Sun Summit Minerals Corp.
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.
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
Buck Main Target
Drill Target Areas
Potential for Discovery
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.
Sharyn Alexander, Sun Summit's president, stated:
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.
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:
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:
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:
"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:
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:
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:
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:
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:
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:
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:
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:
"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:
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:
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:
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:
February 8, 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
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