Pete's Summit Project
The Pete's Summit Project is located at the north end of the Shoshone Range, 32 kilometres (20 miles) southwest of Austin, Nevada. Subject to net smelter returns royalties, Columbus controls a 100% interest in the property.
In November 2006, Columbus Gold entered into an agreement with Sniper Resources Limited whereby Sniper can earn an initial 51% interest in Pete's Summit (and simultaneously in Columbus Gold's Linka Project) by incurring US$2 million in exploration expenditures over a five year period.
Geology
The Pete's Summit Property covers altered Roberts Mountain Formation exposed in windows beneath the Roberts Mountain Thrust Fault and post-ore Tertiary volcanic rocks and gravels. Major disseminated gold ore bodies at the original Carlin, Cortez, and Pipeline mines are hosted in the Roberts Mountain Formation. These mines yielded the best gold grades and tonnages in the history of Nevada gold production, and hence altered and geochemically anomalous areas in the Roberts Mountain Formation are highly sought-after by the explorationists.
Past Work
Columbus Gold's prospecting program has located several hydrothermally altered areas with preliminary sampling containing gold (to 360 ppb), arsenic (to 1000 ppm), antimony (to 100 ppm), and mercury (to several ppm). The association of these elements in geochemical anomalies hosted in limy sedimentary rocks is considered diagnostic of Carlin-type gold mineralization. Exposure in the anomalous areas is poor with shallow blow sand and gravel cover obscuring the rocks below and making sampling difficult, therefore, most of Columbus' samples are of float. The anomalous areas are large enough to host sizable ore bodies.
Planned Program
Geochemical sampling in grid fashion has been completed at Pete's Summit, along with detailed geological mapping. Trenching of the geochemical anomalies and geophysical surveying to locate buried structures is planned. A drilling program is being permitted by Sniper and is expected to commence in 2009.
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