Business
Sun Summit to Acquire Drill-Ready Porphyry Cu-Mo Property; Consolidates Significant Land Position in Emerging Mineral Belt in Central B.C.
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2023) - Sun Summit Minerals Corp. (TSXV: S...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit to Acquire Drill-Ready Porphyry Cu-Mo Property; Consolidates Significant Land Position in Emerging Mineral Belt in Central B.C.Vancouver, British Columbia--(Newsfile Corp. - June 1, 2023) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce it has agreed to the acquisition of the 8,964 hectare CR property from Teck Resources Limited, located adjacent to Sun Summit's 43,000 hectare Buck property in central B.C. Highlights of the acquisition include:Drill-ready porphyry copper-molybdenum property: The CR property has multiple, near-surface copper zones with historic drill holes that bottomed in 0.1-0.5% Cu; highlights include: 68 metres at 0.50% Cu, 0.015% Mo; and 168 metres at 0.37% Cu, 0.017% Mo*.Potential for discovery and expansion: The CR property is underexplored with numerous untested porphyry and epithermal targets.Large property with existing exploration permit: Roughly 8,900 hectare property with an existing exploration drill permit.Road accessible and excellent infrastructure: The CR property straddles a well-maintained forestry road that also serves as the haul road to the Huckleberry Mine. The Huckleberry Mine is less then 100 kilometres to the south with an industrial powerline running alongside the forestry road. Expansion of Land Holdings: Expansion of a significant land position in the emerging central British Columbia porphyry-epithermal belt.Favourable acquisition terms: The terms include acquisition of 100% ownership interest for Sun Summit shares and a net smelter return royalty (NSR) royalty, and no cash consideration or exploration commitments.Sharyn Alexander, Sun Summit's President commented, \"The combination of the CR property with the Buck property greatly increases our land holding in the area. This drill-ready project is located within a highly-prospective region of central British Columbia known for gold and copper systems. The property is road and powerline accessible and comes with favourable acquisition terms that provides tremendous value for shareholders. The area has excellent exploration upside and demonstrated potential for porphyry-related mineralization in two drill-tested zones, plus mapped occurrences of skarn Au-Cu and epithermal Au-Ag mineralization elsewhere on the property that have seen only limited examination. We are pleased to add a compelling c...