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Tuesday, 22nd January 2008 (2574 views)

Gold Summit and its Vancouver-based partner Astral Mining are planning new drilling at two gold targets in North and South Carolina, the companies have announced.

Work on the Saluda prospect in South Carolina will follow up on high grade gold intercepts that were completed there last summer. The new drilling is expected to start in mid-February

The Saluda intersections have revealed greenstone style vein mineralisation in the Slate Belt, which extends from Virginia to Georgia. The belt contains at least 400 gold showings and has seen little, if any, concerted exploration for underground deposits.

In North Carolina, the partners will test drill at Bear Creek prospect, where soil and rock chip samples from altered volcanic rock compare favourably with those taken from the Ridgeway prospect in 1980.

The joint venture allows Astral to acquire a 51 per cent interest in any property within Saluda and Bear Creek after $300,000 (£153,000) expenditure over two years. Thereafter, Astral will earn a 70 per cent interest by carrying out a feasibility study in a prospect and an 80 per cent interest when a mine goes into production.

Gold prospecting in North and South Carolina dates back to the 1800s.

 

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