017 @ 137.5m), and D. parallel sphalerite bearing veins cutting pervasively altered volcanics (BK21-021 at 147.5m). Abbreviations, py = pyrite, sph = sphalerite, cpy = chalcopyrite and carb = carbonate.

Metallic Screen Fire Assay

Results from the selective metallic screen study have been received. Sample C355022 reported an increase in grade from 49.6 g/t gold (Au) by traditional 30 gram fire assay (ALS Au-AA23 method) to 141 g/t Au by the metallic screen method (ALS Au-SCR21). The results suggest that metallic screen methods should be performed on drill core samples containing visible gold. These methods utilize a larger sample and a tailored preparation procedure to systematically capture native gold, thus providing a more robust estimate of gold grade. A summary of metallic screen results from all samples with logged visible gold is shown in Table 1. Sun Summit is using these data to modify its analytical workflow for all samples with logged visible gold or samples that return >5 g/t Au by traditional fire assay.

Table 1. Metallic screen fire assay data from BK20-012 intervals with visible gold

Quality Assurance and Quality Control

Coarse reject material from drill hole BK20-012 was dispatched from the Yellowknife, NT-based ALS Global preparation facility to the ALS Global analytical laboratories in North Vancouver, BC, for metallic screen fire assay. There, a one kilogram sample was passed through a 100 micron screen (Tyler 150 mesh). Any +100 micron material was retained and analysed completely by fire assay with a gravimetric finish (+ fraction result in Table 1). The -100 micron fraction was homogenized, and two sub-samples are analyzed by fire assay with AAS (atomic absorption spectroscopy) finish (Au-AA25 and Au-AA25D). The average of the two AAS results is reported as the Au (-) fraction in Table 1. All three values are then used to calculate the combined gold content of the (+) and  (-) fractions (Au total in Table 1).

Property-scale Exploration

Sun Summit is planning a significant regional exploration program to rigorously investigate existing gold-silver targets and to define new targets across the 33,000-hectare land position. Central to this land package is an approximately 24 kilometre long, northwest-trending, fault-bound belt of Late Cretaceous Kasalka Group volcanic and volcaniclastic rocks, host to epithermal-related mineralization at Buck. Kasalka Group volcanic rocks also host bulk-tonnage epithermal-related mineralization at the Blackwater and Capoose Au-Ag development projects of Artemis Gold Inc. (Angen et al., 2018).

The Company is currently compiling all regional (e.g., geology, stream sediment and till geochemistry) and project-scale historic data (e.g., ground, and airborne geophysics, soil and rock geochemistry) to better define areas of interest in these prospective, yet under-explored rocks. Exploration plans for this summer will be released once budgets are set and targets are ranked and prioritized.

Community Engagement

Sun Summit is working to engage with First Nations whose territory includes the Buck Property, to discuss their interests and identify contract and work opportunities, as well as opportunities to support community initiatives.  We look forward to continuing to work with local and regional First Nations as the project continues.

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.

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.

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.

About Sun Summit

Sun Summit Minerals Corp. (formerly San Marco Resources Inc.) is a Canadian mineral exploration company actively pursuing world class gold and silver projects with a focus in mining friendly jurisdictions.

The Company’s principal focus is the Buck Property in north-central British Columbia that has bulk-tonnage gold and silver potential. The property is located in a mining-friendly region that includes many formerly 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

References

Angen, J.J., Hart, C.J.R., Kim, R.S., and Rahimi, M. (2018): Geology and Mineral Potential of the TREK Area, Northern Interior Plateau, Central British Columbia, Parts of 1:250,000 NTS Sheets 093B, C, F and G; Geoscience BC Report 2018-12, MDRU Publication 411.175 p.

Additional Figure


Buck Drill Hole Locations

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. (SMN) 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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Sun Summit Commences Drill Program at Buck; Identifies Visible Gold in Discovery Hole BK20-012

By | 2021

Vancouver, B.C. February 9th, 2021: Sun Summit Minerals Inc. (TSX-V: SMN; OTC: SMREF) (“Sun Summit” or the “Company”) is pleased to announce that it has commenced a significant drill program at the Buck Property, central British Columbia. Sun Summit will complete over 5,000 metres of drilling focused on expanding zones of high-grade gold mineralization.

Highlights

  • Sun Summit commences an aggressive follow-up drill program to target high-grade gold mineralization.
  • Re-logging of the high-grade gold intercepts from discovery hole BK20-012 (17 metres of 5.86 grams per tonne (g/t) gold including 3 metres of 23.05 g/t gold, and 7.5 metres of 10.19 g/t gold; SMN news release dated January 5th, 2021) identified zones of fine visible gold associated with discrete epithermal-related quartz + sulfide veins.
  • Select samples from hole BK20-012 are being analysed for metallic screen fire assay to better characterise the grade of the visible gold-bearing zones.

Figure 1. Photo of fine grained visible gold mineralization (BK20-012 @ 337.5 m; 1.5 metres of 49.60 g/t Au (see SMN news release dated January 5th, 2021).

Bob Willis, Sun Summit’s CEO, states, “We are excited to commence this round of drilling at our Buck property. The identification of visible gold throughout our discovery hole is significant and confirms our assay data. Running these select samples, as well as samples from other mineralized zones, for metallic screen fire assay will further investigate the grade of these intercepts. This data will be compared to our fire assay data to better inform our sampling and analytical protocols going forward if visible gold is identified again.”

Drill Program

The current drill program (see SMN news released dated January 19th, 2021) has three primary objectives;

  1. target high-grade gold mineralization peripheral to discovery hole BK20-012,
  2. test chargeability anomalies interpreted to be associated with sulfide and potential gold mineralization, and
  3. investigate the strike-extent of sulfide-cemented, breccia-hosted, near or at surface, bulk-tonnage gold mineralization.

Drill crews are now onsite, and the drill is currently investigating the extent of high-grade gold mineralization identified in drill hole BK20-012.

Visible Gold

A detailed re-evaluation of key intercepts from BK20-012 revealed the presence of visible gold associated with quartz + pyrite + sphalerite veinlets (Figure 1). Select samples from the hole are being run at the ALS Global analytical facility in North Vancouver for metallic screen fire assay to better define the nature and grade of gold mineralization. The metallic screen method utilises a larger sample and a tailored preparation procedure to systematically capture native gold, if present. These methods yield a more robust analytical and statistical estimate of gold grade. Results from this metallic screen study will be compared to the traditional fire assay data to define a statistical based workflow for sampling and analyzing intervals with high-grade gold mineralization.

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.

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.

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.

About Sun Summit

Sun Summit Minerals Corp. (formerly San Marco Resources Inc.) is a Canadian mineral exploration company actively pursuing world class gold and silver projects with a focus in mining friendly jurisdictions.

The Company’s principal focus is the Buck Property in north-central British Columbia that has bulk-tonnage gold and silver potential. The property is located in a mining-friendly region that includes many former and current operating mines.

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

Link to Photo
http://sunsummitminerals.com/wp-content/uploads/2021/02/Figure1_FineGrainedVisibleGold_NR_Feb9.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. (SMN) 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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Sun Summit Outlines Plans for Upcoming Drill Program at Buck: Identifies New Drill Targets

By | 2021

Vancouver, B.C. January 19th, 2021: Sun Summit Minerals Inc. (TSX-V: SMN; OTC: SMREF) (“Sun Summit” or the “Company”) is pleased to announce the start of a significant drill program at the Buck Property, central British Columbia, in late January. Sun Summit plans to complete over 5,000 metres of drilling targeting high-grade gold mineralization.

Highlights

  • Sun Summit will mobilize crews to commence an aggressive follow-up drill program to target high-grade gold mineralization near discovery hole BK20-012 (17 metres of 5.86 grams per tonne (g/t) gold including 3 metres of 23.05 g/t gold, and 7.5 metres of 10.19 g/t gold; SMN news release dated January 5th, 2021).
  • Over 5,000 metres is planned for the first set of drill holes.
  • A new property-scale exploration model defined by high-chargeability anomalies in relation to mineralized zones was used to identify numerous additional drill targets.
  • Several holes are designed to test the gold mineralization potential of four newly identified chargeability anomalies.

Bob Willis, Sun Summit’s CEO, stated, “We are excited to commence another significant round of drilling at our Buck property. The primary objective for this drill program is to expand on high-grade gold zones discovered in our last phase of drilling. Our new 3D modelling of mineralized areas on the Buck property in relation to our 3D geophysical chargeability model is being used to spot new drill holes in areas we consider significant. Two untested chargeability anomalies are priority targets and will be a considerable focus. Over 5,000 metres of diamond drilling will be completed for initial planned holes, with additional drilling expected after initial drill hole assay results are received.”

Exploration Model

Based on new geological and structural mapping together with induced polarization (IP) geophysical data and downhole geochemical and lithological data, an updated and comprehensive exploration model for the property has been developed. Key to this model are data from the recently completed 3D IP survey (see SMN news release dated November 5th, 2020) and the location of chargeability anomalies in spatial relation to gold-bearing mineralized zones intersected in recent drilling (see SMN news release dated January 5th, 2021). High-chargeability anomalies are interpreted to represent zones of high-sulfide content, likely disseminated, as these minerals and textures may generate a strong IP-effect.

The 3D chargeability model is centered on a large >30 millisecond anomaly interpreted to have been faulted and offset by a series of north-south trending normal faults (Figure 1). From east to west the faults are known as Silica, Central and West faults. Due to widespread overburden on the western side of the property, the locations of these post-mineralization faults are also largely based on interpreted offsets of mineralised quartz-feldspar porphyritic dykes intersected in previous drill holes and on the spatial extent of multi-element soil geochemical anomalies (Figure 1).

Figure 1. Maps showing different depth plans (150 and 350 metre) of the inverted chargeability model and the surface traces key structures.

The easternmost, near-surface, chargeability anomaly spatially correlates with gold-bearing sulfide-cemented breccias intersected in the top of numerous drill holes (e.g., BK20-06, 46 metres of 1.12 g/t gold equivalent (AuEQ) including 24.7 metres of 1.69 g/t AuEQ). This anomaly is offset on its western margin and down-dropped 100 metres by the Central fault where it measures approximately 400 by 230 by 180 metres. The high-grade intervals in discovery hole BK20-012 spatially correlate with the bottom of the untested C1 anomaly (Figure 2). The western extent of the C1 anomaly is interpreted to have been offset and down-dropped by the Western fault where an elongate 650 by 350 by 300 metre chargeability anomaly (C2) is observed with its top approximately 200 metres below surface. This significant >30 millisecond chargeability anomaly is untested and represents a priority target.

Figure 2. East – west cross section from the Horseshoe zone to the C2 anomaly showing selected drill traces of Phase 3 drill holes and chargeability anomalies.

Figure 2 shows an east-west cross section from the eastern Horseshoe zone to the western C2 anomaly, a distance of approximately 750 metres. Selected planned drill holes are plotted on the cross section as well as pierce-points of planned drill holes projecting into the cross section to highlight the focus of the upcoming drill program. These drill holes are designed to test the gold mineralization potential of the C1 and C2 anomalies. Numerous additional holes are planned to test the areas between the anomalies as well as the mineralization potential below the anomalies. Many holes bottomed in pervasively altered and locally mineralized volcanic rocks (e.g., BK20-012) suggesting the epithermal-related system is open at depth.

Additional untested chargeability anomalies are observed. Anomaly C3 is approximately 400 metres southwest of the Horseshoe Zone and anomaly C4 is approximately 900 metres northwest of the Horseshoe zone (Figure 1). Multiple drill holes are also planned to test these anomalies.

Drill Program

The upcoming drill program is designed with three primary objectives:

1) Target high-grade gold mineralization peripheral to discovery hole BK20-012 (e.g., BK20-012, 17 metres of 5.86 g/t gold including 3 metres of 23.05 g/t gold, and 7.5 metres of 10.19 g/t gold (see SMN news release dated January 5th, 2021). Multiple drill holes are planned to investigate the extent of high-grade gold mineralization between the Trench and Horseshoe zones.

2) Test chargeability anomalies interpreted to be associated with sulfide and potential gold mineralization. Multiple drill holes are designed to test the centres and margins of three significant chargeability anomalies (C1, C2, and C3) identified in a recent 3D IP survey.

3) Investigate the strike extent of sulfide-cemented breccia-hosted mineralization (e.g., BK20- 006, 46 metres of 1.12 g/t AuEQ including 24.7 metres of 1.69 g/t AuEQ (see SMN news release dated January 5th, 2021). Multiple drill holes are planned to further test the near-surface, bulk-tonnage gold potential of the Horseshoe Zone.

Geological crews have been mobilised to the property to re-log key drill holes from Phase 2 drilling and to survey new drill pads in preparation for the arrival of drill crews later this month.

Induced Polarization Survey

The 2 by 2.5 kilometre IP survey was conducted by SJ Geophysics Ltd. in September and October 2020 using the Volterra-3D IP 5 line Acquisition System. The 20 line kilometre survey was conducted on 200 metre spaced north-south lines. Further technical details on the instrumentation and acquisition settings employed at Buck can be found at www.sjgeophysics.com.

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.

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.

Some data disclosed in this news release (e.g., Figure 2) relating to sampling and drilling results is historical in nature. Neither the Company nor a qualified person has sufficiently verified this data, and therefore, investors should not place undue reliance on such data.

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.

About Sun Summit

Sun Summit Minerals Corp. (formerly San Marco Resources Inc.) is a Canadian mineral exploration company actively pursuing world class gold and silver projects with a focus in mining friendly jurisdictions.

The Company’s principal focus is the Buck Property in north-central British Columbia that has bulk-tonnage gold and silver potential. The property is located in a mining-friendly region that includes many former and current operating mines.

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

Link to Figures

Figure 1:
http://sunsummitminerals.com/wp-content/uploads/2021/01/Buck_Fig1_IP_Plan_Jan19_NR_v2-scaled.jpg

Figure 2:
http://sunsummitminerals.com/wp-content/uploads/2021/01/Buck_Fig2_IP_Section_Jan19_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. (SMN) 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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Sun Summit Grants Stock Options

By | 2021

Vancouver, BC, January 13, 2021: Sun Summit Minerals Corp. (TSX-V: SMN) announces that it has granted options to purchase 1,300,000 common shares at $0.43 per share for five years to directors, officers, employees and consultants.

About Sun Summit

Sun Summit Minerals (formerly San Marco Resources Ltd.) is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc, and copper projects with a focus in mining friendly jurisdictions in both British Columbia and Mexico.

The Company’s principal focus is the Buck Property in north-central British Columbia that has bulk-tonnage gold and silver potential. The property is located in a mining-friendly region that includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.

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

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; imprecision in resource and reserve estimates; 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. (SMN) 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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Sun Summit Makes High-Grade Gold Discovery at Buck; Drills 17 Metres of 5.86 g/t Gold Including 3 Metres of 23.05 g/t Gold and 7.5 Metres of 10.19 g/t Gold Including 1.5 Metres of 49.60 g/t Gold

By | 2021

Vancouver, B.C. January 5th, 2021: Sun Summit Minerals Corp. (TSX-V: SMN; OTC: SMREF) (“Sun Summit” or the “Company”) is pleased to announce the discovery of high-grade gold (Au) and silver (Ag) mineralization on the Buck Property, central British Columbia. The 22,000 hectare property, approximately 12 kilometres south of Houston, British Columbia, has excellent nearby infrastructure and allows for year-round road-accessible exploration. Sun Summit recently completed 4,180 metres of drilling in 10 diamond drill holes. Results from all holes are reported.

Highlights

  • A significant high-grade Au discovery has been made in an area previously untested between the Horseshoe and Trench zones: BK20-012 intersected multiple high-grade Au intervals, 17 metres of 5.86 grams per tonne (g/t) Au including 3 metres of 23.05 g/t Au, and 7.5 meters of 10.19 g/t gold Au including 1.5 metres of 49.60 g/t Au. These new zones are open in all directions.
  • Extensive zones of near-surface Au + Ag mineralization characteristic of the Horseshoe Zone confirms the bulk-tonnage potential of the Buck property. BK20-006 intersected 46 metres of 1.12 g/t gold equivalent (AuEQ) including 24.7 metres of 1.69 g/t AuEQ and BK20-012 intersected 40.5 meters of 1.03 g/t AuEQ.
  • All holes drilled to date intersected significant intervals of Au + Ag mineralization and many holes ended in mineralization. BK20-010 cut 8.1 metres of 1.25 g/t AuEQ and 5.6 metres of 1.95 g/t AuEQ near the bottom of the hole. BK20-012 ended in 12.7 metres of 1.05 g/t AuEQ.
  • The drill program will resume this month with three primary objectives, 1) target new high-grade Au mineralization peripheral to BK20-012, 2) drill new geophysical targets interpreted to be associated with Au mineralization, and 3) expand drilling footprint in zones of near-surface bulk-tonnage style mineralization. Further details will be provided in an upcoming release.

Note: Gold equivalent (AuEQ) is based on a 75:1 (Ag:Au) ratio. Intervals are downhole core lengths. True widths are unknown.

Bob Willis, Sun Summit’s CEO, stated: “The discovery of several new zones of high-grade gold mineralization is a complete game changer for our current exploration model at Buck. This is an important milestone for all Sun Summit’s shareholders as it demonstrates the existence of previously unrecognised high-grade gold mineralization. Results from BK20-012 and its proximity to untested chargeability anomalies from our recently completed IP survey bode well for additional discoveries.

This discovery of high-grade gold mineralization is the result of our technical team’s hard work to develop and apply new exploration models at Buck and I commend them on this discovery. Based on new interpretations, changes made during this program included deeper drill holes with different orientations compared to historic drilling. Deeper holes succeeded in intersecting new gold zones below historic drill depths and most of these are wide open for expansion. Better hole orientations have encountered several significant gold intervals at or near surface.

We are designing a follow-up drill program to expand on these new zones and to explore for more high-grade mineralization. Sun Summit is financed and permitted for this program that will start as soon as possible. Buck has no seasonality issues for drilling. We are very excited about these new developments and plan to hit this hard.”

Buck Property Drill Program

The primary aim of the recent 2020 drill program was to test the lateral and vertical extent of epithermal-related Au + Ag mineralization outlined by previous drilling and new geological and structural mapping (see SMN’s news release dated September 28th, 2020). Ten diamond drill holes totalling 4,180 metres were completed primarily focused on the Horseshoe and the Buck North zones (Figure 1).

Figure 1. Buck Property collar locations

 

Horseshoe to Trench Zone

One drill hole tested a large gap in historic drill data between the Trench Zone (see SMN’s news release dated June 23rd, 2020 for historic Trench Zone data) and the Horseshoe Zone (Figure 1).

Table 1. Assay results – Horseshoe to Trench zone

Notes:

    1. *AuEQ (gold equivalent) based on a 75:1 (Ag:Au) ratio.
    2. Calculations are uncut and length-weighted using a 0.15 g/t Au cutoff with less than five continuous metres of internal dilution.
    3. Intervals are downhole core lengths. True widths are unknown.

BK20-012 collared in sphalerite + pyrite + quartz + carbonate cemented dacite clast-bearing breccias with near-consistent Au + Ag mineralization and intersected 19.5 metres of 1.66 g/t AuEQ from near the top of the hole. The hole transitioned into bedded-ash to crystal tuffs cut by quartz-feldspar porphyritic dikes.  Peripheral to the dikes and associated with broad zones of pervasive sericite + quartz alteration with disseminated and stringer-controlled pyrite + sphalerite are local zones of high-grade Au mineralization (e.g., 17 metres of 5.86 g/t Au and 7.5 metres of 10.19 g/t Au). The hole ended in 12.7 metres of 1.05 g/t AuEQ hosted in similar sericite + quartz altered lapilli tuffs below a quartz + feldspar porphyritic dike. Additional drilling is clearly warranted to investigate the nature of the structural and/or lithological controls to the high-grade Au mineralization and to further test the near-surface and depth potential for bulk-tonnage Au + Ag mineralization. Assays from BK20-012 are reported in Table 1.

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

 

Horseshoe Zone

Six holes targeted the extent and potential structural and/or lithological controls on disseminated Au + Ag mineralization in the Horseshoe Zone previously investigated in Phase 1 of the program (BK20-001 and BK20-002; see SMN news release dated May 12th, 2020).

Holes BK20-006, BK20-007, and BK20-009 intersected zones of near-surface, sulfide-cemented breccias similar to the top of BK20-012 (e.g., BK20-006, 46 metres of 1.12 g/t AuEQ). These north-west trending breccia bodies are spatially related to the margins of much larger magmatic-hydrothermal polymictic breccias with clast compositions varying from dacite to andesite. Breccia matrix is predominantly composed of quartz + feldspar porphyritic dacite and hydrothermal cement varies from carbonate-dominant to sulfide + quartz + carbonate dominant. All phases of breccias contain Au + Ag mineralization associated with clotted and disseminated sphalerite and pyrite (e.g., BK20-009, 111 metres of 0.52 g/t AuEQ). At depth, all holes intersected thick intervals of dacitic crystal to lapilli tuffs and local intercalations of andesite flows. Hole BK20-010 ended in pervasive sericite altered lapilli tuff with local intrusive clasts with significant Au + Ag mineralization near the bottom of the hole (e.g., 8.1 metres of 1.25 g/t AuEQ and 5.6 metres of 1.95 g/tAuEQ). Mineralization is open in most directions and further drilling is warranted to test the extent of near-surface bulk-tonnage mineralization. Assays from the Horseshoe Zone are reported in Table 2.

Table 2. Assay results – Horseshoe Zone

Notes:

    1. *AuEQ (gold equivalent) based on a 75:1 (Ag:Au) ratio.
    2. Calculations are uncut and length-weighted using a 0.15 g/t Au cutoff with less than five continuous metres of internal dilution.
    3. Intervals are downhole core lengths. True widths are unknown.

Buck North Zone

Three holes targeted the lateral extent of disseminated Au + Ag mineralization north of Bob Creek in the Buck North Zone (Figure 1).

Table 3. Assay results – Buck North Zone

Notes:

    1. *AuEQ (gold equivalent) based on a 75:1 (Ag:Au) ratio.
    2. Calculations are uncut and length-weighted using a 0.15 g/t Au cutoff with less than five continuous metres of internal dilution.
    3. Intervals are downhole core lengths. True widths are unknown.

Holes BK20-014 and BK20-016, spaced 300 metres apart cut long intervals of disseminated Au + Ag mineralization associated with clotted pyrite + sphalerite hosted in well-sorted dacitic crystal to lapilli tuffs. The tuffs are underlain by andesite flows and andesitic tuffs that host local higher-grade vein-controlled Au + Ag mineralization (e.g., BK20-014, 8 metres of 1.51 g/t AuEQ including 1.4 metres of 7.33 g/t AuEQ). Based on the orientation of these higher-grade veins relative to core-axis additional shallowly dipping drill holes are clearly warranted to test for the presence of near-vertical, parallel vein-arrays. Assays from the Buck North Zone are reported in Table 3.

Drill Program to Resume in late January

Sun Summit will mobilize drill crews back to the Buck Property in late January to resume the exploration drill program. The Company is currently compiling all the down-hole lithogeochemical data together with the lithology, alteration, and structural data captured during core logging to refine the geological and exploration model for the property. This geological compilation is also being integrated with the 3D induced polarization (IP) chargeability model (see SMN’s news release dated November 5th, 2020) to refine new drill targets. Additional information regarding this next phase of drilling will be released once all interpretation is complete and drill holes are planned.

Table 4. Drill hole collar information

* NAD83 / UTM Zone 9N


Quality Assurance and Quality Control

All sample assay results have been monitored through a quality assurance / quality control (QA/QC) program. Drill core was sawn in half at Sun Summit’s core logging and processing facility in Houston, BC. Half the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Terrace, B.C., and 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). 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) 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.

Some data disclosed in this news release (e.g., Figure 2) relating to sampling and drilling results is historical in nature. Neither the Company nor a qualified person has sufficiently verified this data and therefore investors should not place undue reliance on such data.

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.

About Sun Summit

Sun Summit Minerals Corp. (formerly San Marco Resources Inc.) is a Canadian mineral exploration company actively pursuing world class gold and silver projects with a focus in mining friendly jurisdictions.

The Company’s principal focus is the Buck Property in north-central British Columbia that has bulk-tonnage gold and silver potential. The property is located in a mining-friendly region that includes many former and current operating mines.

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

Link to Figures

Figure 1:
http://sunsummitminerals.com/wp-content/uploads/2021/01/Buck_Fig1_Drilling_Jan6_NR-scaled.jpg

Figure 2:
http://sunsummitminerals.com/wp-content/uploads/2021/01/Buck_Fig2_Section_Jan6_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. (SMN) 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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