Gold Mountain Mining Corp. [GMTN-TSXV; 5XFA-FSE] reported results from the company’s latest drill hole intercepts at its 100%-owned Elk gold project near Merritt, southern British Columbia.
The assay results extend known high-grade mineralization of the 2600 and 2700 vein systems and showcase near-surface gold grades consistent with the company’s successful deep drilling results announced on April 14, 2021. Additionally, the company’s relogging of historic core using the latest technology continues to uncover high-grade mineralization missed by previous operators.
The results from the latest assays extend the 2600 and 2700 veins and convey strong grade continuity as the company continues infilling. Drill results include drill hole SND20-033 that intercepted 1.3 metres averaging 13.3 g/t gold 186.9-188.2 metres, including 0.30 metres averaging 56.5 g/t gold 186.9-187.2 metres. SND20-033 intercepted 1.3 metres averaging 4.5 g/t gold 99.2-100.5 metres, including 0.30 metres averaging 19.2 g/t gold.
A relogging and sampling program uncovered a new vein intercept from historic hole SND11-128, yielding 0.2 metres averaging 47.8 g/t gold.
Gold Mountain’s CEO, Kevin Smith, commented: â€œThese results at the tail end of our Phase 1 drill program bring our hit rate to 100%. Every drill hole from this program returned significant gold intercepts. The primary goal of the final drill holes was to infill data gaps in the 2600 and 2700 vein system[s] and to further enhance JDS’s underground geotechnical model. Having these holes return some of our highest grades is a welcomed surprise. Additionally, we continue to uncover phenomenal grades from our relogging program that is proving to be an economical way to fill gaps in our model. The Elk gold project continues to demonstrate excellent continuity and expandability.â€
Smith continued, â€œGold Mountain finds itself in a unique position where we’re able to deliver shareholder value not only through our exploration efforts but also through the coming transition into development and production. This gives us a unique upside in the junior space, which we feel sets us apart from our peers. The market seems to be waking up to our story and with early shareholders staying long there has been a great response in our share price. Management is extremely focused on execution and looks forward to continuing to deliver meaningful progress in the coming months.â€