Summa, LLC recently completed an NI 43-101 technical report on its Tonopah prospect in Nye County, Nevada.
SUMMARY: The report indicates that between 1901 and 1930 more than 1 million ounces of gold and 100 million ounces of silver were produced from the more prominent of the various old mines on Summa’s 57 patented (or fee title) claims. The report also details exploration work performed 1970s – 1990s. There are indications that economically significant, previously un-mined vein mineralization, wider zones of disseminated mineralization both near surface and at depth, as well as a low grade Silver/Gold resource contained within the various mine “dumps” and mill tailings all occur on the property.
The author of the report, James Chapman, PGeo, concludes, “In summary, the property has merit as an exploration prospect and also as a possible producer of silver and gold from existing mine dumps and mill tailings, and warrants further study/exploration.” A $710,000 budget is proposed for a dual-phased exploration program, with phase I entailing further compilation and assimilation of data into a modern data base, modeling, mapping, sampling, auger drilling of the tailings, and metallurgical bench tests. Phase II would follow and include the core drilling of targets generated as a result of the Phase I work.