Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company advancing district-scale gold and copper projects in British Columbia. Its flagship JD Project, located in the prolific Toodoggone district, is the focus of an aggressive 5,000-meter drill program in 2025 targeting a potential multi-million-ounce epithermal gold-silver system.
With funding in place, a five-year exploration permit secured, and an on-site camp established, Sun Summit is executing a disciplined strategy to build scale, unlock resource value, and deliver returns to shareholders. Reinvigorated by a revamped leadership team and a refined vision, the company is leveraging high-grade, strategically located assets to drive long-term growth.
The JD and Theory projects cover over 25,000 hectares in the heart of British Columbia’s Toodoggone mining district, one of Canada’s most prospective regions for epithermal gold-silver and porphyry copper-gold systems. The district hosts several significant deposits, including Thesis Gold’s Ranch and Lawyers projects (4.7 Moz gold equivalent, ~C$250 million market cap), Centerra Gold’s Kemess underground development, and TDG Gold’s Shasta-Baker project. The area is well supported by infrastructure, including hydroelectric grid access, all-season roads, and the nearby Sturdee airstrip.
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Sun Summit Minerals is targeting the delineation of a multi-million-ounce gold-silver resource at its flagship JD project. With strategic positioning in an emerging consolidation hotspot, compelling valuation metrics, and a track record of discovery, Sun Summit is primed to deliver substantial value creation in the coming quarters.
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company focused on developing its district-scale gold and copper projects in British Columbia. The company’s flagship JD Project, located in the Toodoggone district, is undergoing an aggressive 5,000-meter drill campaign in 2025 aimed at delineating a multi-million-ounce epithermal gold-silver system.
Complementing JD is the company’s Buck project, a large, bulk-tonnage gold-silver system near Houston, BC, with an initial NI 43-101 resource estimate and significant exploration upside.
With capital in hand, a five-year exploration permit secured, and a camp established at JD, Sun Summit is executing a focused strategy to build scale, unlock resource potential and drive shareholder value. The company has taken lessons from its past and re-emerged with a sharpened vision, an overhauled team and assets that are not only high-grade but strategically located to create shareholder value.
The JD & Theory projects span more than 25,000 hectares in the heart of the Toodoggone mining district in north-central BC, one of Canada’s most prospective belts for epithermal gold-silver and porphyry copper-gold systems. The district is home to Thesis Gold’s Ranch and Lawyers deposits (4.7 Moz gold equivalent, C$250 million market cap), Centerra’s Kemess underground development, and TDG Gold’s Shasta-Baker project. Infrastructure around the project includes hydroelectric grid access, the nearby Sturdee airstrip and all-season roads.
The JD project hosts a 4.5 km mineralized corridor, known as Creek-Finn, with multiple underexplored targets showing evidence of both high-grade veins and broad disseminated gold systems. Historic and recent drill highlights include:
The Creek Zone features high-grade epithermal veins within broader disseminated zones, supported by strong IP anomalies and gold-in-soil results up to 12.2 g/t gold. The Finn Zone hosts near-surface mineralization with extensive historical drilling (~270 holes) and is open in all directions. Other targets include McClair (porphyry copper), East McClair (copper-gold skarn) and Moosehorn.
The 2025 program includes 5,000 meters of core drilling across 25 holes, 20 km of IP geophysics, 2,000+ soil samples, and full-scale camp operations. A five-year permit secured in April 2025 provides exploration continuity through 2030.
Camp setup at JD project
Sun Summit can earn 100 percent of the JD project by making staged cash/share payments and completing work commitments through 2029. With ~C$6 million earmarked for the project this year alone, Sun Summit is expected to fulfill its 2025 and 2026 earn-in obligations without additional equity raises.
The 100 percent owned Buck project spans 52,000 hectares and is located near key deposits, including Artemis Gold’s Blackwater (8 Moz gold), Imperial’s Huckleberry copper mine, and Newmont’s historic Equity Silver mine. Buck features near-surface bulk-tonnage gold-silver mineralization with porphyry copper-molybdenum potential at depth.
In February 2025, Sun Summit published its inaugural NI 43-101 mineral resource:
Mineralization remains open in all directions. Buck is considered a strategic asset providing leverage to rising gold prices and future transaction potential, but currently receives minimal capital allocation as JD is prioritized.
Niel Marotta has more than two decades of capital markets experience, including a successful tenure at Fidelity (FMRCo.), where he managed the top-performing Select Gold Fund and oversaw >$1 billion in AUM. He was previously VP at Orezone Resources, where he helped lead its C$350 million acquisition by IAMGOLD. Marotta has raised over $1 billion in financing and is driving Sun Summit’s transition from a legacy explorer to a discovery-focused value generator.
A veteran of the mining industry with 40+ years of executive experience, Brian Lock has led multiple public companies, including Castle Peak Mining and Scorpio Gold. His expertise spans project development, M&A and corporate governance.
A seasoned mining CFO, Waseem Javed ensures disciplined capital deployment and financial controls. His experience spans junior explorers and mid-tier producers across Canada and the US.
Ken MacDonald is a registered professional geologist with over 30 years in mineral exploration and permitting in BC. Formerly with the BC Mines Branch and multiple juniors, he leads Sun Summit’s technical programs and NI 43-101 compliance.
An expert in porphyry and epithermal systems, Christopher Leslie led the discovery of the 8 Moz Blackwater deposit while at Richfield Ventures, and later served as VP exploration for Tower Resources. He was instrumental in advancing the JD-Theory project during its prior ownership.
Founder of several successful exploration companies, including Pioneer Metals and Manhattan Minerals, Robert Willis has 35+ years of technical and executive experience across North and South America.
Founder of Salman Partners and one of Canada’s most influential mining financiers, Terry Salman has backed dozens of successful juniors over a 40-year career in mining investment banking.
Advancing district-scale gold and copper projects in British Columbia.
Sun Summit Minerals Corp. (TSXV: SMN,OTC:SMREF) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to provide an update from its ongoing project-wide exploration program at the JD Project, Toodoggone Mining District, north-central British Columbia (the "JD Project"). Drilling has now commenced with over 5,000 meters of drilling planned.
Highlights:
Drilling has now started: The drill rig is currently advancing the first hole on the northwestern extent of the Creek Zone. Up to 3,000 meters of drilling is planned at the Creek Zone designed to investigate the extent and continuity of near-surface, high-grade and bulk-tonnage gold mineralization. Historical and recent highlight intercepts include:
122.53 m of 2.11 g/t Au including 1.5 of 121.0 g/t Au (CZ-24-0047)
54.95 m of 2.69 g/t Au including 19.50 m of 7.31 g/t Au (CZ-24-0058)
22.0 m of 11.7 g/t Au including 4.0 m of 61.2 g/t Au (CZ97-0085)
Up to 2,000 meters of drilling planned at the Finn Zone to be completed following the Creek Zone drilling: Holes are designed to evaluate the extent and continuity of high-grade and bulk-tonnage gold mineralization. Historical highlight intercepts include:
35.7 m of 7.26 g/t Au including 1 m of 215.4 g/t Au (JD95-0472)
25.9 m of 6.42 g/t Au including 6.1 m of 12.8 g/t Au (JD94-0151)
22.0 m of 6.32 g/t Au including 12.6 m of 10.8 g/t Au (JD12-0033)
Project-wide exploration activities focused on drill target refinement are ongoing, including:
Over 20-line km of induced polarization (IP) geophysics has been completed along the JD Porphyry Trend.
Over 1,000 soil samples have now been collected across the Belle South grid, the southern extent of the JD Porphyry trend.
Geological mapping and prospecting are ongoing with a current focus on McClair Creek which transects the JD Porphyry Trend. Mapping has also been completed along the Finn to Creek Corridor as well as the Oxide Peak West target.
"It's exciting to see the drill rig turning on the first hole of our fully funded $6 million exploration program," said Niel Marotta, CEO of Sun Summit Minerals. "This year's campaign is focused on advancing and expanding the Creek and Finn gold-silver targets, while also generating and refining new priority targets across the JD Project. With several large regional programs underway in the northern Toodoggone, we expect a steady stream of news throughout the season, including drill results from our own aggressive 5,000 metre program."
JD Exploration Program
The primary exploration goals at the JD Project are to advance and expand the Creek and Finn gold-silver targets and to generate and refine new priority targets across the project. Work is currently focused on the highly prospective 4.5 km long epithermal-related Finn to Creek corridor, as well as the 12 km long JD Porphyry trend (Figure 2).
Drilling update: Drilling has now commenced with the rig advancing the first hole of the program at the Creek Zone. Up to 3,000 meters of drilling is planned at the Creek Zone with holes designed to investigate the extent and continuity of near-surface, high-grade and bulk-tonnage gold mineralization (e.g., 122.53 m of 2.11 g/t Au including 1.5 of 121.0 g/t Au in CZ-24-0047 and 22.0 m of 11.7 g/t Au including 4.0 m of 61.2 g/t Au in CZ97-0085, Figure 3). Following completion of the Creek Zone holes, the drill rig will move to the Finn zone where up to 2,000 meters of drilling is planned with holes designed to evaluate the extent and continuity of near-surface high-grade and bulk-tonnage gold mineralization (Figure 4).
Target generation update: Project-wide exploration activities aimed at target generation and drill target refinement are ongoing, including:
Timeline: Drilling and complementary exploration activities are anticipated to continue into September.
Figure 1.Map of the Toodoggone District showing the location of the JD Project in relation to other development and exploration projects. Data sourced from Thesis, TDG and Centerra's corporate websites.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/258684_8e19fa8484293969_001full.jpg
Figure 2. Map of the JD Project showing the broad JD Porphyry trend and the epithermal-related Finn to Creek Corridor. Planned areas for IP and soil surveys are shown in grey. Key targets are highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/258684_8e19fa8484293969_002full.jpg
Figure 3. Map of the Creek Zone showing drill collar locations with selected highlights. The area targeted for 2025 drilling is outlined in red. See references below for data sources.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/258684_8e19fa8484293969_003full.jpg
Figure 4.Map of the Finn Zone showing historical drill collar locations with selected highlights. The area targeted for 2025 drilling is outlined in red. See references below for data sources.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/258684_8e19fa8484293969_004full.jpg
National Instrument 43-101 Disclosure and Disclaimer
This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples. Historical results are no indication of future results.
Community Engagement
Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.
About the JD Project
The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Amarc Resources' AuRORA project, Centerra Gold's Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.
The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.
The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.
About Sun Summit
Sun Summit Minerals (TSX-V: SMN; OTCQB: SMREF) is a mineral exploration company focused on the discovery, expansion and advancement of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD and Theory projects in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
References
Krause, R.G. (1995), 1994 Geological and Geochemical Report on the JD Gold Silver Property, Toodoggone River Area, Omineca Mining Division, British Columbia, Assessment Report Indexing System, Report 23663, https://apps.nrs.gov.bc.ca/pub/aris.
Krause, R.G. (1996), 1995 Geological Report on the JD Gold Silver Property, Toodoggone River Area, Omineca Mining Division, British Columbia, Assessment Report Indexing System, Report 24284, https://apps.nrs.gov.bc.ca/pub/aris.
McBride, S. (2013), 2012 Geological, geochemical and diamond drilling report on the JD Property, Assessment Report Indexing System, Report 33556, https://apps.nrs.gov.bc.ca/pub/aris.
McBride, S. and Leslie, C. (2014), 2013 Geological, geophysical and diamond drilling report on the JD Property, Assessment Report Indexing System, Report 34762, https://apps.nrs.gov.bc.ca/pub/aris.
Hawkins, P.A. (1998), 1997 Exploration Report on the Creek Zone for Antares Mining and Exploration Corporation and AGC Americas Gold Corporation, JD Property, Toodoggone River Area, Omineca Mining Division, Internal Report #98-065-1.
Davis, J.W., and Jamieson, M.D. (1998), Drilling and Geophysical Report on the M.H. Mineral Clain Group, Toodoggone District, Assessment Report Indexing System, Report 25757, https://apps.nrs.gov.bc.ca/pub/aris.
Sun Summit Minerals news release October 2, 2024
Sun Summit Minerals news release October 16, 2024
Link to Figures
On behalf of the board of directors
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward-Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this news release may include, but are not limited to the size and scope of the drill program at the JD Project; the Company's exploration plans, forecasts and timing of said plans; and the potential for positive findings, if any, from the drill program. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the Company's ability to complete the drill program as currently contemplated; risks inherent in exploration activities; the ability of the Company to find and verify any mineralization; volatility and sensitivity to market prices; fluctuations in metal prices. The forward-looking statements contained in this news release are made as of the date hereof or the dates specifically referenced in this news release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR+ (www.sedarplus.ca), under the Company's profile.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258684
News Provided by Newsfile via QuoteMedia
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to announce the commencement of its $6 million 2025 project-wide exploration program at the JD Project, Toodoggone Mining District, north-central British Columbia. Over 5,000 meters of drilling together with geophysical and geochemical surveys are designed to focus on target advancement, target generation and discovery.
Highlights and Next Steps:
Niel Marotta, CEO of Sun Summit Minerals, commented: "We are very excited to have kicked off our 2025 exploration season at our JD project, which is fully funded by the proceeds of our recently completed private placement. The Toodoggone region in north-central British Columbia is one of the hottest mineral exploration districts in Canada, and has seen heightened corporate activity, combined with a large influx of capital. We expect plenty of news flow coming from the Toodoggone over the summer and fall, including drill results from our own aggressive 5,000 metre program."
Figure 1. Map of the Toodoggone District showing the location of the JD Project in relation to other development and exploration projects. Data sourced from Thesis, TDG, Amarc and Centerra's corporate websites.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/255925_2d2b07a7743f0abf_001full.jpg
JD Exploration Program
Crews have mobilised to the Toodoggone District to commence the 2025 JD Project exploration season (Figure 1). The primary goal for 2025 multidisciplinary exploration program is to advance and expand the epithermal-related Creek and Finn gold-silver targets through a series of systematic step-out holes, and to generate and refine new priority targets across the highly-prospective 4.5 km long Finn to Creek corridor, as well as the 12 km long JD porphyry trend (Figure 2).
Figure 2. Map of the JD Project showing the broad JD Porphyry trend and the epithermal-related Finn to Creek Corridor. Planned areas for IP and soil surveys are shown in grey. Key targets are highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/255925_2d2b07a7743f0abf_002full.jpg
Creek Zone: Drilling at the Creek Zone (Figure 2) is designed to investigate the lateral and vertical extent of high-grade and bulk-tonnage gold mineralization (e.g., 122.53 m of 2.11 g/t Au, including 20.0 m of 10.01 g/t Au, and including 1.52 m over 121.0 g/t Au, CZ-24-004, Figure 3, see October 2, 2024, news release). Based on new geological and structural modelling, a series of steeply-dipping, northwest trending parallel vein sets with associated halos of disseminated gold mineralization have been defined. Over 3,000 meters across 10 to 12 drill holes are planned to systematically test the vein-controlling structures on 50 to 100 meter pierce-points covering a strike-length of over 700 meters (Figure 3) and a down-dip extent of over 200 meters. Results from this phase of drilling should inform grade continuity, the scale of the epithermal system and where follow-up deeper and/or step-out holes are warranted.
Figure 3. Map of the Creek Zone showing drill collar locations with selected highlights. The area targeted for 2025 drilling is outlined in red. See references below for data sources.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/255925_2d2b07a7743f0abf_003full.jpg
Finn Zone: Drilling at the Finn Zone is designed to expand the footprint of high-grade, near-surface base metal-rich gold-silver mineralization intersected in historical drilling (e.g., 35.7 m of 7.26 g/t Au including 1 m of 215.4 g/t Au in hole JD95-0472). Based on an extensive compilation of over 300 historical drill holes, a new geological and structural model suggests that epithermal-related gold-silver mineralization is hosted within veins and vein-breccias situated along a northwest striking and gently dipping volcaniclastic unit. Over 2,000 meters of drilling across 7 to 9 drill holes are planned to test the model along strike (e.g., towards hole JD13-024) and down-dip (e.g., toward JD12-015) covering a strike-length of over 650 meters (Figure 4). Drilling near the higher-grade core may also be completed to verify historical grades, confirm structural controls and explore at depth to assess the geometry and grade of the mineralized footwall zone (e.g., JD12-0093).
Figure 4. Map of the Finn Zone showing historical drill collar locations with selected highlights. The area targeted for 2025 drilling is outlined in red. See references below for data sources.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/255925_2d2b07a7743f0abf_004full.jpg
Target Generation: Project-wide exploration activities are aimed at target generation and drill target refinement.
Timeline: Crews have mobilised to site with camp construction, geological mapping, IP Geophysics, and drill pad construction now underway. Drilling at the Creek Zone is anticipated to begin by mid-July, at the latest.
National Instrument 43-101 Disclosure
This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not been able to verify the historical exploration data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data is historical and the original drill core is not readily available. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples.
Community Engagement
Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.
Webinar Invitation
Sun Summit Minerals invites investors and interested parties to a live webinar and Q&A hosted by Simone Capital. CEO Niel Marotta will present an overview of the Company's 2025 exploration and drill program.
Date: Thursday, June 19
Time: 4:00 PM ET | 1:00 PM PT
Register: https://app.livestorm.co/simone-capital/sun-summit-minerals-2025-exploration-update
About the JD Project
The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Amarc Resource's AuRORA project, Centerra's Gold's Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.
The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.
The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on the discovery, expansion and advancement of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
References
Links to Figures
Figure 1: https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2025/06/SMN_JD_Plans_20250618_Fig-1.jpg
Figure 2: https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2025/06/SMN_JD_Plans_20250618_Fig-2-scaled.jpg
Figure 3: https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2025/06/SMN_JD_Plans_20250618_Fig-3-scaled.jpg
Figure 4: https://wp-sunsummitminerals-2024.s3.ca-central-1.amazonaws.com/media/2025/06/SMN_JD_Plans_20250618_Fig-4-scaled.jpg
On behalf of the board of directors,
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward-Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the Company's exploration plans and forecasts; the geology, grade and continuity of mineral deposits; potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the focus, purpose and goals of project wide exploration; the existence and timing of news releases and updates, if any, coming from the project area; the Company's ability to complete the drill program as currently contemplated; risks inherent in exploration activities; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that the Company may not be able to confirm historical exploration results; the geology, grade and continuity of mineral deposits; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255925
News Provided by Newsfile via QuoteMedia
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") previously announced in the Company's press releases on April 24, 2025 and April 28, 2025, through the issuance of (i) 40,868,432 charity flow-through units of the Company (each, a "Charity FT Unit") at a price of $0.105 per Charity FT Unit; (ii) 33,832,770 flow-through units of the Company (each, a "FT Unit") at a price of $0.075 per FT Unit; and (iii) 47,338,602 non-flow-through units (each, an "NFT Unit") at a price of $0.07 per NFT Unit, for aggregate gross proceeds to the Company of $10,142,345, representing a partial exercise of the Company's over-allotment option.
"We are thrilled with the strong interest from investors and the resulting upsizing of the financing from $3.5 million to $10 million," said Niel Marotta, CEO of Sun Summit. "These funds will support a 5,000-metre drill program at JD this summer, which is double what we completed during our inaugural season in 2024. The program will focus on the highly-prospective Creek-to-Finn corridor, where we aim to expand the footprint of known mineralization along strike at the Creek and Finn targets as well as testing new targets within and outside the corridor. Corporate activity across the Toodoggone has accelerated in 2025, reinforcing the district's strong potential. It's an exciting time for Sun Summit: We are well funded and ready to build on last season's momentum with an aggressive exploration program in one of Canada's most active and promising regions."
Each Charity FT Unit consisted of one charity-flow-through common share in the capital of the Company (each, a "Charity FT Share") and one common share purchase warrant (each, a "Charity FT Warrant") that each qualify as a flow-through share within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act").
Each FT Unit consisted of one common share in the capital of the Company (each, an "FT Share") and one-half of one common share purchase warrant (each whole warrant, an "FT Warrant") that each qualify as a flow-through share within the meaning of the Tax Act.
Each NFT Unit consisted of one non-flow-through common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, an "NFT Warrant").
Each Charity FT Warrant, FT Warrant and each NFT Warrant entitles the holder thereof to acquire one Common Share at a price of $0.11 per share until May 30, 2027.
The Company intends to use the gross proceeds of the Private Placement for exploration of the Company's JD, Theory and Buck properties and any other Canadian properties that the Company may acquire, and for general working capital purposes, provided that the Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act.
In connection with the Private Placement, the Company paid aggregate cash finder's fees of $304,749, of which $112,456 was settle by way of issuing 1,606,515 NFT Units, and granted an aggregate of 4,040,736 non-transferable finder warrants of the Company (each, a "Finder Warrant") to arm's length finders of the Company in connection with the Private Placement. Each Finder Warrant entitles the holder thereof to purchase one Common Share of the Company, at an exercise price of $0.11 per share until May 30, 2027.
The Private Placement is subject to the final approval of the TSX Venture Exchange (the "TSXV"). The securities issued in the Private Placement are subject to a hold period expiring on October 1, 2025, in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
Restricted Share Units Issuance
The Company also announces that it has, subject to approval of the TSXV, granted an aggregate of 6,000,000 restricted share units of the Company (the "RSUs") to certain directors, officers, advisors and consultants of the Company, in accordance with the rules of the TSXV and the Company's restricted share unit plan. The RSUs have a vesting period of 24 months with 50% vested after 12 months. Once vested, each RSU entities the holder to acquire one Common Share.
Investor Relations Agreements
The Company also announces that it has entered into investor relations agreements (collectively, the "IR Agreements") with the following companies for investor relations and communication services:
The agreement with INN (the "INN Agreement") has a term of 12 months, commencing April 30, 2025, under which the Company will pay INN CAD$50,000. The services to be provided under the INN Agreement include creating analyst-crafted company profile, investor kit lead generation, focused content channels, outlook report sponsorship and lead generation, press release syndication, news marketing, display advertising, CEO INNsights, newsletter advertising, metrics reporting and other related investor relations services.
The agreement with Amvest (the "Amvest Agreement") has a term of 6 months, commencing May 12, 2025, under which the Company will pay Amvest USD$42,000. The services to be provided under the Amvest Agreement include non-deal roadshows days, conducting non-deal virtual one on one meetings, hosting non-deal informational webinars and other related investor relations services.
The agreement with Market One (the "Market One Agreement") has a term of 12 months, commencing May 21, 2025, under which the Company will pay Market One CAD$104,000. The services to be provided under the Market One Agreement include conducting an online market one minute interview, conducting an interview with the Company's CEO, providing BNN Bloomberg investor updates, distribution within BarChart article, BNN Bloomberg article and Kitco article, email lead generation and other related investor relations services.
The agreement with StreetWise (the "StreetWise Agreement") has a term of 6 months, commencing May 21, 2025, under which the Company will pay StreetWise USD$90,000. The services to be provided under the StreetWise Agreement include market research, market insight, and analysis services, creating image ads for use on various StreetWise digital platforms and other related investor relations services.
The agreement with Departures (the "Departures Agreement") has a term of 6 to 12 months, commencing May 2, 2025, under which the Company will pay Departures CAD$21,000. The services to be provided under the Departures Agreement include dedicated landing page design, email, video and written content, ad spend and other related investor relations services.
The agreement with Investor Events Inc. (the "Investor Events Agreement") has a term of 12 months, commencing May 30, 2025, under which the Company will pay Investor Events $7,500 on a monthly basis. The services to be provided under the Investor Events Agreement include company-branded event coordination, capital markets advisory, and investor community engagement under their new Engage360 Program.
Each of INN, Amvest, Market One, StreetWise, Departures and Investor Events are at arm's length to the Company, and currently have no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest, except for INN and Amvest, currently holding. The IR Agreements are subject to approval by the TSXV.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on the discovery and advancement of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD and Theory Projects in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
On behalf of the board of directors
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward-Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, use of proceeds of the Private Placement; the size and scope of the drill program at the JD property; the Company's exploration plans and forecasts; and obtaining regulatory approval for the Private Placement and exploration plans of the Company. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approval; the Company's ability to complete the drill program as currently contemplated; risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.
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