Elevation Gold Mining Corp. [ELVT-TSXV, EVGDF-OTC] on Tuesday released an update on the company’s multi-phase infill and resource expansion drilling program at its flagship Moss Mine in northwest Arizona.
The company said drilling beneath the active West Pit has intersected broad intervals of stockwork and vein-hosted epithermal gold-silver mineralization from surface to a depth of almost 280 metres.
Drilling highlights include hole AR21-562R, which returned 344.42 metres of hanging wall stockwork mineralization grading 0.31 g/t gold and 1.12 g/t silver, starting at surface.
Drill hole AR21-560R intersected 137.6 metres of hanging wall stockwork mineralization grading 0.30 g/t gold and 1.92 g/t silver starting at surface, including 22.86 metres grading 0.47 g/t gold and 1.35 g/t silver.
“We anticipate that this drilling will result in the delineation of additional mineral resources and mineral reserves in the West Pit,” said Elevation Gold President Michael Allen.
“With the excellent metallurgy at the Moss Mine, the results further demonstrate the potential for reducing the strip ratio of the West Pit,’’ he said. “The scale of these results highlights the potential for Moss to grow into a multi-million-ounce gold system.”
Elevation shares advanced on the news, rising 1.5% or $0.005 to 33 cents in light trading volume. The shares are currently trading in a 52-week range of $2.46 and 32 cents.
Having recently changed its name from Northern Vertex Mining, Elevation Gold controls two projects on the Walker Lane Gold Trend of western Arizona and Nevada. The company operates the Moss Mine, Arizona’s largest pure metals producer. It is exploring the Hercules Gold Project in Nevada.
Elevation recently released new reserve and resource estimates for the Moss gold mine, which reached the commercial production stage in September, 2018. By deploying low-cost heap leaching recovery methods, Elevation is expecting the Moss project to produce 45,000 ounces of gold equivalent during the first five years of production. Annual cash flow is projected at US$24 million and will be used to fund expansion and acquisitions.
However, the company has said it believes the Moss Mine and surrounding 168-square kilometre land package possesses unrealized gold exploration potential. As a result, it began an aggressive near mine and regional exploration drill program in March, 2021, to deliver new resource ounces while beginning to demonstrate the potential of the property.
On Tuesday, Elevation said infill and near-mine drilling continues at Moss with two reverse circulation drill rigs currently active. Drilling is focused on infill and resource expansion drilling targeting the Moss and Ruth Veins and associated hanging wall stockwork beneath and adjacent to the West Pit, as well as condemnation drilling in the proposed 3B Leach Pad area.
Elevation has released assay results from 29 reverse circulation drill holes, including 23 from the West Pit area and six condemnation holes from the proposed 3B Leach Pad area. Additional drill results are pending.