Gold Mountain Mining Corp. [GMTN-TSXV; GMTNF-OTCQB; 5XFA-FSE] intercepted additional mineralization at the 100%-owned Elk gold project, a producing mine located 57 km from Merritt, south-central British Columbia, during its phase 3 drill campaign in the Siwash North zone.
Drilling highlights include 1.5 metres grading 42.39 g/t gold, including 0.30 metres of 207 g/t gold; 2.31 metres of 18.90 g/t gold, including 0.43 metres of 101 g/t gold; 1.6 metres of 26.03 g/t gold, including 1.09 metres of 38.2 g/t gold; 1.17 metres of 16.46 g/t gold, including 0.30 metres of 35.3 g/t gold and 1.0 metre of 12.04 g/t gold, including 0.30 metres of 39.6 g/t gold.
Hole SND-066 intercepted 207 g/t gold along the Siwash Northâ€™s 1400 vein, located below the company’s current mine operations. Intercepting these grades allows the company to fill spatial data gaps and increase the geological confidence in veins directly adjacent to the current mining area.
â€œAfter marching this resource passed a million ounces and making a new high-grade gold discovery in our Phase ll exploration program, we moved the drill back to the Siwash North zone for Phase lll to perform infill and step-out drilling along our high-grade mineralization,â€ commented CEO Kevin Smith. â€œConnecting with high-grade directly below our current mine plan gives us the opportunity to analyze bringing both the 1350 and 1400 vein into our mine plan sooner. While the mine is now into cash flow and ramping up to our proposed 19,000 oz production profile, management remains focused on continuing to scale our high-grade resource and our goal of building a multi-million-ounce gold producer.â€
Following the success of its Phase 2 exploration program, Gold Mountain returned to the Siwash North zone for Phase 3 to perform infill and step-out drilling along its well-established mineralization targeting the veins surrounding its open pits.
The company’s goals for Phase 3 are to add ounces to its resource, establish vein continuity in its open pits and further validate its geological model. Gold Mountain anticipates releasing an updated resource estimate that includes the Phase 3 results in the second half of 2022.
In Phase 3â€™s first batch of assays, Gold Mountain intercepted high-grade in the Siwash North zone while targeting both the 1350 and 1400 veins. Intercepting ultra-high grade directly below the footwall of the 1300 vein, which is currently being mined, allows the company to fill spatial data gaps and increase the geological confidence in veins adjacent to the current mining area.
|Gold Mountainâ€™s final drill holes of the campaign are targeting the Gold Creek zone, with a goal of extending its vein model to the east and at depth. Once all assays are reported, Gold Mountain and HEG & Associates Exploration Services Inc. the Company’s exploration management partner, will refine the Elkâ€™s geological model which will assist in delineating the updated resource estimate anticipated for the second half of 2022.|
Assay intervals are presented as apparent thickness. True thickness will vary depending on the orientation of the drill hole but are typically 70-90% of the apparent thickness.