Summary

Mine Type	Underground
Study Completed	Preliminary Economic Assessment
Stage	Restarting
Commodities	Gold Silver
Mining Method	Longhole stoping Cut & Fill
Backfill type	...
Mine Life	...
Snapshot	Mining activity at the Summit mine dates back to the late 1800’s. The last active operator mined from 2008 to November 2013. The site has been on care and maintenance since November 2013 but has maintained all the necessary permits to re-start operations. In 2022, Golconda Gold has developed a more detailed mine plan for Summit, changed the mining and trucking operations to owner operator, completed a detailed analysis of the plant restart requirements and updated all the operating costs relating to Summit. Management has completed a re-survey of the underground mine and has updated the mine plans accordingly resulting in an update to the 2014 preliminary economic assessment. A full engineering survey of the in-situ mining equipment was conducted in April 2023. Golconda Gold continues to work with financing providers, to put in place a non-dilutive financing package to facilitate the re-start of operations at the Summit Property as soon as possible.

Deposit type

• Epithermal
• Vein / narrow vein

Summary:

The Summit Mine and Steeple Rock District lie on the southern edge of the mid-Tertiaryage, Datil-Mogollon volcanic field. The volcanic sequence comprises up to 8,000 feet of highly diverse volcanic and volcaniclastic rocks representing multiple eruptions from different vents. Thick sequences of andesitic and dacitic lava flows are interbedded with volcaniclastic and fluvial sediments. The flow rocks are typically porphyritic. Numerous high-silica rhyolites (Miocene-age) have intruded the lava flows. Thin tuffaceous units are associated with some of these intrusive bodies. The rock units generally trend northwesterly and dip moderately to gently to the northeast.

Small outcrops of Precambrian igneous rocks, Cretaceous sedimentary rocks and Cretaceous-Eocene sedimentary rocks crop out south of the district. Although these rocks are not exposed in the Steeple Rock district, they probably underlie the thick Tertiary volcanic sequence exposed in the district.

Gold and silver mineralization occur in an epithermal, low-sulfidation system containing less than 1% very-fine-grained, disseminated pyrite and trace amounts of galena, sphalerite and chalcopyrite. Most of the gold and silver mineralization occurs as grey streaks of finely-divided sulfide minerals in brecciated quartz and other siliceous material. Lesser amounts are associated with calcite. Brecciation and silicification have occurred in multiple episodes. Chalcedonic banding is common and late-stage crystalline quartz, frequently amethystine, fills vugs. Oxidation in the form of iron and manganese oxides is prevalent throughout the mineralized zone and is quite strong in the Inspiration level (elevation 5750 feet). At the water table (elevation 5300 feet), oxidation, although still present, is greatly reduced.

The Summit gold-silver deposit is a structurally controlled, vein-type deposit occurring in the lower footwall portion of a 50- to 100-foot-wide, steeply dipping, siliceous fault breccia within a segment of the northwesterly striking Summit fault. A flexure in the structure may have provided some of the conduits for ascending mineralizing solutions. The model for the deposit is a low-sulfidation, epithermal system in which gold and silver mineralization associated with silica were deposited within an approximate 1000-foot vertical zone governed by temperature and pressure. Above this zone the system is notably calcareous, and the mineralization is low grade and erratically distributed. Below the mineralized zone, on the basis of limited drilling, the structure appears to be virtually barren.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

Metrics
Daily milling capacity	....
Waste	....
Ore tonnes mined, LOM	....

Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Nov 29, 2024