Sun Summit Minerals Corp. Discovers Multiple Near-Surface Zones of Bulk-Tonnage Style Gold-Silver-Zinc Mineralization

Highlights

• Discovery of new zone of near-surface, breccia-hosted, gold-silver-zinc mineralization along strike to the northwest (e.g., 1.85 g/t gold equivalent (AuEq)² over 25 metres including 8.78 g/t AuEq over 3.9 metres; BK21-060).
  
  
• Discovery of additional bulk-tonnage style gold-silver-zinc mineralization in step-out holes to the west of previous drilling (e.g., 0.61 g/t AuEq over 155.8 metres including 1.37 g/t AuEq over 16.3 metres; BK21-059).
  
  
• Confirmation of continuity of gold-silver-zinc mineralization in the previously untested area between the historic Horseshoe and Trench zones (e.g., 1.11 g/t AuEq over 51.0 metres including 1.81 g/t AuEq over 13.6 metres; BK21-048).
  
  
• These new and open areas will be tested in the current drill program; crews have mobilized to site and the drill is turning.
  
  
• Recalculation of gold equivalent (AuEq) including zinc has yielded significant increases in values which has the potential to be a significant economic contributor to the overall metal value of the property (see news release February 8, 2022). Examples of significant recalculated³ intervals (Table 2) are:

1 Intervals are downhole core lengths. True widths are unknown.
2 New AuEq (AgZn) calculations assume metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation:
AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151)+(Ag(g/t)*$Ag/oz*0.032151)+(Zn%*$Zn/lbs*22.0462))/($Au/oz*0.032151).
3 Previous AuEq (Ag) calculations were based on a 65:1 or 75:1 silver to gold (Ag:Au) ratio.

Sharyn Alexander, Sun Summit's President, stated: "The results from our remaining holes from the recent drill program are highly encouraging and are in line with what we expected to see from the fall 2021 program. This phase of drilling was designed on a grid pattern with consistent orientations to model different mineralized zones, and particularly, to tie together structural and lithological trends. Modelling is ongoing but the drilling succeeded in building a more coherent picture of the Buck Main mineralized system. All holes intersected mineralized zones and reinforces our belief that the system is much larger and has more continuity and consistency than was previously recognized. Two new areas of mineralization have been discovered in previously untested areas to the west and north-west, which enhances the exploration upside at Buck Main. We are very optimistic about the potential for higher grade intercepts in the current drill phase which will target higher grade zones and continue to expand the footprint of this complex hydrothermal system."

Figure 1. Map showing drill collar locations with selected highlights

To view an enhanced version of Figure 1, please visit:
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Drill Program

Drill Program Highlights

• Confirmed strong continuity and consistency of disseminated gold-silver-zinc mineralization in the area between the historic Horseshoe and Trench Zones (Figure 1, Figure 2):
  
  
  • BK21-048
    • 1.11 g/t AuEq (0.54 g/t Au, 5.85 g/t Ag, 0.78% Zn) over 51.0 metres
    • including 1.81 g/t AuEq (1.18 g/t Au, 7.10 g/t Ag, 0.83% Zn) over 13.6 metres
  • BK21-050
    • 1.03 g/t AuEq (0.75 g/t Au, 3.71 g/t Ag, 0.36 % Zn) over 32.1 metres
    • including 20.5 g/t AuEq (16.3 g/t Au, 62.0 g/t Ag, 5.3% Zn) over 0.6 metres
  • BK21-058
    • 1.01 g/t AuEq (0.78 g/t Au, 3.19 g/t Ag, 0.30% Zn) over 18.0 metres
      
      
• Discovered new zone of near-surface, breccia-hosted, gold-silver-zinc mineralization along strike to the northwest in a previously untested area (Figure 1, Figure 2):
  
  
  • BK21-060
    • 1.85 g/t AuEq (0.92 g/t Au, 12.33 g/t Ag, 1.2% Zn) over 25 metres
    • including 8.78 g/t AuEq (4.81 g/t Au, 26.03 g/t Ag, 5.6% Zn) over 3.9 metres
    • including 12.11 g/t AuEq (8.69 g/t Au, 32.6 g/t Ag, 4.7% Zn) over 1.0 metre
      
      
• Discovered bulk tonnage-style, gold-silver-zinc mineralization in step-out holes to the west of previous drilling in untested ground, which opens the exploration potential significantly to the west (Figure 1, Figure 2):
  
  
  • BK21-059
    • 0.61 g/t AuEq (0.36 g/t Au, 7.23 g/t Ag, 0.25% Zn) over 155.8 metres
    • including 1.37 g/t AuEq (0.71 g/t Au, 17.5 g/t Ag, 0.67 % Zn) over 16.3 metres
    • and 1.05 g/t AuEq (0.89 g/t Au, 2.95 g/t Ag, and 0.16% Zn) over 17.0 metres, from surface
  • BK21-065
    • 0.55 g/t AuEq (0.39 g/t Au, 6.66 g/t Ag, 0.11% Zn) over 146.9 metres
    • including 1.10 g/t AuEq (0.62 g/t Au, 13.7 g/t Ag, 0.48% Zn) over 13.7 metres
    • and 0.84 g/t AuEq (0.65 g/t Au, 10.8 g/t Ag, 0.08% Zn) over 32.9 metres

Notes:
1. Intervals are downhole core lengths. True widths are unknown.
2. Calculations are uncut and length-weighted using a 0.10 g/t gold cutoff.
3. AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151)+(Ag(g/t)*$Ag/oz*0.032151)+(Zn%*$Zn/lbs*22.0462))/($Au/oz*0.032151).

Figure 2. Stacked section showing selected highlights

To view an enhanced version of Figure 2, please visit:
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Sun Summit completed a 32 hole diamond drill program for 10,327 metres in late 2021, with initial results of the first eight holes reported on January 5, 2022. All holes were drilled along northeast-southwest oriented sections with holes drilled with orientations to the northeast at varying inclination. The program of grid-based drilling allowed the systematic generation of cross-sections across the Buck Main target, and was successful at building the geological and structural model to further define the potential of the system for gold, silver and zinc mineralization. Modelling is ongoing and is being refined as we receive new data from the current drill program.

Results from the reported 24 holes across the western side of Buck Main confirm the presence of near-surface, disseminated gold-silver-zinc mineralization and local vein-hosted high-grade gold and silver mineralization. The focus going forward will be to continue to investigate the limits of the hydrothermal system while testing new structural targets and areas peripheral to Buck Main, with the goal of defining higher-grade zones.

A series of holes tested the northwest-trending structural contact between sedimentary and volcaniclastic rocks with dacitic lapilli tuffs and breccias (Figure 2). The holes were designed to expand the footprint of breccia-hosted gold-silver-zinc mineralization associated with pyrite + sphalerite cemented, clast-rich hydrothermal breccias (e.g., 46 metres of 1.59 g/t AuEq* in BK20-006, 40 metres of 1.84 g/t AuEq* in BK20-012, and 45 metres of 2.36 g/t AuEq* in BK21-017; Table 2).

Hole BK21-060 was collared approximately 180 metres northwest of BK21-017 and intersected 1.85 g/t AuEq* (0.92 g/t Au, 12.33 g/t Ag, 1.2% Zn) over 25 metres including 8.78 g/t AuEq* (4.81 g/t Au, 26.03 g/t Ag, 5.6% Zn) over 3.9 metres associated with sphalerite-cemented hydrothermal breccias.

Hole BK21-060 was drilled in an area with limited outcrop and no historic drilling and was designed based on visual observations and updated modelling from preceding holes (e.g., BK21-048 and 058). This zone of strong gold-silver-zinc mineralization is open in all directions and represents a priority target for further testing in the current drill program.

Holes BK21-059 and 065 tested the westernmost limit of the system and were drilled from the same section (Figure 2). The holes were set up 150 metres apart and collared in andesitic volcanic rocks and sedimentary rocks which transitioned to strongly altered and mineralized dacitic lapilli tuffs. Both holes intersected broad zones of gold-silver-zinc mineralization hosted in lapilli tuffs (e.g., 0.61 g/t AuEq* over 155.8 metres, including 1.37 g/t AuEq* over 16.3 metres and 1.05 g/t AuEq* over 17.0 metres, from surface in BK21-059; and 0.55 g/t AuEq* over 146.9 metres, including 1.10 g/t AuEq* over 13.7 metres and 0.84 g/t AuEq* over 32.9 metres in BK21-065). These volcaniclastic breccias are lithologically similar to dacitic lapilli tuffs found over 400 metres to the east in the historic Horseshoe zone, host to long intervals of gold-silver-zinc mineralization (e.g., 409 metres of 0.87 g/t AuEq* in BK21-033). The presence of these rocks in the westernmost holes represents a positive development in the exploration potential of the Buck Main target and opens the area to the west for expansion.

* Intervals are downhole core lengths. True widths are unknown. Intervals recalculated using zinc concentration and the previously stated formula. Gold and silver values were previously reported on January 5, 2021 and May 11, 2021.

Twenty four holes are reported with selected highlights shown in Table 1.

Table 1. Assay Results

1. Intervals are downhole core lengths. True widths are unknown. Calculations are uncut and length-weighted using a 0.10 g/t gold cutoff.
2. AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151).

Zinc Mineralization

Widespread sphalerite (zinc-sulfide) mineralization was intersected in all drill holes across the property. Preliminary metallurgical test work suggests zinc is highly recoverable using conventional methods (see news release January 8, 2022) and may contribute favourably to future economic studies. As a result, gold equivalent (AuEq) values were recalculated for selected holes including zinc, which significantly increased previously reported grades (Table 2).

Table 2. Select Gold Equivalent Recalculations with Zinc

1. Intervals are downhole core lengths. True widths are unknown. Calculations are uncut and length-weighted using a 0.10 g/t gold cutoff.
2. New AuEq (AgZn) calculations assume metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq(g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151).
3. Previous AuEq (Ag) calculations were based on a 65:1 or 75:1 silver to gold (Ag:Au) ratio.
4. AuEq recalculations were previously reported (January 8, 2022).

Table 3. Drill Collar Locations

Coordinates are in UTM NAD83 Zone 9N

Quality Assurance and Quality Control

All sample assay results have been monitored through the Company's quality assurance / quality control (QA/QC) program. Drill core was sawn in half at Sun Summit's core logging and processing facility in Houston, B.C. Half of the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Kamloops, Langley or North Vancouver, B.C. Samples were prepared using standard preparation procedures. Following sample preparation, the pulps were sent to the ALS Global analytical laboratory in North Vancouver, B.C. for analysis.

Core samples were analyzed for 48 elements by ICP-MS on a 0.25 gram sample using a four acid digestion (method ME-MS61L). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Samples with >10 parts per million (ppm) gold were re-analyzed by fire assay using a gravimetric finish on a 30 gram sample. Samples with >100 ppm silver were re-analyzed using a four acid digestion and ICP-AES finish. Samples with >10,000 ppm zinc were re-analysed using a four acid digestion and ICP-AES finish. ALS Global is registered to ISO / IEC 17025:2017 accreditations for laboratory procedures.

In addition to ALS Global laboratory QA/QC protocols, Sun Summit implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the sample stream.

Recalculated AuEq assumes metal prices of $1700/oz Au, $22/oz Ag and $1.60/lbs Zn using the equation: AuEq (AgZn) (g/t) = ((Au(g/t)*$Au/oz*0.032151) + (Ag(g/t)*$Ag/oz*0.032151) + (Zn%*$Zn/lbs*22.0462)) / ($Au/oz*0.032151).

Retirement of COO-Mexico and Extension of Stock Options

Following the Company's sale of all of its Mexican mineral interests to Green Earth Metals Inc. announced February 15, 2022, the Company has eliminated the position of COO-Mexico held by Christian Grijalva. Stock options held by him which would have otherwise expired have been extended, subject to TSX Venture Exchange approval, to October 2, 2022 (66,667 shares at $0.54 each), January 31, 2023 (133,333 shares at $0.555 each) and February 14, 2023 (200,000 shares at $0.555 each). The Company thanks Christian for his years of service as its representative in Mexico.

National Instrument 43-101 Disclosure

This news release has been approved by Sun Summit's CEO, Robert D. Willis, P. Eng. a "Qualified Person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.

Community Engagement

Sun Summit is engaging with First Nations on whose territory the Buck Property is 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 as the project continues.

Health and Safety

The Company's exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.

Buck Property

Sun Summit's flagship Buck Project is a high-grade and bulk tonnage gold, silver, and zinc property located near the town of Houston in central B.C. The 100% controlled property has excellent developed infrastructure and allows year-round exploration access.

About Sun Summit

Sun Summit Minerals is an exploration company focused on expanding its epithermal gold, silver, and zinc discovery at its flagship Buck Project located in north-central British Columbia.

The Company is exploring multiple high priority targets through systematic exploration campaigns with year-round drilling access. The Buck Project has high-grade and bulk-tonnage gold, silver, and zinc potential and is located in an established mining region that includes many former operating mines and current exploration projects.

Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.

Further details are available at www.sunsummitminerals.com.

Link to Figures

Figure 1:
https://sunsummitminerals.com/wp-content/uploads/2022/02/Buck_Driling_Geology_Fig1_NR_Feb2022_final.jpg

Figure 2:
https://sunsummitminerals.com/wp-content/uploads/2022/02/Buck_Stacked_Section_Feb_NR-scaled.jpg

For further information, contact:

Sharyn Alexander
President

Nancy Curry
Corporate Communications

info@sunsummitminerals.com

Tel. 778-588-9606

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. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. 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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.