Elevation Gold Mining drills 0.59 g/t gold over 88.5 metres at Reynolds, Arizona

Elevation Gold Mining Corp. [TSXV-ELVT; OTCQB-EVGDF] reported assay results for 33 reverse circulation (RC) holes that were drilled in the Reynolds pit area and two RC holes that were drilled in the Mordor pit area, Moss Mine, Arizona.

35 RC holes totaling 3,796 metres have been completed at two different near-mine targets (Reynolds Pit, Mordor). Assay results for 35 RC holes have been received, 21 of which intersected significant zones of gold mineralization.

This drilling intersected significant zones of mineralization in the Reynolds Pit area, where hole AR23-662R intersected 225 metres of 0.56 g/t gold.

Hole AR23-674R in the Reynolds Pit area intersected 88.4 metres grading 0.59 g/t gold and 3.68 g/t silver, including 54.9 metres grading 0.65 g/t gold and 4.49 g/t silver.

Hole AR23-678R in the Reynolds Pit area intersected 59.4 metres grading 0.62 g/t gold and 2.37 g/t silver. Hole AR23-682R in the Reynolds Pit area intersected 51.4 metres grading 0.55 g/t gold and 1.76 g/t silver.

Tim Swendseid, CEO, stated: “In the second half of last year, we completed approximately 3,796 metres of exploration drilling in the Reynolds Pit and Mordor areas, providing a much clearer understanding of the mineralized zone we discovered earlier in the year at the Reynolds Pit area.

“This new mineralized zone is South dipping versus North dipping as previously envisioned. All the assays have now been received, and a large number of the intercepts in holes that crossed the new zone have average gold grades well above our reserve grade of 0.45 g/t, which is very encouraging, especially since this new zone could extend further to the east and the west. We intend to complete an update of our NI43-101 during the first half of this year which will incorporate information from these new holes.

“Most intercepts in the new mineralized zone have higher grade than Moss’s average reserve grade of 0.45 g/t. These intercepts indicate a zone striking roughly east-west and dipping to the south. This is consistent with the trace of the Moss Vein, which is north of this zone.

“Continuity along strike is demonstrated on three sections approximately 20 metres apart, and from other, wider spaced drilling, it appears to extend much further east and west, plus it remains open on both sides and down-dip.

“The centre of the area as we know it is only 1 km from the crusher and 0.1 km to the nearest active haul road. Importantly, all newly identified mineralization is located on permitted ground.

“Later this year, we hope to drill additional holes to better define the extent and depth of economic mineralization, and we are immediately incorporating this area into our current mining plans.”

Ron Kieckbusch, CPG, exploration geologist and consultant to the company added: “These are very encouraging drill results. It appears that a zone enriched in gold may exist at depth in the southern portion of the explored area. The shoulder of the Magnetic high seen in the geophysics completed by Elevation Gold is similar to that seen in the Moss Pit area.”

Assay results for 33 RC holes drilled in the Reynolds Pit area are reported in this press release.

Two holes were drilled in the Mordor Pit on the northeastern and central areas of the current pit. These holes were drilled to test for hanging wall mineralization. Both holes AR23-699R and AR23-700R intersected gold and silver mineralization highlighted by 13.8 metres grading 0.46 g/t Au and 1.20 g/t Ag and 3.00 metres grading 1.59 g/t Au and 5.10 g/t Ag in hole AR23-699R.

The company has received a US$1,000,000 loan from an affiliate of Triple Flag Precious Metals Corp. which holds the silver stream in respect of the Moss mine. The loan is secured against all of the company’s property, is repayable on demand, and does not accrue interest. In connection with the loan, the company incurred a US$11,000 advance fee.

Elevation Gold’s principal operation is its 100%-owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.