Gartmore Smaller Cos Share Discussion Threads

[smilewithme] 15/11/2007 18:57

From Stockhouse post dfergu7477


I believe Tony and Ruth are doing the right thing by focusing on the area NW of the McLean pit. We already have a gold resource right there, and given the biochemical anomalies and resistivity highs just north of the pit, it's probably a good place to drill.

I recently came back from spending a full day in the field with Tony and Ruth at Monte Cristo and have a lot of thoughts I'll post on that trip, here. Still collecting them!...

The bottom line, though... I am glad I participated in the recent private placement. I don't know when it'll all break, but Monte Cristo is a terrific property. It's so big it's hard to attack, piecemeal. By now going into an area adjacent to the McLean lode itself, I think the odds are increased that they'll find some of these dang epitermal veins.

If you could see all the old workings all around the area where they'll drill next (holes in hills, and holes down into the ground with wood workings on top), you'd think that area has a ton of potential. Heck, they assayed the dump sites from one of these old workings (at least, they think it was a dump site--big quartz rocks piled up next to the hole going into the ground), and it came back with 13g/tonne of gold. When I heard that, I wanted to jump right down the hole, myself!

Again, more to follow. The trip is still swirling around me and it's hard to pick any one thing.

Long and strong! GLTA!

[smilewithme] 15/11/2007 18:55

Although am disappointed they have not hit a vein, am still happy with my large holding here.

There are explorers out there with nothing who are worth more. All we need for GSM is a bit of interest from an outside group or JV partner and more drilling will eventually find what we know is there.

Looks like the McLean lode could be a winner. They already have around 100,000ozs Gold in-situ value worth around $80 million. Thats a start! And if they find more...

[smilewithme] 15/11/2007 18:52

GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS


Reno, NV November 14, 2007

FSC / Press Release


GOLD SUMMIT REPORTS GOLD INTERSECTIONS AT MONTE CRISTO AND A NEW GOLD TARGET IN THE CAROLINAS

Reno, Nevada US, November 14, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), announces that it intersected a broad zone of gold mineralization in one out of three holes recently completed in the Ohio Camp area on the Monte Cristo property in the Walker Lane province in western Nevada. A total of 1075m of RC drilling in three holes tested a 200 metre strike length. The holes, angled and drilled from west to east, were located to test for deeper and higher grade extensions to mineralization previously intersected by Atlas, as well as an untested outcropping quartz vein and soil anomaly.

Gold mineralization, associated with alteration and quartz vein stringers, was intersected in two out of the three holes. Hole 2 intersected an extensive mineralized interval 44m wide down hole at 36m that assays 0.3 g/t gold, including 12m interval of 0.5 g/t gold. In Hole 3 three separate 7 m intervals assayed 0.2 g/t gold and one 1.5m interval assayed 1.0 g/t gold. The results extend the Atlas zone an additional 150 metres along strike to the south. Dr A.P.Taylor, President and CEO said: "this is a test of one small area in one of the many excellent targets we have in the 11 km Monte Cristo district and, in this case, the gold is widely dispersed in host volcanics and not concentrated into a dominant vein."

With approval of the Plan of Operations permit for the northern half of the Monte Cristo belt imminent, GSM is now concentrating efforts to target new drill sites within and around the McLean Lode. This, to explore for extensions under cover believed to be displaced by cross faulting. As part of this process, a new interpretation of the 3D geological model, surrounding the 43-101 compliant resource of 331,000 tons at 6.5 g/t gold, is being constructed. Drilling is planned early in 2008.

One striking, newly recognised, target lies under alluvial cover NW of the McLean Pit is a 400 m by 100m gold anomaly, derived from a GSM survey sampling desert bushes. The plants, commonly named greasewood, draw water and metals, including gold, from depths up to 70m. "The size and strength of this biogeochemical anomaly make it the best ever seen in Nevada" according to Shea Clark Smith, Consultant Geochemist and a pioneer in the development of this technique. Highest values are 66 ppb for gold and 234 ppb for silver against backgrounds of 2 ppb and 5 ppb, respectively.

The biogeochemical anomaly partly overlaps a resistivity high, approximately 700m long, striking NNW. The southern end is displaced west from the strong resistivity high that characterises the McLean Lode itself (resistivity highs reflect the massive alunite- adularia-quartz alteration that carries the gold and silver of the McLean Lode). The resistivity data were collected by Cyprus in 1988 and recently reinterpreted on behalf of GSM by Zonge Geosciences.
In North Carolina, GSM consultants have defined a large gold anomaly in soils and rock chips along an ENE striking zone approximately 400 metres long and 100 metres wide in the Bear Creek area. Rock chip values are mostly in the range between 0.5 and 0.8 g/t gold with one siliceous sample assaying 6 g/t gold. Soil values range between 0.05 and 0.2 g/t gold. The anomaly represents a new drill target. The project is part of a joint venture with Astral Mining Company.

Additional core samples of quartz-clay rich zones from Hole 6 of the series drilled earlier this year in the Saluda Area, South Carolina, assayed 1.8 g/t gold over a 1.5 m interval. It represents a strike extension of the high grade gold intersections reported previously. These data have aided construction of a 3D computer model that suggests the presence of two sets of sub-parallel quartz veining dipping at shallow angles to the west. A new core drilling programme to follow these veins has been proposed to JV partners, Astral Mining Company and a bid from a contractor obtained. The scope and timing is still to be decided.

GSM explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes. A fifth property is a sedimentary hosted target located north of the Reese River silver district in central Nevada

All biogeochemical samples mentioned in this release were collected and prepared by Shea Clark Smith, Consultant Geochemist and assayed by Acme Analytical Labs, Vancouver, BC.

In conjunction with JV partner Astral Mining Company, GSM is also exploring greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt, the location of the first gold deposits discovered in the United States. Ronald McDaniel, registered professional geologist in the State of North Carolina is designated as the Qualified Person supervising Gold Summit's technical work in the eastern United States.

[smilewithme] 03/11/2007 22:00

Great to see the share price creeping up recently. Are we going to see some excitement - the drill results should be out soon, according to information posted earlier.

The current drilling has been to "test one of several epithermal vein targets in the Ohio Camp area at Monte Cristo"

This is just one of 20 identified targets. Lets' hope this is successful, we can raise some more money at much higher prices and prove the Comstock model.

[arpy2] 15/10/2007 22:27

The Meeting With Tony Taylor

Gold Summit Corporation (TSX-V:GSM) is a junior exploration company that searches for high grade underground targets in the USA.

"A few fortunate investors were priviledged to have dinner and a presentation from the CEO (Tony Taylor-he even bought us a drink!)of GSM on a short visit to the UK this week. His presentation was honest and up-to-date. We all found him to be a great guy and so willing to spend time with a small group of UK investors. GSM is a small exploration company that has staked a claim to some choice areas in Nevada and other choice areas also(see other info from smilewithme above). The company has reached the point in its life where the hard work is behind them and some bonanza grades have been proved up. The share price has hardly moved in comparison to the huge potential of this company.

A couple of comments from the evening were that the geologists working with Tony in the US are so proud to be working with someone with such a great breadth of knowledge, having worked for several companies including BP in his long career.

Another throw-away comment was that the evaluation of the samples from Monte Christo - a great asset to the company - are comparable to the Comstock lode which was a legendary find. "(GSM could have--a high-grade mine that is more than twice the size of the Comstock lode (which produced 8M ozs. of gold and 185M ozs. of silver.)" (nicked from my mate smilewithme)

Also, that when Tony saw that the Monte Christo area was up for grabs - it was federal land and just needed to be claimed by placing monuments and stakes in the required areas (and a few other legal bits) - he wasn't slow to grab a large chunk for his company (what a great opportunist he is) and in so doing has given us investors a chance to make a huge profit IF ..... everything continues along the right lines.

There is still time to get in at the bottom of the curve with this company and we are hoping for a steep upward climb all things being well DYOR!

When asked what the best prospects for this company were Tony said .....well a great multiple of the current market cap..... if they were to make some great discoveries. (but never lose sight of the oposite)

Thanks Roge.

[smilewithme] 15/10/2007 20:12

What's your email - will talk off board.

[smilewithme] 15/10/2007 20:04

Ah yes, yikyak.

Have not had any time to do a write up....

But meeting with Tony Taylor went very well.

:-)

[yikyak] 15/10/2007 19:30

smile, can you let me know how the meeting went, I presume you are based in Winchester?

[smilewithme] 06/10/2007 14:18

Hi,

This was a reply that I posted elsewhere but felt it may be useful here also to clarify just why this is exciting.

Smilewithme

----------------------------------------------------




Thanks for the opportunity to help here.

It is not Monte Christo itself that has the inferred resource but only a small part of it.

"west of the Mclean Pit...........has an inferred resource estimate of 365,000 tons at a grade pf 0.19 ounce per ton gold and .60 ounce per ton silver at a cut off grade of0.1 ounce per ton gold"

And yes that is 70,000 ozs Gold and 200,000 ozs. silver. (Although a small resource, I don't know of any other mining juniors with a 43-101 and such a small market cap around $7 million)

Further drilling, in May, was not successul at the McLean Lode, so GSM decided to look elsewhere.

Since you said "I don't see much in the way of head way here. Am I wrong?"

Well, suggest you also consider, from the same report.

"Compilation and integration of Gold Summit's 2006 field mapping and data from old exploration programmes conducted by previous explorers is now virtually complete. The process has defined 11 target areas, apart from the McLean Lode along the 11km of alteration and major faulting that bisects the property"

These are called Bonanza Drill Targets, by CEO Tony Taylor. "The McLean Lode and Ohio Camp, as well as 12 other drill target areas, sit astride a major regional fault with associated alteration that GSM has mapped for over 11 km, all contained within the Monte Cristo project area. The geological setting of the Monte Cristo district bears striking geological similarities to the Comstock Lode from which a series of "ore shoots" collectively produced approximately 8 million ozs of gold and 185 million ozs of silver. The fault or "lode" that hosts the ore shoots of the Comstock extends for approximately 4.5 km"

Suggest you take a look at
where you will find more information including property map.

Unlike you, I do see a lot of excitement here for all the reasons explained earlier in the thread - and that's why as a newcomer, I have made a major investment in the recent placement at 12.5 cents. (And the market does appear to be wakening up to the possibilities here - share price now at 17.5 cents, having broken out, up 35% in two months)

Even apart from Monte Christo, there seems to be a lot happening in the Carolina's with their JV partner - Astral Mining. "potential exists for extensions down-dip and along strike to the northwest. Geological observations so far confirm the "greenstone" lode gold model with potential for a stand-alone, high grade, underground deposit."




In conclusion, this is still exploration with associated risk - I see little downside and massive upside. Elsewhere someone has suggested that if this is actually the new Comstock, we could see $10/ share!

For the immediate future however, it will take very little to get this from .17 to .25 cents - a doubler for me already. And am in this for the long term anyway....

smilewithme

PS. If you take a look at the slide above as annotated by myself above you will understand how big this could be. Original is at

[smilewithme] 05/10/2007 17:47

from stockhouse



dfergu7477

While I agree that GSM is a junior exploration company, I think it has some unusual things going on that make it a bit different. First, it has a JV in the Carolinas that is producing high-grade drill results so far. That, by itself, is significant to me, and in my mind should alone be worth more than GSM's current fully diluted market cap of a silly $12.6M.

But the main thing that I find truly different is that GSM already has some 43-101 compliant resources. I'm unaware of any other junior exploration companies that has any. I know it's a small resource(69,000 ozs. gold; 200,000 ozs. silver), but my sense is that at worst the resource could be expanded and mined, all by itself.

That GSM has that JV and a 43-101 resource constitutes a security blanket for me. With them, it's not an all or nothing company--because GSM already has something.

Then, there's the wild card of this fall's Monte Cristo drilling. We know they'll find SOMETHING, because they're drilling some holes in places where other outfits found gold. If GSM finds what they think they will, it's a moon shot for us.

So that's how I see this play. The downside is already here; I don't think there a lot to lose here with the assets already in hand. They remove a lot of the usual risk usually associated with junior explorers.

Conversely, the upside is tremendous if they find some high-grade shoots. Investors will begin to comprehend what GSM could have--a high-grade mine that is more than twice the size of the Comstock lode (which produced 8M ozs. of gold and 185M ozs. of silver.)

At that point, no one knows how high the stock would go. I know it sounds crazy, but GSM's market cap with the stock at $10 would still be under a billion dollars. (It'd be about $750M.) And, if Monte Cristo truly is a another Comstock but more than twice as large, then even $10 a share would be light.

I'm not saying this WILL happen, only that it could. Given GSM' UNKNOWN fantastic potential and KNOWN downside cushion, I'm in to see what the Monte Cristo drill results produce.

GLTA!

[smilewithme] 05/10/2007 15:45

hi aryp2

great to see you here! keep it up!

and....

Monte Christo Geologist on site is buying

Seems that Carraher, Ruth Ann is buying on the open market – understand she's the Geologist on site at Monte Christo! That's a pretty good signal to me.

[arpy2] 04/10/2007 21:39

Smile,

This beginning to look good. It has risen from around 13 cents to 16 in just a few weeks so I am 15% up already. They have the money to drill and are getting things moving and it is still only one third of the way to market cap, plenty of upside left for those getting in now.

This looks like another of your multi-baggers in the making! Great stuff mate.

Thanks for outing this one and getting us in early, can't wait for those results!

Cheers Roge.

[smilewithme] 04/10/2007 10:54

from tooclassy:

I can see that Gold Summit (TSX-V: GSM) has been edging up lately. It is nice to see these microcap juniors doing well. When money flows into this sector, these exploration companies with tiny market caps but excellent pedigrees and properties in good locations will rise the most in percentage terms. The stock is rising on not much volume (when measured in dollars of stock bought). If - I should say when - gold goes to $850 or $1,000, imagine how far these companies can fly. The leverage to gold is tremendous.

This company can be compared quite favorably with Piedmont Mining (USA-OTC: PIED) which is a company I know a lot about. Piedmont has a similar tiny market cap as Gold Summit (GSM) does. Like GSM it has stellar geological talent behind it. Also, PIED is focused only on Nevada with about 7 exploration projects there, 3 of which are starting drill programs in the next week or two. Nevada is the place to be, a safe mine-friendly jurisdiction with over twice the gold production per square mile as South Africa. I have watched Piedmont go from 7 cents to 37 cents (yesterday's close) in the last 3 years. GSM is at about the same stage now as Piedmont. GSM is focused primarily (though not exclusively) on Nevada, and is drilling now. It owns its Monte Christo project 100% as far as I know (no JV partner) and has a lower market cap. With excellent drill results this stock could be $.50 or $1.00; with $850-1,000 gold it could be $2.00. (I know, these sorts of stock prices seem ridiculous at this time, but so did $750 gold six years ago when gold was trading at $260). We have to let the drill rig and the passage of time tell the story further.

[smilewithme] 01/10/2007 21:38

$1.1 million for Monte Christo - New Comstock

GSM has now completed the second tranche raising another $378,186 in addition to earlier $733,620 making a total of $1,111,806.

This will have a big impact and give the company enough money to do some decent drilling at their flag ship Monte Christo project.

From the Hume Report




The discovery of the 'Comstock Lode' in the American West in 1859"... created the dawn of a new era scientifically, economically, and socially." Using the technology of the era - which would be considered archaic today - this belt ultimately produced some 8.0 million ounces of gold and provided the cash flow that funded the rebuilding of San Francisco after one of history's most spectacular earthquakes tore it apart.

The New Comstock?

Dr. Tony Taylor, CEO of Gold Summit Corporation (GSM: TSX-V), boasts some 40 years of international mineral exploration experience, some of it in countries as far away as Australia and South Africa. When asked what sets his junior exploration firm apart from the
rest, he zones in on their wholly-owned Monte Cristo property in Nevada, which is part of larger series of holdings in that
same area. The company expects to have drill results on at least one of their own targets there before the end of the year.
"It is our belief, based on science and geology" explains Taylor, "that we may potentially have found the new 'Comstock'. These are what the industry calls 'bonanza' targets with very significant upside potential. Specifically, we are looking at orebodies which tend to be oval-shaped - which is unusual - and
which have one long, common axis. Our early find at Monte Cristo is 70,000 ounces currently, but the excitement is really the geology. Our 'shoots' at Monte Cristo - that's mining terminology - are very similar to the original Comstock shoots from the 1800s. They suggest very rich zones of concentrated mineralization."


GOLD SUMMIT CORPORATION COMPLETES $378,186 PRIVATE PLACEMENT


Reno, NV October 01, 2007

FSC / Press Release


GOLD SUMMIT CORPORATION COMPLETES $378,186 PRIVATE PLACEMENT

Reno, Nevada US, October 01, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), ("GSM") has closed a $378,186 non brokered private placement announced on August 16, 2007. A Finders fee of $37,819 was paid. A total of 3,025,488 Units were issued at $0.125 per Unit for gross proceeds of $378,186. Each Unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months. The common shares and warrants that comprise the Units and the common shares issued on exercise of the warrants are subject to resale restrictions until January 29, 2008. The proceeds will fund additional drilling at Monte Cristo and for general working capital purposes.

GSM explores only in the United States for high grade, gold or gold/silver deposits that would support underground, low cash cost operations. GSM's primary properties, totalling 42 sq. km., cover four Tertiary epithermal vein districts in Nevada, three of which lie in the Walker Lane. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.

In conjunction with JV partner Astral Mining Company, GSM is also exploring greenstone vein gold systems in island arc rocks on two areas of the Carolina Slate belt, the location of the first gold deposits discovered in the United States.

[smilewithme] 27/9/2007 22:28

GSM - a breakout - 4 month high - lets hope we can keep the momentum

closing at $0.155 10.71% up

hume report now available on the web site - link below.

the more I hear about the company the more convinced I am. We have Monte Christo, and the Carolinas according to Tony Taylor CEO "The
potential is considerable; especially if it turns out we have a large 'bulk tonnage' resource here."

The Bottom Line

Taylor sums up: "We are a small, but aggressive explorer, very attractively priced for investors within the current market environment"

[chris1983] 27/9/2007 01:53

Exciting times!

[a.fewbob] 27/9/2007 00:06

Nice find Smile.

[smilewithme] 26/9/2007 22:58

Promotion Begins - Hume Report

Looks like GSM are getting ready to tell the world what they have!

Just released but not yet on the www.hume-media.com website.

Tony Taylor - "We have reason to believe that results from our current drill targets in Nevada - a wholly owned property for Gold Summit - will be positive, and the resulting economics from our work there will be very pleasing indeed for our shareholders."

[smilewithme] 26/9/2007 17:35

hi tictactoe111,

since you said "we have a completely artificial stockprice considering the asset potential. It wouldn't take much to ten fold this stock in all honesty" - could not agree more!

all we need here is some decent results at Monte Christo and a bit of promotion.

are you aware of ? - also in Reno looking for Gold.

.8 to .38 high (because a group got involved in promoting the company) From what I can see, GSM has a lot more Gold - even a 43-101 albeit small at this point.

so come on GSM!

[chris1983] 22/8/2007 19:57

GOLD SUMMIT CORPORATION COMPLETES $733,620 PRIVATE PLACEMENT

Reno, Nevada US, August 22, 2007 /FSC/ - Gold Summit Corporation (TSX - VX: GSM), as previously announced on August 16, 2007, has closed a $733,620 non-brokered private placement, originally announced on May 11, 2007. Finders' fees totalling $49,965 were paid on part of this financing. Under amended terms the offering consists of Units offered at $0.125 per Unit. Each Unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share of GSM for twenty four months at a price of $0.25 per share. GSM issued 5,868,960 Units for gross proceeds of $733,620. The common shares and warrants comprising the Units and the common shares issuable on the exercise of the warrants will be subject to resale restrictions until December 17, 2007. GSM will use the proceeds to fund a new phase of drilling on its Monte Cristo property in Nevada and for general working capital purposes.

GSM also announces it intends to raise up to $466,380 in a further non-brokered private placement by issuing up to 3,731,040 Units at a price of $0.125 per Unit. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable to acquire one common share of GSM for twenty four months at a price of $0.25 per share. GSM may pay finders' fees in respect of this financing.

[chris1983] 19/8/2007 00:22

That would be very nice indeed! :-)

If it can do a "Comstock" we will be even richer!

Guess we'll find out within months....

[smilewithme] 18/8/2007 14:31

chris1983

congrats!

if GSM can do what FRA has done ie 20 cents to $4 before the recent retrace, we will all be rich!

[chris1983] 18/8/2007 00:34

I am officially GSM holder now, just confirmed tonight via placement.