2023

Vancouver, B.C. June 1, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to announce it has agreed to the acquisition of the 8,964 hectare CR property from Teck Resources Limited, located adjacent to Sun Summit’s 43,000 hectare Buck property in central B.C.

Highlights of the acquisition include:

• Drill-ready porphyry copper-molybdenum property: The CR property has multiple, near-surface copper zones with historic drill holes that bottomed in 0.1-0.5% Cu; highlights include: 68 metres at 0.50% Cu, 0.015% Mo; and 168 metres at 0.37% Cu, 0.017% Mo*.
• Potential for discovery and expansion: The CR property is underexplored with numerous untested porphyry and epithermal targets.
• Large property with existing exploration permit: Roughly 8,900 hectare property with an existing exploration drill permit.
• Road accessible and excellent infrastructure: The CR property straddles a well-maintained forestry road that also serves as the haul road to the Huckleberry Mine. The Huckleberry Mine is less then 100 kilometres to the south with an industrial powerline running alongside the forestry road.
• Expansion of land holdings: Expansion of a significant land position in the emerging central British Columbia porphyry-epithermal belt.
• Favourable acquisition terms: The terms include acquisition of 100% ownership interest for Sun Summit shares and a net smelter return royalty (NSR) royalty, and no cash consideration or exploration commitments.

Sharyn Alexander, Sun Summit’s President commented, “The combination of the CR property with the Buck property greatly increases our land holding in the area. This drill-ready project is located within a highly-prospective region of central British Columbia known for gold and copper systems. The property is road and powerline accessible and comes with favourable acquisition terms that provides tremendous value for shareholders. The area has excellent exploration upside and demonstrated potential for porphyry-related mineralization in two drill-tested zones, plus mapped occurrences of skarn Au-Cu and epithermal Au-Ag mineralization elsewhere on the property that have seen only limited examination. We are pleased to add a compelling copper component to our ongoing exploration efforts and see great potential to expand the mineralized areas at both CR and Buck. We are excited to begin work on our growing land package in this emerging and significant mineral district in central B.C.”

The CR property is comprised of 19 contiguous mineral claims totalling 8,964 hectares and is contiguous to the Buck property on Buck’s western border (Figure 1). Combined, these two properties total 55 mineral claims covering 52,000 hectares (520 square kilometres), which expands the Company’s land position by more then 20%.

The most significant drill intercepts are reported from the CR property’s South Zone, which includes:

• 168 metres at 0.37% Cu, 0.017% Mo (8-176 metres, DDH CR-07-14*)
• 68 metres at 0.50% Cu, 0.015% Mo (14-83 metres, DDH CR05-03*)
• 105 metres at 0.35% Cu, 0.024% Mo (bottom 195-300 metres, ending in 0.5% Cu, DDH CR07-15*)

*Kraft et al, 2019, Year-End Report on Geophysical, Geological and Geochemical Work Conducted During 2019, CR Mineral Tenure, Omineca Mining Division, BC Ministry of Energy and Mines, AR 39054, 352 p

Figure 1: Teck CR Property Location

Terms of Acquisition

Sun Summit will acquire a 100% interest in the CR property through the issuance of 2,272,727 Sun Summit common shares valued at $250,000 based on the 20-day volume weighted average price of Sun Summit shares. Teck will retain a 1.0% NSR royalty on the property, of which one-half (0.5%) may be re-purchased for $2,000,000 at any time, resulting in Teck retaining a 0.5% NSR royalty. There is a pre-existing 0.5% NSR royalty to the original landowner which can be re-purchased for $10,000,000. The shares will be subject to a four month hold period in accordance with Canadian Securities laws.

About the CR Property

The CR property is located 15 kilometres southwest of Houston in west-central British Columbia and can be accessed by the all-season Morice River Forest Service Road (FSR) which accesses commercial timber licenses and leads south to Imperial Metal’s Huckleberry Mine. The Huckleberry Mine powerline transects the property from north to south. Secondary forestry roads provide good access to various targets on the property. A major highway, high-voltage power, gas pipeline, deep seaport and airport are in close proximity.

The CR property is underlain mainly by a sequence of Jurassic andesitic to rhyolitic tuffs, flows and volcaniclastic rocks of the Telkwa Formation of the Hazelton Group cut by intrusive dykes and stocks of variable porphyritic textures. Granodiorite and quartz-feldspar porphyry intrusions are associated with Cu-Mo porphyry-style mineralization at two zones: North Zone and South Zone. The South Zone is better exposed at surface and has been partially delineated by historical diamond drilling, whereas the North Zone is variably till-covered and was drill tested with two holes for the first time in 2019. Less well-understood vein, breccia and skarn showings have been delineated across the property.

Past exploration work has focused mainly on the South Zone and includes diamond drilling by Manson Creek Resources Ltd. which completed a total of 3,567 metres of diamond drilling in 2005 and 2007. Copper mineralization in the South Zone is understood to be hosted in an east-west porphyry system that measures roughly 700 metres wide and is possibly tilted to the east. A large IP chargeability-high anomaly associated with mineralization at the South Zone extends to the north, south and east, as well as to depth. Mineralization in the granodiorite is reported as disseminated chalcopyrite with rare bornite, as well as chalcopyrite-pyrite±molybdenite veins and hydrothermal breccia cement. Higher copper grades are reported to be associated with intense K-feldspar±quartz alteration. The most significant mineralization reported to date occurs in the hydrothermal breccias which host episodic mineralization including an early phase of chalcopyrite-magnetite followed by a later quartz-sericite-pyrite event.

Manson Creek’s drill pattern tested an east-west corridor, leaving possible extensions to the north, east and south untested. Many of the historical drill holes were relatively short (i.e., less than 300 metres from surface) and some terminated in mineralization.

Teck completed a 2018 field program consisting of an airborne magnetic-radiometric survey, stream sediment sample survey, and a geological mapping program. In 2019, Teck completed the first two drill tests of the North Zone, expanded ground IP coverage over the northeast quadrant of the property, and collected soil samples over the North Zone IP anomaly.

The North Zone is poorly exposed at surface but limited mapping has shown the zone is characterized by hydrothermal breccia, sodic-calcic altered granodiorite, and quartz-sericite altered quartz feldspar porphyry over several hectares. Two diamond drill holes totalling 876.5 metres tested the southern segment of a large IP chargeability high anomaly at the North Zone and intersected widespread pyrite mineralization with weak chalcopyrite hosted in both andesitic strata and granodiorite intrusions. The style and intensity of alteration and sulphide mineralization suggest the North Zone may represent the distal portion of a copper porphyry system.

There has been no work on the property since 2019 and many targets remain to be tested. Future work will focus on expansion of the east-west corridor at the South Zone by drill testing at depth and along strike where there is significant potential to expand the mineralized footprint into untested areas of the large chargeability anomaly. The large North Zone IP chargeability high anomaly remains largely untested and further assessment is required to plan drilling on the middle and north segments. A gap of approximately 850 metres separates the chargeability anomalies of the North and South zones and requires additional survey to examine any linkages between the two zones.

Figure 2. CR Property South Zone Long Section (looking north)

National Instrument 43-101 Disclosure

The technical disclosure in 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 not been able verify the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data was historical and the original drill core is not readily available.

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 Figures

Figure 1:

https://sunsummitminerals.com/wp-content/uploads/2023/05/Fig-1-CR-Project-NR.jpg

Figure 2:

https://sunsummitminerals.com/wp-content/uploads/2023/05/Fig-2-CR-Project-Section.jpg

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. May 17, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to announce that Brian Lock has been appointed Executive Chairman. Brian brings over 40 years of experience in the mining industry including engineering, construction, and operations in his roles as Chief Electrical Engineer of a German mining company, two Canadian consulting firms, and as President and owner of Proton Engineering and Construction, responsible for the development of numerous precious and base metal mines in many parts of the world. 

Brian has also held several positions as a director, Executive Vice-President, President and CEO of several public mining companies including Frontier Pacific Mining Corporation, Castle Peak Mining Ltd. and Scorpio Gold Corporation. He has been a director of Sun Summit for over 12 years and is a member of the Audit Committee and Chairman of the Corporate Governance Committee of the Board of Directors. For his services, Mr. Lock will be paid a monthly fee of $5,000 and an annual bonus as determined by the Board. 

“We are very pleased to welcome Brian to the role of Executive Chairman.” stated Sharyn Alexander, Sun Summit’s President. “Brian provides the Company with significant leadership experience in the mining sector and will work closely with our team to deliver shareholder value and put Sun Summit on track for future growth. We look forward to working with Brian in his expanded role.”

Additional Finder Fee paid to Haywood for Private Placement

Sun Summit also announces that, in connection with its private placement that closed on May 10, 2023, it has paid Haywood Securities Inc. a finder’s fee of $770 and 7,000 Finder Warrants (each exercisable for two years at a price of $0.165) for the sale of 100,000 NFT Units for which Haywood overlooked claiming its fee. See the Company’s news release dated May 11, 2023, for further details.

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.

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. May 11, 2023: Sun Summit Minerals Corp. (TSXV: SMN; OTCQB: SMREF) is pleased to announce that it has closed its oversubscribed private placement for gross proceeds of $2,889,419.66 consisting of: 

(i) 9,123,015 non-flow-through units at a price of $0.11 each (“NFT Units”) for $1,003,531.70; and 

(ii) 15,715,733 flow-through units at a price of $0.12 each (“FT Units”) for $1,885,887.96. 

“The successful closing of our oversubscribed financing has strengthened our balance sheet and positions us for a very active exploration season,” commented Sharyn Alexander, Sun Summit’s President. “Exploration plans at the Buck Project are being finalized but will include fieldwork aimed at advancing exploration targets to the drill-ready stage, as well as step-out drilling at Buck Main, following up on the strong expansion potential identified through recent drilling. We thank current shareholders for their continued support as well as welcome new investors through this financing. The Company is poised for an exciting year.”

Each NFT Unit consisted of one (non-flow-through) common share of the Company (an “NFT Share”), and one non-transferable common share purchase warrant (a “Warrant”). Each FT Unit consisted of one common share of the Company issued as a “flow-through share” under Canada’s Income Tax Act (a “FT Share”) and one Warrant. Each Warrant entitles the purchase of one (non-flow-through) common share of the Company (a “Warrant Share”) for two years at a price of $0.165.

The Company paid finder’s fees consisting of a commission of 7% of the gross proceeds raised by eligible finders (commissions of $159,986) and finder warrants (“Finder Warrants”) to purchase that number of Warrant Shares equal to 7% of the number of Units sold by the finders for two years at a price of $0.165 (1,159,857 Finder Warrants) as follows: Haywood Securities Inc. received $28,693 and 251,183 Finder Warrants, Echelon Wealth Partners Inc. received $37,089 and 106,050 Finder Warrants, Eventus Capital Corp. received $35,705 and 303,380 Finder Warrants, RedPlug Inc. received $29,400 and 245,000 Finder Warrants, Canaccord Genuity Corp. received $11,970 and 105,000 Finder Warrants, Red Cloud Securities Inc. received $7,280.67 and 62,794 Finder Warrants, GloRes Capital Inc. received $5,775 and 52,500 Finder Warrants, Richardson Wealth Ltd. received $3,360 and 28,000 Finder Warrants, and MogoTrade Inc. received $714 and 5,950 Finder Warrants. 

The Company intends to use the proceeds raised from the placement for the exploration of the Company’s Buck Property and other properties in British Columbia it may acquire. The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date no later than December 31, 2023, to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. 

The FT Shares, NFT Shares, Warrants and Warrant Shares will have a four month hold period expiring on September 11, 2023. 

A senior officer of the Company acquired 20,000 NFT Units under the placement which constituted a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange policy. However, such related party transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the NFT Units issued to, nor the consideration paid by, such senior officer exceeded 25% of the Company’s market capitalization. There was insufficient time between such subscription and the closing for the Company to file a material change report respecting the placement not less than 21 days before the closing of the placement. 

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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.

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. May 1, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) announces that it has engaged Venture Liquidity Providers Inc. (“VLP”) to provide market-making services for the maintenance of an orderly trading market in Sun Summit’s common shares.

The market-making services will be carried out through a registered broker, W.D. Latimer Co. Ltd. In consideration of its services, VLP will be paid a monthly fee of $5,000 (which fee will be paid from Sun Summit’s working capital) for a minimum of three months, renewable thereafter on one-month terms. Thereafter, the agreement may be terminated at any time by Sun Summit or VLP.
VLP is a specialized consulting firm based in Toronto, Ontario, providing a variety of services focused on TSX-V listed issuers. Sun Summit and VLP act at arm’s length, and Sun Summit has been advised that VLP has no present interest, directly or indirectly, in Sun Summit or its securities. The finances and the common shares required for the market-making services are provided by W.D. Latimer. The fees paid by Sun Summit to VLP are for market-making services only. The market making services of Red Cloud Securities Inc. of Toronto, Ontario, ended concurrent with VLP’s appointment.

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.

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. April 14, 2023: Sun Summit Minerals Corp. (TSXV: SMN and OTCQB: SMREF) is pleased to announce that it has arranged a non-brokered private placement consisting of: (i) non-flow-through units at a price of $0.11 each (“NFT Units”); and (ii) “flow-through” units at a price of $0.12 each (“FT Units”) for gross aggregate proceeds of up to $2,250,000.

“The Buck Project represents significant discovery potential in what we believe to be an emerging porphyry-epithermal belt in central B.C.” stated Sharyn Alexander, Sun Summit President. “This financing provides an opportunity for the Company to continue drilling and expanding on the known mineralization at Buck Main, where the current footprint is 1,100 metres by 800 metres. As well, our 43,000 hectare land package allows ample opportunity to explore and advance currently known mineralized targets to drill ready, as well as commence an intense exploration program on the newly acquired ground. We are grateful to existing and new shareholders who have supported Sun Summit’s effort in advancing the Buck Project, and we continue to work on strategies to increase shareholder value. We will announce upcoming exploration and drilling plans shortly.”

Each NFT Unit will consist of one (non-flow-through) common share of the Company (an “NFT Share”), and one non-transferable common share purchase warrant (a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” under Canada’s Income Tax Act (a “FT Share”) and one Warrant. Each Warrant will entitle the purchase of one (non-flow-through) common share of the Company (a “Warrant Share”) for two years at a price of $0.165.

Eventus Capital Corp. has been retained as a finder in connection with the placement. The Company will pay finder’s fees consisting of a cash commission of 7% of the gross proceeds raised by Eventus and finder warrants (“Finder Warrants”) to purchase that number of Warrant Shares equal to 7% of the number of Units sold by Eventus. Each Finder Warrant will entitle the purchase of one Warrant Share at a price of $0.165 for two years.

The Company intends to use the proceeds raised from the Offering for the exploration of the Company’s Buck Property and other Canadian properties it may acquire. The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date no later than December 31, 2023, to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.

Some of the directors and officers of the Company may acquire FT Units or NFT Units under the placement. Any such participation would be a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange policy. Such related party transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any units issued to, or the consideration paid by, such persons will exceed 25% of the Company’s market capitalization.

The placement is expected to close on or around May 4, 2023, and is subject to the receipt of approval of the TSX Venture Exchange. The FT Shares, NFT Shares, Warrants and Warrant Shares will have a hold (restricted resale) period of four months from the closing date.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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.

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. April 4, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) provides an update on its current drill program at the 43,000 hectare Buck Project, central British Columbia. Drilling at two new exploration targets, IRK and Eagle Eye, have intersected strong hydrothermal-related alteration and veining with visible sulfide mineralization in drill core.

Highlights

• Ongoing exploration drill program: Initial drilling at IRK and Eagle Eye have intersected strong hydrothermal-related alteration and veining with visible sulfide mineralization. Approximately 2,000 metres of diamond drilling are planned at these two newly-delineated and previously untested drill targets, which are located outside of the Buck Main system (see news release from March 15, 2023). 
• Epithermal to porphyry-related mineralization at IRK: Strong alteration and veining, indicative of an epithermal to porphyry system, is present in drill core at the IRK target, with portable X-Ray Fluorescence Spectroscopy (pXRF) analysis indicating elevated silver, copper, lead and zinc values.
• Assay and geochemical analyses underway: Core samples from completed drill holes have been sent to the lab for assay and geochemical analyses with additional core shipments to be submitted on a regular basis as drilling continues. 
• Upcoming field exploration aimed at discovery: Step-out drilling is currently being planned at the Buck Main zone to further test the strong expansion potential for gold-silver-zinc mineralization (see news release from January 19, 2023). A significant field program is also being planned at numerous under-explored targets across the Buck Project area. 

Sharyn Alexander, Sun Summit’s President stated “Our technical team is encouraged by what we are seeing in drill core, which includes strong alteration and veining with visible sulfide mineralization. We are continuing to develop drill-ready targets outside of the Buck Main  area via systematic exploration targeting. Our overarching aim is mineral discovery at the Buck Project, which is in what we believe to be an emerging porphyry-epithermal belt in central B.C.”

IRK Target

Several drill targets were outlined at the IRK target, located approximately 11 kilometres south of the Buck Main zone (see news release from March 15, 2023). The target area is characterized by anomalous silver, zinc, lead and copper in soil samples together with rock samples with up to 1.7% zinc, 95 g/t silver, and 2.4% copper associated with numerous N-S trending high-resistivity and high-chargeability lineaments, interpreted to potentially represent structurally-controlled epithermal-related vein mineralization.

Drilling in the northern part of the IRK target (Figure 1) intersected moderate to strong silica-sericite-clay altered volcanic rocks cut by a suite of intrusive dykes. Drill holes collared into strong veining which have been classified into three vein styles based on cross-cutting relationships; an earlier quartz-pyrite ± sphalerite vein set; pyrite stringers with pink (iron-carbonate-sericite) alteration haloes; and a later quartz-iron-carbonate vein set that cuts all lithologies. A red volcaniclastic breccia was intersected near the bottom of the holes.

Figure 1: Strong hydrothermal-related alteration with quartz-pyrite veins in IRK23-001

Three porphyritic intrusive phases have been recognized in the northern IRK area. Host volcanic rocks contain stronger veining than the porphyritic dykes, which suggests that the dykes may be later than the main veining event. An earlier porphyry phase, responsible for the widespread veining, may therefore also be present and represents a prospective target.

Drill holes targeting the southern IRK area encountered strong clay-carbonate altered volcanic rocks, with abundant clay-carbonate veinlets with fine grained pyrite and grey/black sulfides. These rocks overlie the same red matrix volcaniclastic rocks as the northern IRK area. One drillhole intersected a lower fine-grained diorite dyke host to quartz-carbonate-sulfide veinlets. Veining within the diorite displays fine-grained pyrite rimmed with fine black sulfide/sulfosalt (Figure 2). Portable XRF analysis of these sulfides indicate elevated silver, copper, lead and zinc values.

The style of alteration and veining at the IRK target is interpreted to represent a broad epithermal to porphyry-related system. Future exploration drilling could target the source of the broad and locally intense distal-style hydrothermal alteration. 

Figure 2: Veining in a fine grained equigranular intrusive rock with fine black sulfides in quartz-carbonate veining in IRK23-005. pXRF analysis of these sulphides indicate elevated               Ag, Cu, Pb, and Zn.

New CFO to be Appointed

Sun Summit is pleased to announce that Waseem Javed will join the Company as its Chief Financial Officer (CFO) on April 15, 2023. He has provided accounting services for Sun Summit since 2017 and is familiar and up-to-date on the Company’s financial affairs. 

Mr. Javed is a Chartered Professional Accountant specializing in assurance and advisory services for both private and publicly listed entities in Canada and the United States. He has transactional expertise in initial public offerings, secondary offerings, corporate restructurings, and mergers and acquisitions. Mr. Javed has over 15 years of accounting, auditing, and tax experience, and currently is partner of Manning Elliott LLP, a large regional accounting firm located in Vancouver, B.C. He graduated from Simon Fraser University with a Bachelor of Business Administration in 2008, and obtained his CPA, CA designation in 2012 from the Institute of Chartered Accountants of British Columbia.

Mr. Javed replaces Fernando Costa, who will be concurrently retiring as CFO. The Company thanks Mr. Costa for his contributions and years of service.

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 Figures

Figure 1: 

https://sunsummitminerals.com/wp-content/uploads/2023/04/Fig-1-IRK23-001-scaled.jpg 

Figure 2:

https://sunsummitminerals.com/wp-content/uploads/2023/04/Fig-2-IRK23-005.jpg 

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; the impact of exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; 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, except as required by applicable securities laws.

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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Vancouver, B.C. March 27, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) announces with deep sadness the passing of Mr. R. Stuart “Tookie” Angus, Chairman, Co-Founder, colleague and friend.

Mr. Angus was a significant industry participant for over 40 years, with a focus on structuring and financing significant international exploration, development, and mining ventures. He served as Chairman on multiple boards and was responsible for several large-scale mergers and acquisitions.

Mr. Angus founded Sun Summit Minerals (then known as San Marco Resources) in 2009 with Bob Willis with a focus on early-stage copper and precious metal exploration in Sonora State, Mexico. 

Bob Willis, Senior Advisor and Co-Founder, stated “To have had the privilege of working with Tookie, fulfilling our vision of creating a top-notch junior exploration company, has been the ultimate positive experience most can only dream of. Tookie’s wisdom, support, encouragement, laughter and kindness will be the only motivation needed for our team to continue the work he loved and will ensure his legacy will live on.”

“Tookie was a mining legend who brought remarkable passion, experience, and humour to every project he chose to pursue. His guidance, vision, and commitment to the success and growth of the Company will be greatly missed” stated Sharyn Alexander, Sun Summit’s President. 

On behalf of the Board of Directors and management, we extend our condolences and deepest sympathies to the Angus family and to all those who knew him as a colleague, as a mentor, and as a friend.

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.

For further information, contact:

Sharyn Alexander

President

info@sunsummitminerals.com 

Roger Blair

Acuity Advisory Corp., Corporate Communications

rblair@acuityadvisorycorp.com 

Tel. 778-588-9606

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Vancouver, B.C. March 15, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF)  is pleased to announce that it has commenced drilling on two new high priority targets at the  43,000 hectare Buck Project, central British Columbia. 

Highlights 

• Initial 2,000 metre program: The drill program will include approximately 2,000 metres of diamond drilling at two newly delineated and previously untested drill targets (IRK and Eagle Eye), with substantial new discovery potential, based on recent exploration results (see news release dated February 8, 2023). This is the first drill program undertaken by  the Company outside of the Buck Main Zone.
• IRK Target: An initial 1,200 metres of drilling is planned to test anomalous silver, zinc,  lead and copper in soil and rock samples, which are spatially coincident with geophysical lineaments, interpreted to potentially represent structurally-controlled epithermal-related  Au-Ag-Zn vein mineralization. Drilling will systematically test the strongest coincident  anomalies across the broad IRK target.
  
• Eagle Eye Target: Approximately 800 metres of diamond drilling will focus on testing a strong high-chargeability anomaly associated with a broad zone of intense phyllic alteration interpreted to represent distal alteration related to a concealed porphyry target. Drilling will focus on testing the strongest coincidental anomalies at depth.
• Ongoing exploration: The Company is continuing with exploration targeting throughout  the project area, including Silverthorne, Morice Mountain, and Dungate South, which are  being refined to establish geologic model and scale in advance of final drill hole vectoring.  Additional targets at Buck Main are being developed, where a drill program conducted in  fall 2022 (see news release dated January 19, 2023) demonstrated strong ongoing  expansion potential. 

“This is a very exciting drill campaign at the Buck Project where we’ll be testing two new targets  that have never before been drill tested”, stated Sharyn Alexander, Sun Summit’s President. “The  potential for new discoveries on the project is very high and our systematic approach to  exploration targeting gives excellent potential to develop drill-worthy targets outside the existing  Buck Main mineralized zone. Drilling at these two new targets and continued development of  additional high priority exploration targets across the project area will provide steady news flow in  the near term.”

Drill Program 

Exploration crews have mobilized to the site and drilling is underway at the first target, Eagle Eye. After completion of approximately 800 metres of drilling at Eagle Eye, the drill will mobilize further  south to the IRK Zone where approximately 1,200 metres of drilling will be completed.  

The Eagle Eye target is located three kilometres southwest of Buck Main and is characterized by  a strong chargeability-high anomaly associated with outcropping quartz-sericite-pyrite (phyllic)  altered volcanic and intrusive rocks (Figure 1). The center of the chargeability-high anomaly is  also coincident with a broad magnetic-high anomaly interpreted to reflect a deep and concealed  magnetic source, such as a porphyry. 

Figure 1. Map showing drill target area at Eagle Eye 

The IRK target is located 11 kilometres south of Buck Main and is characterized by extensive  silver-zinc-lead-copper coincidental soil and rock geochemical anomalies associated with numerous N-S trending high-resistivity and high-chargeability lineaments (Figure 2), which could  indicate structurally-controlled epithermal-related Au-Ag-Zn vein mineralization 

Although mostly concealed by young till and soils, the IRK target is interpreted to be underlain by  volcanic and volcaniclastic rocks of the Late Cretaceous Kasalka Group. These prospective rocks  host 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.). 

Figure 2. Map showing drill target area at IRK 

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 Figures 

Figure 1: 

https://sunsummitminerals.com/wp-content/uploads/2023/03/Fig-1-EagleEye_Targeting_Mar_NR.jpg 

Figure 2: 

https://sunsummitminerals.com/wp-content/uploads/2023/03/Fig-2-IRK_Targeting_Mar_NR.jpg

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; the impact of  exploration competition; 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; volatility and sensitivity to market prices; volatility and sensitivity to capital  market fluctuations; the ability to raise funds through private or public equity financings; environmental and  safety risks including increased regulatory burdens; 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, except as  required by applicable securities laws.

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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

Figure 1: https://sunsummitminerals.com/wp-content/uploads/2023/03/Fig1-Mineral-Tenure-Mar-2023-b.jpg

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.

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Vancouver, B.C. March 1, 2023: Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) is pleased to provide an update from its property-wide targeting initiatives at the 33,000 hectare Buck Project, central B.C., including the identification of several new highly-prospective targets which are currently being ranked and prioritized.

Highlights

• Property-wide exploration outlines multiple underexplored zones with significant discovery potential: Systematic project-wide field exploration has resulted in the delineation of several exploration targets outside of the Buck Main mineralized system, two of which will be drilled this quarter (IRK and Eagle Eye; see news release from February 8, 2023).
• Silverthorne Target – Possible extension of the Buck Main system: The Silverthorne area is characterized by local outcropping zones of strong epithermal-style alteration and local polymetallic veining coincident with anomalous multi-element soil geochemistry, which could indicate a NW extension of the Buck Main epithermal-related mineralized system.
• Morice Mountain Target – Potential for epithermal-related mineralization: Anomalous gold+silver in silt samples, together with the presence of widespread propylitic alteration and local zones of strong phyllic alteration with associated quartz stockworks and sulfide-cemented breccias suggest the potential of a high-level epithermal system.
• Dungate South Target: Highly anomalous gold in silt samples from two separate creeks in the Dungate South area suggest potential for gold mineralization in the area. Silt samples are all located in drainages without known mineralization and represent new exploration opportunities. 
• Ongoing drill target advancement: These new targets are being systematically advanced and prioritized for specific target delineation and drill hole vectoring.

Sharyn Alexander, Sun Summit’s President stated: “Our technical team has done an excellent job in identifying an impressive pipeline of additional targets outside of the existing Buck Main zone, with the goal of advancing them to the drill-ready stage. Our 2022 property-wide exploration program successfully allowed us to advance drill targeting on two of these targets, IRK and Eagle Eye. Field exploration in 2023 is anticipated to result in the generation of additional opportunities across the Buck Project by utilizing various exploration techniques targeting mineralization under cover. I look forward to keeping the market updated on our progress at the Buck Property.”

Exploration Targets

Silverthorne Target

The Silverthorne target area lies immediately adjacent to the Buck Main system, approximately two kilometres to the west, and includes the previously identified CC, Gossan West, and Buck West zones (Figure 1). 

Airborne geophysical survey data show subtle NW-SE trending lineaments which broadly follow the mineralization trend at Buck Main along the Buck Structural Corridor (Figure 1). Anomalous silver in soil samples define several NW trending areas up to two kilometres in length, although some areas are thought to be obscured by overlying post-mineralization basalts. Anomalous rock samples taken along these lineaments also point to a NW-trend to the mineralization. Assay highlights include:

• R266334 – 633 g/t Ag, 0.36% Cu, 0.28% Zn
• B990482 – 302 g/t Ag, 0.47% Cu, 0.18% Zn
• B990484 – 162 g/t Ag, 0.25% Cu, 0.19% Zn

Figure 1. Silverthorne Target

This NW-trend is also seen in outcropping quartz-sulfide veins as well as alteration zones trending from Buck Main. Mapping and sampling at Silverthorne revealed clay±sericite±silica alteration and local quartz-sulfide veining coincident with anomalous soil geochemistry. Terraspec analysis of hand samples indicates alteration is transitioning from sericite-dominant at Buck Main to kaolinite-dominant at Silverthorne, which could indicate argillic alteration zoning commonly associated with epithermal gold mineralization.  

Several ranked targets have been identified at Silverthorne and will be investigated further in the coming field season, including the potential for a ground Induced Polarization (IP) survey.

Morice Mountain Target

The Morice Mountain target is located approximately eight kilometres west of Buck Main on the eastern slopes of Morice Mountain near the western edge of the Buck Project claims (Figure 2). Geological mapping revealed a broad zone of strong propylitic alteration and a locally broad sericite-silica altered zone with a stockwork of druzy quartz veins and disseminated pyrite. 

Stream sediment samples from eastern drainages on Morice Mountain, downslope from the mapped alteration and vein zones, display anomalous Au ± Ag; Sample F193415 returned results of 0.06 ppm Au, sample F193428 returned results of 0.26 ppm Au and 0.6 ppm Ag, and sample F193427 returned results of 0.25 ppm Au and 0.4 ppm Ag, values which are well above background based on regional stream sediment sampling programs.

Figure 2. Morice Mountain Target

The mapped alteration and veining in outcrop and anomalous geochemical sample results suggest the potential for a high-level epithermal system. The mineralization potential at Morice Mountain will be further investigated in the upcoming field season and will include surface sampling, prospecting and geological mapping.

Dungate South Target

The Dungate South target is located at the northeast corner of the Buck Property, approximately seven kilometres to the northeast of Buck Main, in an underexplored portion of the property (Figure 3). A first pass stream sediment sampling program resulted in two anomalous gold in stream sediment samples from two separate creeks. These samples were collected in an area of mapped Kasalka Group volcanic rocks (host rock group at Buck Main) and returned values ~60 times background: sample J030453 returned 0.73 ppm Au and sample J030455 returned 0.83 ppm Au. Neither sample appears to be derived from a drainage that connects to areas of known mineralization. Additionally, both creeks drain from sources on the Buck Property, suggesting that a bedrock source of the gold also occurs on the Buck Property. 

Figure 3. Dungate South Target

As no in-depth mapping or surface sampling has been completed in the Dungate South area, soil sampling, prospecting and geological mapping is warranted to determine if a mineralized bedrock source can be located.

Quality Assurance and Quality Control

Rock, soil, and stream sediment samples were shipped by a bonded courier in sealed and secure bags to the ALS Global preparation facilities in Kamloops, BC, or Whitehorse, YT. 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. ALS Global is accredited to ISO 9001/2015 and ISO/IEC 17025:2017 for specific analytical procedures.

Rock samples were analyzed for 33 elements by ICP-AES on a 0.25 gram sample using a four acid digestion (method ME-ICP61). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Samples with >10 parts per million (ppm) gold were re-analyzed by fire assay using a gravimetric finish on a 30 gram sample. Samples with >100 ppm silver were re-analyzed using a four acid digestion and ICP-AES finish. Samples with >10,000 ppm zinc were re-analysed using a four acid digestion and ICP-AES finish.

Soil and stream sediment samples were first analyzed for 39 elements including As, Cu, Pb and Zn by an Olympus Vanta pXRF at the Houston core facility. The accuracy of Cu, Pb and Zn pXRF analyzes was monitored with OREAS 25a and 131b standards, using certified values. Following completion of the pXRF analyses at the core yard, samples were shipped to ALS prep facilities as noted above. Gold was analyzed by fire assay and AAS (Au-AA23) and silver was analyzed by aqua-regia digestion and AAS (Ag-AA45).

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.

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