Monte Cristo Prospect

Site Name

Primary: Monte Cristo Prospect
Secondary: McLean Mine (center of mining)
Secondary: Tom Crown Lease
Secondary: Homestake Claim
Secondary: Goldenberg Tunnel
Secondary: Monte Cristo Tunnel
Secondary: Last Hope
Secondary: Mule Flats
Secondary: Black Mammoth
Secondary: Water Well Sinter

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Commodity

Primary: Gold
Primary: Molybdenum

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Location

State: Nevada
County: Esmeralda
District: Gilbert District

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Land Status

Land ownership: BLM Administrative Area
Note: the land ownership field only identifies whether the area the mine is in is generally on public lands like Forest Service or BLM land, or if it is in an area that is generally private property. It does not definitively identify property status, nor does it indicate claim status or whether an area is open to prospecting. Always respect private property.
Administrative Organization: Tonopah BLM Administrative District

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Holdings

Not available

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Workings

Not available

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Ownership

Owner Name: Gold Summit Corp.
Info Year: 2006

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Production

Not available

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Deposit

Record Type: Site
Operation Category: Past Producer
Deposit Type: vein, epithermal; Pluton-related???Skarn???
Operation Type: Surface-Underground
Year First Production: 1989
Year Last Production: 1990
Years of Production:
Organization:
Significant: Y
Deposit Size: S

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Physiography

Not available

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Mineral Deposit Model

Model Name: Porphyry Mo, low-F

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Orebody

Form: tabular

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Structure

Not available

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Alterations

Not available

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Rocks

Name: Metavolcanic Rock
Role: Host
Age Type: Host Rock
Age Young: Tertiary

Name: Chert
Role: Host
Age Type: Host Rock
Age Young: Ordovician

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Analytical Data

Not available

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Materials

Ore: Gold
Gangue: Quartz

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Comments

Comment (Development): Gold Summit Corp. reports that the Monte Cristo Property covers a widespread area of vein mineralization with bonanza gold grades at the surface in altered Tertiary volcanic rocks within the historic Gilbert Mining District. The McLean pit at Monte Cristo produced 300,000 tons of ore grading 2.4 g/t gold. Drill holes beneath the existing pit shows intervals of 1.5 meters assaying 4 g/t gold or higher. Notable high grade gold intercepts include: 3.04 m of 10.53 g/t, 1.54 m of 13.72 g/t, 3.04 m of 14.4 g/t, 1.53 m of 17.59 g/t, 3.04 m of 25.38 g/t, and 3.04 m of 28.54 g/t. Gold Summit plans to drill a potentially mineable, high grade resource beneath the existing McLean pit with a view to be starting production in a relatively short time period with low capital costs In April 2006, Gold Summit Corporation (GSM) announced that it had signed an option agreement with Pacific Intermountain Gold Corporation to acquire an interest in 102 lode claims (South Gilbert) that adjoin Gold Summit?s Monte Cristo property in the Walker Lane trend in Nevada. The agreement gives GSM the option to earn a 60% interest in the property by issuing a total of 750,000 shares and completing work expenditures of $1.2 million over a five year period. GSM further has the option to acquire a 70% interest by completing a feasibility study and an additional 10%, for a total of 80%, by placing a mine into commercial production. The South Gilbert claims cover the southern extension of the large structure that hosts the McLean Lode, the subject of a recently filed 43-101 compliant technical report. South Gilbert contains areas of prominent quartz-alunite alteration and banded epithermal vein material containing anomalous to ore-grade gold and silver. Drilling by previous explorers show a number of drill holes also containing gold and silver mineralization. Previous exploration was directed towards discovery of large, open pit ?Round Mountain? style mineralization, ignoring the high potential for steeply dipping, bonanza veins. Drilling by Inmet in the 1990?s intersected gold mineralization in 4 holes, ranging from 1.0 to 2.3 g/t gold over 1.5 metres. Platte River drilling in 2005 intersected two 1.5 metres intervals of 2.3 and 2.4 g/t gold in 2 separate drill holes and over 20 metres of anomalous silver. The acquisition gives GSM control of a mineralized trend extending 9 km along strike from the McLean Lode. There are at least 8 separate drill targets along this trend besides the McLean Lode where core drilling continues. Two holes completed north of the McLean Pit both failed to intersect the lode there, indicating a larger displacement than predicted. No further drilling is planned to the north at present. Gold Summit has submitted a Plan of Operations (POO) to the BLM for Monte Cristo to allow drilling of new targets outside of the McLean Lode. These targets, recently compiled in the 43-101 report process, include zones of alteration in favourable structural settings as well as mineralized holes drilled by previous companies. The zones of alteration, 8 targets in number, occur both north and south of the McLean Lode along a NNE trend 9 km in length. Zones of alteration vary in size from 0.1 to 0.5 sq km. Targets developed from Anaconda drilling from the 1980?s include intercepts between 1 to 5 g/t Au over 0.5 to 7.5 m and 1.5 m of 1034 g/t silver. In June 2006, Gold Summit Corporation (?GSM?) staked an additional 65 claims to extend its existing, optioned claim block at its Gold Springs property in the Eagle Valley Mining District, Lincoln County, Nevada.

Comment (Identification): This record contains all data from record M232053, an earlier record for the historic Monte Cristo Tunnel site.

Comment (Workings): Historic workings consist of the 1,000-foot long Tom Crown tunnel, the 500-foot long Goldenberg tunnel, and the Monte Cristo tunnel, as well as surface workings, which include the McLean pit.

Comment (Development): The southern extension of the block covers the south west strike extension of the Tempa Vein, including the Helen Mine, where surface sampling in trenches and bulldozer cuts by Energex in 1981 reported an average of 301 g/t Ag over 13m sample (along strike) of the vein. The exposed vein ranges between 1.4 and 3.65 m in true width, according to a 1984 report by a company consultant. Five shallow core holes tested the vein down to 30 m below surface and intersected intervals of vein assaying between 17 g/t and 106 g/t Ag at the same location. The same report describes 2 trenches located 100m north of the bulldozer cut that assayed 1.0 g/t Au and 240 g/t Ag over 1.5m true width and 81 g/t Au and 198 g/t Ag over 1.8 m true width. Thinning of the vein between the two locations is also noted. The assays reported by Energex have not been verified by GSM. To the north the claim extension covers the north east striking trace of the Tempa vein on to the flank of Lookout Mountain. In total, approximately 3.5 km strike length of the Tempa-Helen system is now controlled by Gold Summit. GSM mapping and sampling has traced the Tempa portion of the vein along 1.6 km of strike. True widths of the vein vary between 2m and 10m and precious metals assay between 2.5 and 517 g/t Ag and 0.1 and 4.2 g/t Au. Apart from a shallow wagon drilling program by Cerro Corp in 1959 to 20m vertically, the Tempa sector has not been drilled. Two additional vein systems lie east of the Tempa vein, within the GSM option block. Channel sampling by Energex on one, the President?s Pit location, yielded 1.5m of 0.7 g/t Au, 0.9m of 40.1 g/t Au and 0.9m of 9 g/t Au in separate samples. Widths are approximately true widths. GSM collected a total of 15 channel and chip samples from the same locality that assayed between 0.3 g/t and 53 g/t Au and 0.4 and 1225 g/t Ag. At least three high grade underground, gold/silver targets are now ready for drilling on the enlarged Gold Springs property. Meanwhile in Nevada, the company has a stable of gold properties that are prospective for high grade, underground deposits. The most advanced is the Monte Cristo property that hosts an inferred resource of 365,000 tons grading 0.19 ozs/tonne gold at the Maclean Pit. New target area will be drill tested either late this year or early in 2007. The results from three holes punched into its National property in the northern part of the state yielded up to 20 metres of clay and pyrite with very fine grained quartz with assays expected shortly.

Comment (Economic Factors): In 1988, pre-production reserves of the Monte Cristo prospect area were reported as kilotonnes of ore grading 0.07 opt gold. 2006 Gold Summit reported an inferred resource of 365,000 tons grading 0.19 ozs/tonne gold at the Maclean Pit on the Monte Cristo prospect. New target area will be drill tested either late this year or early in 2007. Production from the Monte Cristo project site (McLean Mine) was 300 kilotonnes of ore grading 2.4 g/t gold in the time period 1989-1990.

Comment (Commodity): Ore Materials: native gold

Comment (Commodity): Gangue Materials: quartz, manganese oxide

Comment (Deposit): Gold Summit Corp. reports that the Monte Cristo Property covers a widespread area of vein mineralization with bonanza gold grades at the surface in altered Tertiary volcanic rocks within the historic Gilbert Mining District.

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References

Reference (Deposit): http://www.goldsummitcorp.com/MonteCristo_43-101.pdf
URL: http://www.goldsummitcorp.com/MonteCristo_43-101.pdf

Reference (Deposit): Ron A. Sonnevil, 1979, Evolution of skarn at Monte Cristo, Nevada, M.S. Thesis, Stanford, CA.

Reference (Deposit): Long, K.R., DeYoung, J.H., Jr., and Ludington, S.D., 1998, Database of significant deposits of gold, silver, copper, lead, and zinc in the United States; Part A, Database description and analysis; part B, Digital database: U.S. Geological Survey Open-File Report 98-206, 33 p., one 3.5 inch diskette.

Reference (Deposit): Ferguson, H.G., 1927, The Gilbert District, Nevada: USGS Bull. 795-F, p. 142-143.

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Nevada Gold

Nevada has a total of 368 distinct gold districts. Of the of those, just 36 are major producers with production and/or reserves of over 1,000,000 ounces, 49 have production and/or reserves of over 100,000 ounces, with the rest having less than 100,000 ounces. Read more: Gold Districts of Nevada.