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Sun Summit Minerals Corp.

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

Address :  Suite 704, Box 35
595 Howe Street
Vancouver, BC
Canada V6C 2T5
Tel No.: 1-778-588-9606
Web Site: www.sunsummitminerals.com
E-mail: info@sunsummitminerals.com
Contact Person: Sharyn Alexander
Position: President


Company Data

Traded Market: TSX-V | OTCQB
Traded Symbol: SMN | SMREF
Outstanding Shares: 64,705,538 (Nov 10, 2021)
Public Float: ~$ 2M
52 Week High: $ 1.35
52 Week Low: $ 0.37
Present Price: Click Here


Introduction

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

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

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


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

  • High-grade and bulk-tonnage gold and silver property
  • 100% controlled; fully permitted
  • Tier 1 Mining District
    • Developed infrastructure nearby – major highway, power, rail
    • Year-round exploration road access
    • Fully permitted for exploration
  • Close proximity to formerly producing mines and active exploration projects
  • Underlain by highly prospective Late Cretaceous Kasalka Group volcanics; same host rock as Artemis Gold's 8 million ounce Blackwater Gold deposit

Buck Drilling Highlights

  • Over 10,300 m in 32 diamond drill holes have recently been completed
  • In total, 66 drill holes over 23,500 m have been completed by Sun Summit since the project was optioned (July 2019)
  • Grid-based drilling has led to reinterpretation of the geological model – indicating near-continuous zone of mineralization in the Buck Main area
  • New area of breccia-hosted sulfide mineralization has been identified
  • Initial assay results will be released shortly as they are received and analysed.
  • Sharyn Alexander, Sun Summit's President, stated, “We are very encouraged by what we're seeing at the Buck property so far. All drill holes have intersected mineralized zones similar to those reported to host gold in earlier campaigns. (See news release dated Nov. 30, 2021)

Buck High Grade Gold Discovery

  • Unconstrained epithermal-related mineralized system
  • Significant high-grade Au + Ag mineralization
    • 10.19 g/t Au over 7.5 m including 49.6 g/t Au over 1.5 m (BK20-012)
    • 31.61 g/t Au over 4.0 m including 246 g/t Au over 0.5 m (BK21-020)
  • Continuous bulk tonnage-style Au + Ag mineralization
    • 0.69 g/t Au over 241 m including 1.07 g/t Au over 109 m (BK21-017)
    • 0.45 g/t Au over 409 m including 1.02 g/t Au over 87 m (BK21-033)

Additional Targets

  • Multiple under-explored targets have been identified within 33,000 ha tenure package
  • The Buck Main soil geochemical/IP chargeability anomaly is the same scale as the Blackwater mineralized system, and Buck is still unconstrained
  • Property transected by fault-bound Kasalka Group volcanic/volcaniclastic rocks
  • Other zinc soil geochemical anomalies of similar or greater scale as Buck Main; elsewhere on the Buck property have seen little or no drill testing
  • Numerous soil-geochemical grids and long property-scale soil transects have been completed totalling over 2,600 samples
  • Over 250 systematic rock-chip samples and 35 silt samples have been collected throughout the tenure
  • Samples are currently being processed and interpreted and results will be released shortly

Assays for the recently completed 32-hole drill program are arriving now; to be released in several batches over the next few weeks as they are received, compiled, and interpreted.

New lithological and structural information will continue to refine the geologic model which will be used for future targeting.


Management

Management and Directors

Robert D. Willis, B.Sc., P.Eng., Chief Executive Officer and Director

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.

Sharyn Alexander, M.Sc., President

Geologist with over 15 years of experience

Project management, business development, strategic planning, relationship building, social responsibility, investor relations, and marketing.

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

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

Assurance partner of Manning Elliott LLP.

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

Founder of Northwest Law Group.

R. Stuart (Tookie) Angus, Chairman and Director

Over 40 years of experience

Directly involved in numerous successful M&A transactions

Former head of Global Mining Group at Fasken Martineau

Former director of First Quantum Minerals, Canico Resources, Bema Gold, Ventana Gold & Nevsun.

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

Director 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.

Technical Advisor

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


News Update

On November 24, 2022, Sun Summit Minerals Corp. reported that the identification of a strong high-chargeability and coincident high-resistivity anomaly at the Eagle Eye target from its recently completed Induced Polarization (IP) geophysical survey. This IP survey was part of a systematic exploration program across the 33,000 hectare Buck Project, central British Columbia. Highlights:

  • Completion of IP geophysical survey: A 34 line kilometre (km) IP geophysical survey was conducted at the Eagle Eye and IRK targets.
  • Identification of a broad geophysical anomaly at Eagle Eye: A sizeable coincident high-chargeability and high-resistivity anomaly has been identified in preliminary IP results suggesting potential for sulfide-related mineralization. This geophysical signature is similar to that found at the Buck Main target.
  • Property-wide exploration program now complete: Recent exploration at the Buck Project included systematic geochemical sampling, geophysical surveying, and the completion of 3,000 metres of diamond drilling in eight holes (see news release dated November 8, 2022). Assay results from drill core, rock, silt and soil samples are pending.
  • Drill target generation across the project: The results of the IP survey, as well as the results from geochemical sampling, will be used to delineate additional high-priority drill targets at these untested areas.

On November 08, 2022, Sun Summit Minerals Corp. provided an update on the Company's exploration drill program at the 33,000 hectare Buck Project, central British Columbia. Drilling conducted in the latest drill program has successfully extended the footprint of near-surface sulfide-related mineralization at the Buck Main zone. Highlights:

  • Over 3,000 metres of diamond drilling in eight holes have so far been completed at Buck Main: All holes successfully intersected multiple zones of disseminated, breccia- and/or vein-hosted sulfide mineralization.
  • Drill holes were predominately step-outs: Holes were designed to investigate the lateral extent of near-surface gold-silver-zinc mineralization (see news release September 8, 2022).
  • System remains open: Holes covering an east-west strike length of over 1,000 metres have now intersected broad zones of sulfide mineralization.
    • Six new holes were drilled on the western side of Buck Main targeting known zones of disseminated and vein-hosted mineralization (e.g., BK22-070; 1.09 g/t gold equivalent (AuEQ1,2) over 73.5 metres3; see news release May 3, 2022).
    • Two new holes were drilled on the eastern side of Buck Main targeting eastward extensions of breccia-hosted and bulk-tonnage style disseminated mineralization (e.g., BK22-075; 1.08 g/t AuEQ1,2 over 63.5 metres3; see news release June 1, 2022).
  • Assay and geochemical analyses underway: Core samples from all recently completed holes have been sent to the lab for assay and geochemical analyses and will be reported once received and reviewed. Assay results will provide important information for follow up drill planning and targeting.
  • Ongoing geophysical survey at priority target areas: An Induced Polarization (IP) geophysical survey is ongoing at the IRK and Eagle Eye targets to investigate potential zones of strong sulfide-related mineralization.
  • Drill target generation across the project: The results of the IP survey, as well as the results from geochemical sampling, will be used to delineate high-priority drill targets elsewhere on the property.

On November 04, 2022, Sun Summit Minerals Corp. has retained Acuity Advisory Corp. of Vancouver, B.C., to provide communications and advisory services commencing Nov. 3, 2022.

On September 22, 2022, Sun Summit Minerals Corp. reported that the ongoing property-wide field exploration program has been expanded with the goal to delineate additional drill targets at the 33,000 hectare Buck Project, central British Columbia. Ongoing work has increased the number of targets, but several targets remain open and require additional work to fully define and prioritize. Highlights:

  • Numerous multi-element soil anomalies provide potential new drill targets: Broad multi-element soil anomalies identified at the IRK, Eagle Eye, Tower, Cabin and Buck West targets are considered prospective for Buck-style gold-silver-zinc mineralization. An expanded field program will focus on infill and step-out soil sampling at these targets.
  • Geochemical targets are coincident with geophysical anomalies: Most multi-element soil anomalies are coincident with previously defined high-priority geophysical anomalies.
  • Induced Polarization (IP) geophysical survey is commencing: Over 20-line kilometres of grid-based IP geophysics aimed at improving drillhole targeting will focus on the IRK and Eagle Eye zones.
  • Assays pending for exploration samples: Over 50 rock chip samples collected from outcrops at many targets have been submitted to the lab for assay and multi-element geochemistry.
  • Ongoing drilling at Buck Main: Current drilling is initially focused on targeting possible western extensions of near-surface gold-silver-zinc mineralization at Buck Main. Additional targets peripheral to Buck Main may also be tested as the program continues.
  • Significant discovery potential across the project: Results of the ongoing geochemical and geophysical exploration program will help identify and delineate additional high-priority drill targets in under-explored areas of the Buck Project.

On September 08, 2022, Sun Summit Minerals Corp. has commenced drilling at the 33,000-hectare Buck project, central British Columbia, where the company has an option to acquire a 100-per-cent interest. Highlights:

  • Expand footprint of near-surface bulk-tonnage-style mineralization: Drilling will comprise stepout holes along strike from known, near-surface gold-silver-zinc mineralization;
  • Initial 5,000-metre program: The drill program will include over 5,000 metres with the potential to expand based on initial results and preliminary review of property-wide exploration results, which could delineate high-priority targets elsewhere on the property;
  • Continuing exploration: The company is continuing with exploration on the Buck project (see news release dated Aug. 31, 2022) while drilling progresses. An induced polarization (IP) geophysical survey and further soil geochemical surveys will be conducted at the IRK zone, Eagle Eye zone and other prospective targets within the project.

On August 31, 2022, Sun Summit Minerals Corp. provided the further update on its ongoing exploration activities at the 33,000 hectare Buck Project, central British Columbia, where the Company has an option to acquire a 100% interest. Highlights:

  • Ongoing exploration: Geochemical sampling (rocks, silts, and soils) and geological mapping at the highly prospective IRK and Eagle Eye targets is ongoing.
  • Real-time data collection: A portable X-Ray fluorescence spectrometer (pXRF) is being used in the field to measure pathfinder elemental concentrations in soil samples. This method allows for the immediate initiation of grid expansions and/or infill samples, if required. Select samples will also be sent to the lab for geochemical analysis.
  • Upcoming IP survey: An induced polarization (IP) geophysical survey is currently being planned to cover the IRK target. The survey is anticipated to commence shortly to investigate the lateral and vertical extent of potential zones of strong sulfide-related mineralization.
  • Drilling to commence shortly: Final drill planning at Buck Main is ongoing and drilling is set to commence this September. The program is anticipated to comprise step-out holes peripheral to areas of strong gold-silver-zinc mineralization as well as exploratory holes in newly defined target areas.
  • Identification of additional drill targets: Current exploration efforts across the IRK and Eagle Eye prospects may generate immediate drill targets.

On August 11, 2022. Sun Summit Minerals Corp. announced that the commencement of a property-wide exploration program over several highly prospective target areas within its 100% optioned, 33,000 hectare Buck Project, central British Columbia. Highlights:

  • Prospectivity assessment has outlined several target areas: Results from the Company's recently completed property-wide heli-borne Versatile Time Domain Electromagnetic (VTEM) survey, together with compiled and reinterpreted historic and recently acquired exploration data, have outlined several areas considered prospective for Buck-style epithermal-related gold-silver-zinc mineralization as well as potential porphyry-related copper mineralization.
  • Property-wide exploration program underway: Crews have mobilized to site and have started collecting soil samples along strategically placed grids across key target areas; IRK and Eagle Eye. These soil samples, along with rock samples from focused geological mapping and prospecting, will aid in defining new drill targets outside of the Buck Main system.
  • Drill planning in progress: The Buck Main system remains open in multiple directions and drill targets within and peripheral to the mineralizing system are currently being finalized. Results of the field exploration program will also help delineate high-priority drill targets elsewhere on the property.

On July 14, 2022, Sun Summit Minerals Corp. has completed a high-resolution versatile time domain electromagnetic geophysical survey across the Buck property, central British Columbia.Highlights:

  • Property-wide geophysical survey complete: Over 1,800 line kilometres of high-resolution geophysical data was acquired from across the 33,000-hectare property.
  • High-resolution data to assist with target generation: Preliminary VTEM results are being interpreted together with compiled geological and geochemical data to define areas considered prospective for Buck-style epithermal-related gold-silver-zinc mineralization as well as porphyry-related copper mineralization.
  • Reinterpretation of historic datasets: Reassessment of existing geophysical and geochemical data will aid in generating a prospectivity assessment to enhance targeting.
  • Property-wide surface exploration to follow: Field crews will be mobilized following geophysical data interpretation to conduct focused geological and structural mapping and soil geochemical surveys across priority target areas.
  • Drill planning in progress: Targets within and peripheral to the Buck main system are currently being prioritized and drill hole planning is continuing.
  • Strong financial position: The company is well capitalized with over $5-million in the treasury.

On June 14, 2022, Sun Summit Minerals Corp. announced that the commencement of its summer 2022 exploration program across its Buck Property, central B.C. Highlights:

  • Property-wide geophysical survey is set to commence: Crew and equipment have been mobilised to the property to conduct a heli-borne Versatile Time Domain Electromagnetic (VTEM) survey.
  • High-resolution geophysical data to assist with target generation: Results will be used to refine and prioritise follow-up geological and geochemical surveys and possible drilling later this year.
  • Drill planning in progress: All new data from the recently competed Buck Main drill program has been interpreted and included into the refined geological model. Targets within and peripheral to the Buck Main system are currently being ranked and prioritised.

On June 01, 2022, Sun Summit Minerals Corp. has released the final drill results from its winter 2022 exploration drill program on its Buck property, central British Columbia. Highlights:

Intersected multiple zones of high-grade and bulk-tonnage style mineralization near the centre of Buck Main:BK22-069: 29.17 grams per tonne (g/t) gold equivalent (AuEq) over 1.0 metre within 3.11 g/t AuEq over 13.2 metres, within broader zone of 0.91 g/t AuEq over 69.8 metres.Mineralization open in all directions: The broad zone of vein-hosted, high-grade intercepts, central to Buck Main, is unconstrained both laterally and at depth and open for expansion in all directions. Multiple broad intervals of near-surface, bulk-tonnage style mineralization identified on the eastern side of Buck Main: New drilling demonstrates strong grade continuity.BK22-067: 2.68 g/t AuEq over 11.3 metres within a broad zone of 0.98 g/t AuEq over 67.6 metresBK22-075: 2.22 g/t AuEq over 6.0 metres within a broad zone of 1.08 g/t AuEq over 63.5 metres.

On May 03, 2022, Sun Summit Minerals Corp. has released initial drill results from its winter 2022 exploration drill program and has discovered new zones of bulk-tonnage-style gold-silver-zinc mineralization on its Buck property, central British Columbia. Highlights:

    Discovered new zone of strong gold-silver-zinc mineralization -- westernmost stepout holes intersected numerous zones of strong mineralization in a previously untested area:

      BK22-070: 1.09 grams per tonne (g/t) gold equivalent (AuEq) over 73.5 metres, including 2.20 g/t AuEq over 10.3 metres, and 1.50 g/t AuEq over 17.0 metres within 0.84 g/t AuEq over 117.7 metres;

On April 06, 2022, Sun Summit Minerals Corp. provided an update from its current drill program at Buck Main and results from its recently completed property-wide exploration program across the Buck Property, central British Columbia.

Highlights:

  • Drilling ongoing: Nine holes have so far been completed at Buck Main.
  • Testing for high-grade structures and the limits of the Buck Main hydrothermal system: Six holes have been completed in the core of the Buck Main and three holes on the western margin.
  • Discovery of strong copper and silver mineralization: A zone of strong copper (Cu) and silver (Ag) mineralization was discovered approximately 1.5 km west of Buck Main where assays of up to 302 grams per tonne (g/t) Ag and 0.47% Cu have been returned in rock chip samples.
  • Soil geochemical anomalies to be evaluated with VTEM: Numerous multi-element soil geochemical anomalies have been identified, which may have additional detailed exploration subsequent to the upcoming property-wide VTEM (Versatile Time Domain Electromagnetic) geophysical survey

On March 30, 2022, Sun Summit Minerals Corp. announced that it has received confirmation from the Depository Trust Company (DTC) that its common shares are now eligible for electronic clearing and settlement through the DTC in the United States.

Sharyn Alexander, President of Sun Summit, said: "We are pleased to have obtained our DTC eligibility, which streamlines the process of trading shares in the United States, and benefits our American shareholders. With DTC eligibility, the increased accessibility and visibility is expected to attract greater investment and trading liquidity from American investors as our shares will be available to a broader range of investors."

On March 25, 2022, Sun Summit Minerals Corp. has closed its non-brokered private placement for gross proceeds of $6,000,400 by the issuance of: (i) 1,979,300 charity flow-through units at a price of 63 cents each for $1,246,959,(ii) 7,830,079 flow-through units at a price of 52 cents each for $4,071,641, and (iii) 1,515,111 non-flow-through units at a price of 45 cents each for $681,800.

Sharyn Alexander, Sun Summit's president, stated: "Closing this financing has placed Sun Summit in a strong position to continue to explore the Buck Main target and other potential discoveries within the property package. We are thankful for the ongoing support of our existing shareholders and are pleased to increase the support of institutional shareholders who were contributors in the financing. With a 4,500-metre drill program currently under way and an aggressive exploration campaign to follow, the company is positioned for an exciting year."

On January 25, 2022, Sun Summit Minerals Corp. announced that exploration drilling is set to recommence at its Buck Property British Columbia. The exploration program will be designed to expand on the Buck Main epithermal gold discovery. Plans are underway to commence a property-wide VTEM geophysical survey, which will help define additional targets on the property.

On January 5, 2022, Sun Summit Minerals Corp. has released initial drill results from its fall 2021 exploration program on its Buck Property in British Columbia. Assays from eight of the 32 completed holes are reported.

Highlights:

  • Multiple intervals of high-grade, vein-hosted gold mineralization intersected in numerous holes:
    • 11.65 grams per tonne gold equivalent over 3.0 metres, including 31.79 g/t AuEq over 1.0 metre, within 0.86 g/t AuEq over 60.8 metres (BK21-035);
    • 14.86 g/t AuEq over 1.1 metres within 1.04 g/t AuEq over 21.9 metres (BK21-041);
    • 10.03 g/t AuEq over 2.9 metres, including 16.05 g/t AuEq over 1.5 metres, within 4.82 g/t AuEq over 6.8 metres (BK21-043);
    • These high-grade intervals are within broader zones of near-surface disseminated mineralization;
    • Results confirm the presence of widespread high-grade gold mineralization as previously reported.
  • Multiple intervals of near-surface, disseminated and breccia-hosted mineralization confirm strong continuity of bulk-tonnage-style mineralization:
    • 0.96 g/t AuEq over 102.0 metres, including 1.94 g/t AuEq over 18.0 metres, and including 1.15 g/t AuEq over 19.3 metres (BK21-036);
    • 0.74 g/t AuEq over 175.3 metres, including 1.25 g/t AuEq over 53.8 metres (BK21-038);
    • Results confirm strong grade continuity on the eastern side of Buck Main over a strike length of at least 300 metres.

On November 30, 2021, Sun Summit Minerals Corp. provided an update from its exploration drill program at its Buck Property in British Columbia.

Highlights:

  • Over 10,000 metres in 32 drill holes completed: Sun Summit has so far completed 10,300 metres of drilling focused on targeting high-grade and bulk tonnage-style gold mineralization covering an area of over 500 by 500 metres.
  • Refinement of geological model: Grid-based drilling has led to a reinterpretation of the geological model and demonstrates a near-continuous zone of mineralization between the historic Trench and Horseshoe zones.
  • New areas of mineralization discovered: Systematic step-out holes in previously untested areas have identified broad zones of breccia-hosted sulfide mineralization.
  • Assay analyses well underway: Samples from the first 23 holes are at the lab with additional shipments arriving in the coming days. Initial results from the drill program are arriving and the Company looks forward to releasing the first set of assays very shortly.


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