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Sun Summit Completes Acquisition of Drill-Ready CR Property; SmallCap Communications Inc. Retainer to End
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2023) - Sun Summit Minerals Corp. (TSXV: ...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Completes Acquisition of Drill-Ready CR Property; SmallCap Communications Inc. Retainer to EndVancouver, British Columbia--(Newsfile Corp. - June 13, 2023) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that it has completed the acquisition from Teck Resources Limited (Teck) of the 8,964-hectare porphyry copper-molybdenum CR property, located contiguous to Sun Summit's 43,000 hectare Buck property in central B.C. The combined property covers 52,000 hectares (520 square kilometres), which expands the Company's land position by more then 20%.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% net smelter returns (NSR) royalty on the property, of which one-half (0.5%) may be re-purchased for $2,000,000 at any time, resulting in Teck retaining a 0.5% NSR royalty. There is a pre-existing 0.5% NSR royalty to the original landowner which can be re-purchased for $10,000,000. In accordance with Canadian securities laws, the shares are subject to a four month hold period expiring on October 13, 2023.Termination of SmallCap Communications Inc. Sun Summit also announces that, effective June 30, 2023, SmallCap Communications Inc. of Vancouver, B.C. will no longer provide social media management and communication services to the Company. About the Buck ProjectThe Buck Project is situated in a historic mining district near Houston, B.C., with excellent nearby infrastructure that allows for year-round, road-accessible exploration. The project is host to the Buck Main intermediate-sulfidation epithermal-related gold-silver-zinc system. Most of the mineralization drilled to date at Buck Main consists of long, continuous zones of disseminated and breccia-hosted, bulk tonnage-style gold-silver-zinc. Vein-hosted, high-grade mineralization has also been intersected near the center of Buck Main. Exploration at the Buck Project is focused on investigating the lateral and vertical extent of gold-silver-zinc mineralization at the Buck Main system, and to define additional drill targets across the entire land package through systematic exploration programs. About Sun SummitSun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a Canadian mineral exploration company focused on expansion and discovery of district scale gold and copper assets in no...