Sun Summit Minerals Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Sun Summit Minerals is a Canadian mineralexploration company focused on expanding its gold, silver and zinc discovery at its flagship 100% controlled Buck Project located in central British Columbia.

The Company is exploring multiple high-priority targets through systematic exploration campaigns. The Project benefits from excellent developed infrastructure and year-round drilling access. The Buck Project has high-grade and bulk-tonnage gold, silver and zinc potential and is located in an established mining region that includes many former operating mines and current exploration projects.

FLAGSHIP PROJECT

Buck Project, British Columbia

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

Buck Project Highlights

• Intermediate sulfidation epithermal-related gold-silver-zinc system
• High-grade gold discovery – 49.6 g/t Au over 1.5 metres (BK20-012)
• Bulk tonnage-style mineralization – 1.07 g/t Au over 109 metres (BK21-017)
• Money in the ground – Project investment of ~$12M since 2019
• 84 drill holes and ~30,000 metres of drilling
• Geological analog to the Blackwater Gold Project (Artemis Gold)
• 8 million ounces of Gold / 62 million ounces of Silver reserves (2021 Feasibility)
• District Scale Potential
• Unconstrained (open) mineralization at Buck Main
• Large land package, 33,000 hectares, 100% controlled
• Mining friendly jurisdiction, near formerly producing mines
• Access to Capital
• SMN has secured $15M+ since 2020 to fund exploration of the Buck Project
• 77.5 million shares outstanding, no debt
• Near Term Catalysts
• Commencement of drilling at two high-priority target areas outside of Buck Main system: IRK and Eagle Eye
• Significant discovery potential across the project: Additional drill target generation across the project
• Strong expansion potential at Buck Main through additional step out drilling
• Steady newsflow from ongoing exploration, drilling and project advancement

Buck Main Target

Drill Target Areas

• Recent drill program focused on expanding the footprint of near-surface bulk tonnage style mineralization
• Strong expansion potential to west, north and south
• Long intercepts of bulk tonnage-style disseminated mineralization:
• BK21-033: 187 m of 0.71 g/t Au, 5.6 g/t Ag, 0.62% Zn
• BK21-017: 109 m of 1.07 g/t Au, 5.5 g/t Ag, 0.65% Zn
• Significant high-grade mineralization:
• BK20-012: 1.5 m of 49.6 g/t Au, 10.8 g/t Ag, 0.06% Zn
• BK21-020: 0.5 m of 246 g/t Au, 66.7 g/t Ag, 0.02% Zn
• BK22-083: 1.1 m of 38.0 g/t Au, 137 g/t Ag, 5.9% Zn
• Recent results include:
• BK22-080:
• 81.2 m of 0.58 g/t Au, 11.8 g/t Ag, 0.08% Zn,
  including 10.1 m of 1.4 g/t Au, 26.6 g/t Ag, 0.20% Zn
• 5.6 m of 1.18 g/t Au, 43.9 g/t Ag, 0.34% Zn,
  including 1.1 m of 5.5 g/t Au, 208 g/t Ag, 1.5% Zn
• BK22-077:
• 54.6 m of 0.83 g/t Au, 9.2 g/t Ag, 0.21% Zn,
  including 3.0 m of 6.06 g/t Au, 62.5 g/t Ag, 0.52% Zn
• BK22-079:
• 4.7 m of 0.91 g/t Au, 17.3 g/t Ag, 0.66% Zn,
• including 1.1 m of 3.4 g/t Au, 68.6 g/t Ag, 2.05% Zn
• 1 m of 5.1 g/t Au, 2.7 g/t Ag, 0.56% Zn

Additional Targets

Potential for Discovery

• Multiple under-explored targets within 33,000 ha tenure package
• Property-wide VTEM geophysical survey, followed up with an Induced Polarization (IP) geophysical survey over IRK and Eagle Eye zones
• Numerous multi-element soil anomalies have been identified with coincident geophysical anomalies
• Multiple exploration techniques necessary for targeting in areas with little outcrop; overlying rock can obscure geochemical signatures
• Significant discovery potential across the project; many under-explored targets which have never been drill tested

COMMENCEMENT OF DRILLING OF HIGH-PRIORITY DRILL TARGETS

Recent systematic property-wide field exploration has resulted in the delineation of several high-priority drill targets at the Buck Project, central British Columbia. The IRK and Eagle Eye targets are located outside of the Buck Main mineralized system, which has been the focus of recent drill programs.

Highlights

• Significant discovery potential across the project: Results from the multidisciplinary 2022 field program have outlined several high-priority drill targets in previously untested areas. Planning to drill the first two targets is underway.
• IRK Target – Extensive geochemical and geophysical footprint: Anomalous silver, zinc, lead and copper in soil samples together with rock samples with up to 1.7% Zn, 95 g/t Ag and 2.4% Cu are spatially coincident with NW-trending high-resistivity and high-chargeability lineaments and are interpreted to represent structurally-controlled epithermal-related vein targets.
• Eagle Eye Target – Potential for porphyry-style mineralization: A strong 500 metre by 500 metre high-chargeability anomaly associated with a broad zone of intense phyllic alteration is interpreted to represent distal alteration related to a concealed porphyry target.
• Additional drill target generation across the project: Additional drill targets are currently being prioritized at Silverthorne (CC Zone, Buck West), Morice Mountain, Echo and Dungate South zones.
• Drill testing of the IRK and Eagle Eye targets to commence this quarter.
• 2023 will be a pivotal year for Sun Summit: The Company is planning a significant field program across the Buck Project aimed at discovery.

Sharyn Alexander, Sun Summit's president, stated:
"We are fully permitted for drilling on these targets and look forward to another active exploration year, as we seek to expand the opportunities within the broader Buck project area.”

Management

Management, Advisors and Directors

Sharyn Alexander, M.Sc., President

Qualified geologist with a 20-year background in the mining and metals sector

In-depth knowledge in project management, business development, strategic planning, relationship building, social responsibility, investor relations, and marketing.

Prior positions at B2Gold, Barrick Gold (Australia), and SRK Consulting.

Robert D. Willis, B.Sc., P.Eng., Senior Advisor

Geological engineer with over 35 years of experience

Managed the development of projects through discovery, expansion, development and production

Founder of Geologix Resources, Manhattan Minerals and Pioneer Metals.

Ken MacDonald, P.Geo., QP, Vice President of Exploration

35 years of experience in the mining sector, including work as a consulting exploration geologist, as a senior project manager for a Canadian engineering company, and as a senior permitting official with the Mines Branch of the B.C. government.

Christopher Leslie, Ph.D., M.Sc., P.Geo., Geological Advisor

Jeffrey R. Wilson, Corporate Advisor

Fernando J. Costa, CPA, CA, Chief Financial Officer

Michael F. Provenzano, LLB, Corporate Secretary & Legal Counsel

Board of Directors

R. Stuart (Tookie) Angus, Chairman and Director

An independent business advisor to the mining industry

Former Head of the Global Mining Group for Fasken Martineau

For the past 40 years, he has focused on structuring and financing significant international exploration, development and mining ventures.

Andrew Carstensen, P.Geo., Director

Vice President Exploration at Luminex Resources and Chief Geologist for Lumina Gold.

Craig B. Prenter, CGA, CPA, Director

Partner at Manning Elliott LLP, Accountants & Business Advisors.

Brian Lock, Director

Chairman of Castle Peak Mining and CEO & Director of Scorpio Gold.

Purni Parikh, Director

President of the Augusta Group of Companies, Senior Vice President, Corporate Affairs of Solaris Resources Inc. and Augusta Gold Corp.

News Update

On November 30, 2023, Sun Summit Minerals Corp. has engaged Sue Bird, PEng, of Moose Mountain Technical Services (MMTS), to complete the initial mineral resource estimate for the Buck Main zone of the Buck project, located in central British Columbia.

MMTS is a leading and highly experienced group of qualified professional geologists and mining engineers who provide independent consulting services to the mining and exploration sectors, including resource estimation.

"We are excited to engage Sue Bird and the technical expertise of MMTS to complete the initial mineral resource estimate on the Buck Main zone," stated Sharyn Alexander, Sun Summit's president. "Preparation and disclosure of a mineral resource estimate is a key milestone for the company, as it is the first time a mineral resource has been reported from the extensive geological modelling and compilation work completed over the past three years. The spatial distribution of the mineral zonation and various styles of mineralization suggest the current drilling represents the upper level of a potentially much larger system, still open at depth and along strike, and indicates potential to significantly expand the project mineralized footprint. We look forward to announcing results from the resource estimation in the first quarter of 2024 and expect the results will provide impetus to continue to drill out the Buck Main system."

On November 16, 2023, Sun Summit Minerals Corp. has released the final assay results from its 2023 multistage exploration program on the 52,000-hectare Buck project, central British Columbia. Assay results continue to demonstrate strong expansion potential for both disseminated and high-grade gold, silver and zinc mineralization along the northwestern and northeastern extents of the Buck Main zone. Highlights:

• Significant mineralization confirms strong grade continuity: Results from the four remaining drill holes show continuity of near-surface gold (Au), silver (Ag) and zinc (Zn) mineralization in areas where previous drilling is sparse:
• Hole BK23-095 returned 0.44 gram per tonne (g/t) gold equivalent (AuEq) over 40.5 metres from 15 metres depth, and 0.79 g/t AuEq over 41.5 metres from 173.5 metres depth, including 1.45 g/t AuEq over 15 metres;
• Hole BK23-096 returned 0.78 g/t AuEq over 16 metres from a depth of 107 metres, including 5.84 g/t AuEq over 1.5 metres and 0.84 g/t AuEq over 39 metres from a depth of 133.8 metres, including 1.89 g/t AuEq over 12.3 metres;
• Hole BK23-097 bottomed in mineralization, intersecting 0.5 g/t AuEq over one metre to the end of the hole;
• Hole BK23-098 bottomed in 0.76 g/t AuEq over 22.5 metres, suggesting disseminated mineralization increases at untested depths to the northeast.
• Mineral resource estimate to be completed on Buck Main: An initial mineral resource estimate (MRE) will be calculated on Buck Main with expected completion in Q1 2024. The MRE will include recent drilling completed at Buck Main with the potential to incorporate additional historic drilling.

On Nov. 8, 2023, Sun Summit Minerals Corp. signed a letter of intent to option the JD project in the Toodoggone gold-copper district in north-central British Columbia. Highlights:

• Strong high-grade gold and silver mineralization potential: The JD project is locally characterized by high-grade epithermal gold and silver mineralization, highlighted by previous drill intercepts of 35.7 metres of 7.26 grams per tonne (g/t) gold (Au), including one m of 215.4 g/t Au (JD95-0471), and 22 m of 11.7 g/t Au, including four m of 61.2 g/t Au (CZ97-0082).
• Significant porphyry-related copper mineralization discovery potential: The JD project contains numerous poorly tested porphyry-related copper targets (for example, McClair, Moosehorn and Ferricrete) that warrant considerable exploration.
• Prolific exploration jurisdiction in existing mining camp: The Toodoggone gold-copper mineral belt represents a historically significant mining camp which has seen a recent resurgence of activity, development of infrastructure and advancement of projects.
• Strategic transaction with shareholder benefit: The acquisition of the JD project provides the company and its shareholders with significant new discovery potential and continuing value creation.
• Diversified project portfolio: The company will be focused on exploration and expansion of two projects in mining-friendly jurisdictions -- the Buck and JD projects.

Sharyn Alexander, Sun Summit's president, stated: "The acquisition of the JD project represents an outstanding opportunity for Sun Summit and its shareholders. We are excited for the opportunity to expand and diversify the company's project portfolio with the addition of a high-grade precious metals project in an emerging mining district in British Columbia. The JD project is an underexplored land package in a favourable geological environment where previous drill results have yielded significant intercepts of near-surface high-grade gold and silver mineralization. As data review and compilation progresses, additional historic exploration results from drilling and sampling will be shared with the market.

On October 24, 2023, Sun Summit Minerals Corp. plans to complete an initial mineral resource estimate covering the Buck Main zone of the Buck project, located in central British Columbia. Highlights:

• Initial Mineral Resource Estimate: An initial Mineral Resource Estimate (MRE) is being planned for Buck Main, with expected completion in Q1 2024. Since 2020, 98 drill holes totalling over 34,500 metres have been completed within the Buck Main zone, with the potential to incorporate additional historic drilling.
• Assay Results Pending: Remaining results from the most recent drill program will be reported once they are received and analyzed, and will be included in the planned MRE.
• Unconstrained Mineralized Footprint: The known mineralized footprint demonstrates strong near-surface grade continuity and currently measures over 1.1 kilometres in strike length and 700 metres in width. Latest drill testing at Buck Main continues to intersect mineralization outside the known footprint, supporting the zone's further potential for expansion subsequent to completion of the MRE.
• Ongoing Discovery Potential: In tandem with completion of the MRE, drilling and exploration will continue throughout the Buck Project area with multiple additional zones and target areas warranting exploration and drill testing. Successful delineation of additional mineralization outside of the MRE could trigger a future update or expansion to the initial MRE.

"We are excited to announce plans to commence an initial Mineral Resource Estimate on the Buck Main zone." stated Sharyn Alexander, Sun Summit's President. "The Buck Project is located in an exceptional jurisdiction with existing infrastructure, transparent permitting process, and district-scale exploration upside. Drill results at Buck Main continue to demonstrate significant potential with size and scale opportunities. Our technical team has systematically tested the system, defined by near-surface gold, silver and zinc mineralization, which remains open in all directions. As we continue our ongoing exploration throughout the project area, the completion of an initial MRE will be a significant milestone for the company and a major step in highlighting the project's current value proposition and ongoing growth potential."

On October 18, 2023, Sun Summit Minerals Corp. has released additional assay results from recent stepout drilling at the Buck Main target as part of a multistage exploration program across its 52,000-hectare Buck project, located in central British Columbia. Results indicate significant expansion potential along the northwestern extent of known mineralization. Highlights:

• Results indicate that significant gold, silver and zinc mineralization extends laterally beyond limits of previous drilling and defines strong depth potential where previous drilling is sparse:
• Hole BK23-094 returned 1.26 grams per tonne gold equivalent over 43.5 metres from 18.5 metres depth, including 1.0 metre of 16.97 g/t AuEq, in a 100-metre stepout to the northwest.
• Hole BK23-091 bottomed in mineralization, intersecting 0.72 g/t AuEq over 11.7 metres to the end of the hole.
• Hole BK23-089 bottomed in 0.63 g/t AuEq over 10.2 metres, suggesting mineralization increases at untested depths to the north.
• Assays from remaining drill holes are pending, with results expected to be released as they are received and analyzed.

Sharyn Alexander, Sun Summit's president, stated: "This latest round of drill results from Buck Main demonstrates strong continuity of mineralization in three dimensions and adds considerable scale to the extent of the known system, which still remains open. These holes primarily tested undefined margins of the well-mineralized, northwest-trending structural corridor and were successful at finding additional significant mineralization to the north, west and at depth. Results from these holes speak to the unique nature of Buck Main, and are in line with expected grade thresholds of a possible near-surface, bulk-tonnage gold system."

On September 19, 2023, Sun Summit Minerals Corp. announced the surface sampling results from the summer 2023 exploration program at its flagship Buck Project in central B.C. The field campaign focused on exploration at several high-priority targets at the Mount Morice and CR areas and resulted in the discovery of a new zone of copper mineralization. Highlights:

• Strong copper mineralization: Rock samples returned results up to 1.00% Cu and 3.2 g/t Ag, and 0.94% Cu and 4.1 g/t Ag in a new zone that has seen limited exploration. Target areas show strong porphyry-related mineralization and alteration and remain open for expansion.
• Exploration aimed at discovery: Reconnaissance field work included detailed mapping, sampling, and prospecting around the Mount Morice and CR target areas.
• Completion of step-out drill program at Buck Main: The drill campaign consisted of 3,736 metres over 13 diamond drill holes in high-priority areas aimed at testing the lateral and vertical extents of mineralization (see June 8, 2023, news release). Assays have been released for the first two holes of the program, and remaining assays are being processed at the lab and will be released as they are received and interpreted.

Sharyn Alexander, Sun Summit's President stated: "We are very pleased with the results from our initial exploration efforts at CR, as well as follow-up exploration at Mount Morice. Both of these targets have shown notable mineralized occurrences through previous exploration and warrant detailed systematic follow-up. The detailed geological mapping and geochemical sampling will allow us to continue to define these targets and advance them towards the drill-ready stage. The results provide evidence of the project's ongoing potential for expansion and discovery of new mineralized zones."

On September 11, 2023, Richard J. Billingsley has acquired ownership of one million common shares (representing 0.96 per cent of the outstanding shares) of Sun Summit Minerals Corp. The acquisition was made by purchases made through the TSX Venture Exchange on Sept. 6, Sept. 7 and Sept. 8, 2023, at an average price of 5.5 cents per share (totalling $55,000). The shares were acquired for investment purposes.

Immediately prior to the acquisition, he and his wife owned and had control and direction over 12,106,742 common shares (representing 11.57 per cent of Sun Summit's outstanding common shares).

On September 06, 2023, Sun Summit Minerals Corp. has released initial results from its summer 2023 exploration drill program at the Buck Main target as part of a multistage exploration program across its 52,000-hectare Buck project in central British Columbia. Highlights:

• Results from the first two drill holes indicate that significant gold (Au), silver (Ag) and zinc (Zn) mineralization extend laterally and at depth, and is open to the north where previous drilling is sparse:
• Hole BK23-086:
• 148.5 metres of 0.46 gram per tonne (g/t) gold equivalent (AuEq) (0.33 g/t Au, 4.2 g/t Ag and 0.31 per cent Zn);
• 40 metres of 0.68 g/t AuEq (0.57 g/t Au, 5.9 g/t Ag and 0.3 per cent Zn), including nine metres of 1.43 g/t AuEq (1.27 g/t Au, 8.9 g/t Ag and 0.58 per cent Zn);
• 10 metres of 0.83 g/t AuEq (0.6 g/t Au, 2.5 g/t Ag and 0.6 per cent Zn).
• Hole BK23-087:
• 185.9 metres of 0.66 g/t AuEq (0.39 g/t Au, 8.2 g/t Ag and 0.53 per cent Zn), including 1.5 metres of 5.59 g/t AuEq (4.10 g/t Au, 20.8 g/t Ag and 3.96 per cent Zn), 20.1 metres of 0.98 g/t AuEq (0.62 g/t Au, 3.3 g/t Ag and 0.87 per cent Zn) and 11.9 metres of 1.45 g/t AuEq (1.26 g/t Au, 7.4 g/t Ag and 0.64 per cent Zn).
• The broad gold, silver and zinc intervals reported in these holes supports the potential for depth extension of bulk-tonnage-style disseminated mineralization being delineated at Buck Main.
• Drilling at Buck Main is continuing, and assay results from the remaining holes are pending, with results expected as they are received and analyzed.
• Results from the extensive surface exploration program in the area of Mt Morice and CR (recently acquired from Teck -- see June 1, 2023, news release) are being analyzed and interpreted, and will be released shortly.

On August 15, 2023, Sun Summit Minerals Corp. has remobilized drill crews to site after an evacuation order south of the town of Houston due to a wildfire was lifted. As previously announced, Sun Summit took proactive measures to temporary suspend drilling and field exploration in the area and all personnel were demobilized from site (see July 26, 2023 news release). Highlights:

Drilling recommenced at Buck Main: The planned drill program consists of ~3,500 metres over 15 step-out drill holes targeting new zones of potential high-grade and bulk-tonnage mineralization in untested areas to the north and west of previous drilling (see June 8, 2023 news release). Assay results and geochemical analysis expected shortly: All drill core and surface samples collected in advance of the evacuation notice are currently being processed at the lab and results are expected shortly.

Sharyn Alexander, Sun Summit's President stated: "We are pleased to resume our multi-stage drilling and exploration program at the Buck Property. New drilling at Buck Main has already shown encouraging zones of visible sulfide mineralization, and the upcoming assay results will help guide and refine targeting as the drill program continues.

On July 27, 2023, Sun Summit Minerals Corp. has retained Simone Capital Corp. for investor relations and capital markets advisory services. The retainer will commence on Aug. 1, 2023, and continue until terminated on 30 days notice.

Simone Capital will leverage its proprietary database to engage and co-ordinate road shows with retail brokers, portfolio managers, analysts and individual investors on the company's behalf. In consideration for the services, Simone Capital will be paid $6,500 per month from the company's working capital.

On July 26, 2023, Sun Summit Minerals Corp. has noted that an evacuation order has been issued south of the town of Houston in response to an uncontrolled wildfire in the region. Exploration activities have been temporarily suspended and all personnel have been demobilized from site until the situation improves. Highlights:

• Work has commenced for multistage exploration program: Exploration is focused on stepout drilling at Buck Main, targeting new zones of potential high-grade and bulk-tonnage mineralization in previously untested areas (see June 8, 2023, news release). In addition, surface exploration includes detailed mapping, prospecting and sampling in high-priority targets, including prospective new ground (see June 27, 2023, news release).
• Assay and geochemical analyses under way: Core samples from three completed drill holes, half of a fourth drill hole and 230 samples from surface exploration have been sent to the lab for assay and geochemical analyses, with results expected shortly.
• No significant delays anticipated: The company does not expect the wildfire to have a significant impact on the 2023 exploration program, which will resume as soon as it is safe and permissible to do so.

On July 04, 2023, The TSX Venture Exchange has accepted for filing a purchase and sale agreement dated as of May 31, 2023, between Sun Summit Minerals Corp. and Teck Resources Ltd., whereby the company acquired from the vendor 19 mineral claims totalling 8,964.30 hectares located in British Columba known as the CR property through the issuance of 2,727,727 common shares of the company to the vendor. The vendor has retained a 1.0-per-cent net smelter return (NSR) royalty on the CR property, of which one-half (a 0.5-per-cent royalty) may be repurchased for $2-million at any time, resulting in the vendor retaining a 0.5-per-cent NSR royalty. Additionally, the CR property is subject to an underlying 0.5-per-cent net smelter return royalty to the original owner of some mining claims, which can be repurchased for $10-million.

On June 27, 2023, Sun Summit Minerals Corp. has commenced its multistage exploration program being conducted across its 52,000-hectare Buck project, central British Columbia. The program will focus on exploration at several high-priority precious metals targets, including prospective known targets within the newly obtained CR property recently acquired from Teck Resources (see June 1, 2023 news release).

Highlights: Exploration aimed at discovery: High-priority targets will undergo detailed field work following up on previous exploration results. The Mount Morice target was identified from highly anomalous gold and silver creek silt samples (see March 1, 2023 news release). In addition, ~9,000 hectares recently staked along the south and western boundaries of Buck will be prospected and sampled in detail (see March 7, 2023 news release).

Precious metals potential at CR: Field work will also focus on the recently acquired CR project (see June 1, 2023 news release). Previous exploration by others has mapped notable occurrences of gold and silver mineralization that have only seen limited follow-up exploration to date.

Exploration permits in place: Property-wide exploration permits will allow drilling to be conducted throughout the expanded land package.

Drilling has commenced at Buck Main: Drilling in untested areas at Buck Main has begun targeting new zones of potential high-grade and bulk-tonnage mineralization. Field exploration will run concurrently with drilling at Buck Main and is expected to continue through to August.

On June 20, 2023, Sun Summit Minerals Corp. has released results from its recent diamond drill program comprising 2,016 metres over nine diamond drill holes from the IRK and Eagle Eye targets on the Buck project, central British Columbia. Exploration drilling at IRK and Eagle Eye intersected broad zones of strong alteration with anomalous pathfinder element geochemistry and zones of anomalous zinc and silver values were intersected in most holes. Highlights:

• IRK target: Seven holes for 1,430 metres were drilled at three locations at IRK, intersecting intense alteration and veining with visible sulphide mineralization and anomalous zinc and silver.
• Eagle Eye target: Drilling two drill holes for 586 metres, intersecting stringer pyrite associated with anomalous zinc and silver values.
• Property-wide exploration aimed at discovery: Crews have mobilized to site to begin a significant exploration program focused on high-priority targets in the company's expanding project area, including the recently acquired CR property (see June 1, 2023, news release).
• Drilling at Buck Main: Stepout drilling, focused on new zones of potential high-grade and bulk-tonnage mineralization, has commenced (see June 8, 2023, news release).

On June 13, 2023, Sun Summit Minerals Corp. has completed the acquisition from Teck Resources Ltd. of the 8,964-hectare porphyry copper-molybdenum CR property, located contiguous to Sun Summit's 43,000-hectare Buck property in central British Columbia. The combined property covers 52,000 hectares (520 square kilometres), which expand the company's land position by more then 20 per cent.

Sun Summit acquired the CR property by the issuance to Teck of 2,272,727 common shares valued at $250,000. Teck retains a 1.0-per-cent net smelter return (NSR) royalty on the property, of which one-half (0.5 per cent) may be repurchased for $2-million at any time, resulting in Teck retaining a 0.5-per-cent NSR royalty. There is a pre-existing 0.5-per-cent NSR royalty to the original landowner, which can be repurchased for $10-million. In accordance with Canadian securities laws, the shares are subject to a four-month hold period expiring on Oct. 13, 2023.

On June 08, 2023, Sun Summit Minerals Corp. has commenced drilling at its Buck Main project, which marks the beginning of a multistage exploration program across its 52,000-hectare project area in central British Columbia. Highlights:

• Significant drilling at the Buck Main zone: approximately 3,500 metres over 15 priority diamond drill holes in previously untested areas, both laterally and at depth;
• Improved understanding of controls on mineralization: Recent drill intercepts at Buck Main were incorporated into an updated 3-D model which has led to an improved understanding of the geological and structural controls of mineralization, which will assist in continuing drill planning and targeting;
• Drilling designed to test untested areas: Planned drill holes will test recently recognized fault structures and veins that are often associated with high-grade mineralization elsewhere within the Buck Main zone.

On June 01, 2023, Sun Summit Minerals Corp. has agreed to the acquisition of the 8,964-hectare CR property from Teck Resources Ltd., located adjacent to Sun Summit's 43,000-hectare Buck property in central British Columbia. 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.

On May 31, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 14, 2023.

Non-flow-through (NFT) shares

Number of shares: 9,123,015 non-flow-through shares

Purchase price: 11 cents per non-flow-through share

Warrants: 9,123,015 share purchase warrants to purchase 9,123,015 common shares

Warrant exercise price: 16.5 cents for a two-year period

Flow-through (FT) shares

Number of shares: 15,715,733 flow-through shares

Purchase price: 12 cents per flow-through share

Warrants: 15,715,733 share purchase warrants to purchase 15,715,733 common shares

Warrant exercise price: 16.5 cents for a two-year period

On May 17, 2023, Sun Summit Minerals Corp. has appointed Brian Lock as executive chairman. Mr. Lock 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.

"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."

On May 11, 2023, Sun Summit Minerals Corp. has closed its oversubscribed private placement for gross proceeds of $2,889,419.66 consisting of:

1. 9,123,015 non-flow-through units at a price of 11 cents each for $1,003,531.70;
2. 15,715,733 flow-through units at a price of 12 cents each 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 stepout 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."

On May 01, 2023, Sun Summit Minerals Corp. 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.

On April 14, 2023, Sun Summit Minerals Corp. announced 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 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.

On April 04, 2023, Sun Summit Minerals Corp. has provided 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 sulphide mineralization in drill core. Highlights:

• Continuing exploration drill program: Initial drilling at IRK and Eagle Eye have intersected strong hydrothermal-related alteration and veining with visible sulphide 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 under way: 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: Stepout 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 Jan. 19, 2023). A significant field program is also being planned at numerous underexplored 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 sulphide 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."

Also, 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.

On March 27, 2023, Sun Summit Minerals Corp. has noted the passing of 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.

On March 15, 2023, Sun Summit Minerals Corp. announced 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.

On March 07, 2023, Sun Summit Minerals Corp. announced 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. 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 Project[1].
• 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.

On March 01, 2023, Sun Summit Minerals Corp. provided 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.

February 8, 2023, Sun Summit to Commence Drilling On Two New High Priority Targets At Buck Project; Additional Target Advancement Ongoing

https://sunsummitminerals.com/news/2023/sun-summit-to-commence-drilling-on-two-new-high-priority-targets-at-buck-project-additional-target-advancement-ongoing/

January 25, 2023, Sun Summit Step-Out Drilling Expands Near-Surface Gold-Silver-Zinc Mineralization at Buck Project, B.C.; Intersects 54.6 Metres of 0.83 g/t Au, 9.2 g/t Ag and 0.21% Zn, Including 3.0 Metres of 6.06 g/t Au, 62.5 g/t Ag and 0.52% Zn

https://sunsummitminerals.com/news/2023/sun-summit-step-out-drilling-expands-near-surface-gold-silver-zinc-mineralization-at-buck-project-b-c-intersects-54-6-metres-of-0-83-g-t-au-9-2-g-t-ag-and-0-21-zn-including-3-0-metres-of-6-06-g-t/

January 19, 2023, Sun Summit Extends High-Grade Mineralization at Buck Project, B.C. Intersects 6.4 g/t Au and 27.6 g/t Ag Over 7.0 Metres, Including 38.0 g/t Au and 137.0 g/t Ag Over 1.1 Metres in Western Step Out Hole

https://sunsummitminerals.com/news/2023/sun-summit-extends-high-grade-mineralization-at-buck-project-b-c-intersects-6-4-g-t-au-and-27-6-g-t-ag-over-7-0-metres-including-38-0-g-t-au-and-137-0-g-t-ag-over-1-1-metres-in-western-step-out-ho/

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