Sun Summit Options the JD Project in the Toodoggone Gold-Copper District of

Vancouver, British Columbia–(Newsfile Corp. – November 9, 2023) – Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that it has signed a Letter of Intent dated November 8, 2023 to option the JD Project in the Toodoggone gold-copper district in north-central British Columbia.

Highlights

• Strong high-grade gold and silver mineralization potential: The JD Project is locally characterized by high-grade epithermal gold and silver mineralization highlighted by previous drill intercepts of 35.7 m of 7.26 g/t Au including 1 m of 215.4 g/t Au (JD95-047¹), and 22.0 m of 11.7 g/t Au including 4.0 m of 61.2 g/t Au (CZ97-008²).
• Significant porphyry-related copper mineralization discovery potential: The JD Project contains numerous poorly tested porphyry-related copper targets (e.g., McClair, Moosehorn, Ferricrete) that warrant considerable exploration.
• Prolific exploration jurisdiction in existing mining camp: The Toodoggone gold-copper mineral belt represents a historically significant mining camp which has seen a recent resurgence of activity, development of infrastructure, and advancement of projects.
• Strategic transaction with shareholder benefit: The acquisition of the JD Project provides the Company and its shareholders with significant new discovery potential and ongoing value creation.
• Diversified project portfolio: The Company will be focused on exploration and expansion of two projects in mining-friendly jurisdictions; the Buck and JD projects.

Sharyn Alexander, Sun Summit’s President, stated: “The acquisition of the JD Project represents an outstanding opportunity for Sun Summit and its shareholders. We are excited for the opportunity to expand and diversify the Company’s project portfolio with the addition of a high-grade precious metals project in an emerging mining district in British Columbia. The JD Project is an underexplored land package in a favourable geological environment where previous drill results have yielded significant intercepts of near-surface high grade gold and silver mineralization. As data review and compilation progresses, additional historic exploration results from drilling and sampling will be shared with the market.

“The JD Project will augment our existing Buck Project, which will continue to see strategic advancement, including an upcoming initial Mineral Resource Estimate at Buck Main and ongoing drill target generation elsewhere on the project.”

Project Overview

The JD Project is located in the Toodoggone gold-copper mineral district in British Columbia, a historically significant mining camp that has seen considerable recent exploration and development activity (Figure 1). The project covers over 15,000 hectares, located adjacent to the north and east of Thesis Gold’s Lawyers and Ranch properties, adjacent to the north of TGD Gold’s Baker and Shasta properties.

Figure 1. JD Project Location, Toodoggone Gold-Copper District, BC

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The JD project provides a unique opportunity to explore two mineralization types, epithermal-related gold-silver and porphyry-related copper-gold.

The epithermal-related systems, locally dispersed over a 3.8 km east-west trend, are poorly explored, and represent high-grade gold and silver mineralization potential. High-grade epithermal-related gold mineralization is highlighted by previous drilling, including: 77 m of 2.4 g/t Au including 12.6 m of 10.8 g/t Au (JD12-003⁷) and 35.7 m of 7.26 g/t Au including 1 m of 215.4 g/t Au (JD95-047¹), in the Finn Zone; and 22.0 m of 11.7 g/t Au including 4.0 m of 61.2 g/t Au (CZ97-008²) in the Creek Zone.

Porphyry-related mineralization and alteration was also discovered in previous drill holes east of the Finn Zone where five holes, spanning over 850 metres of strike length, were drilled. All holes intersected porphyry related alteration and one hole bottomed in 0.46% Cu over 1.4 m (JD-13-025⁸), indicating the potential for porphyry-related systems at lower elevations.

The project area is also characterized by broad zones of multi-element soil anomalies, highlighting strong discovery potential across several targets in the project area.

Option Terms

To exercise the option, Sun Summit must make payments and issue post-consolidated shares to the optionors and incur expenditures on the Project over six years as follows:

• Payments of $1,175,000, consisting of $175,000 in installments in the first year, and $200,000 on each of the first through fifth anniversaries of signing of the formal agreement;
• Issuing 8,000,000 (post 3:1 consolidation) shares to the optionors, consisting of 2,000,000 shares issued upon TSX Venture Exchange approval of the option, and 1,000,000 shares on…