21:41:58 EST Sat 27 Nov 2021
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Gold Mountain Mining Corp
Symbol GMTN
Shares Issued 69,819,372
Close 2021-11-24 C$ 1.68
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Gold Mountain drills 1.3 m of 12 g/t Au at Elk

2021-11-25 06:17 ET - News Release

Mr. Kevin Smith reports


Gold Mountain Mining Corp. has released additional assay results from its Siwash North portion of its phase 2 drill program at the Elk gold project. The company continues to uncover high-grade mineralization along its well-established vein systems near the project's open pits, which show strong grade continuity and openness on strike and at depth throughout the Siwash North zone.

Drilling highlights include:

  • 1.10 metres grading 10.05 grams per tonne gold including 0.30 m of 46.1 g/t Au;
  • 1.30 m grading 12.00 g/t Au including 0.30 m of 44.7 g/t Au;
  • 1.40 m grading 9.68 g/t Au including 0.40 m of 24.60 g/t Au;
  • 1.30 m grading 5.59 g/t Au including 0.30 m of 18.60 g/t Au.

"These results from our Siwash North drilling reinforce the consistency and grade continuity in the mineralization surrounding our open pits. Our best intercepts were struck on different veins 300 m apart and show strong resemblance in both widths and grade. This gives us confidence they're beginning to converge as we extend our geological model to the west," commented chief executive officer and director Kevin Smith. "With mine production now ramping up and the first two batches of assay results from our phase 2 program delivering as expected, we continue to showcase the scalability of the Elk."

Phase 2 drilling program

Gold Mountain and its exploration management partner HEG & Associates continue to intercept high-grade mineralization by stepping out and infilling the Siwash North's well-established vein systems. These highlight intercepts came from the 1300, 2600 and 2700 veins, showing strong grade continuity as the company extends its vein model to the west.

The company has concluded all drilling activity for its phase 2 program and now awaits assay results from the laboratory. In total, the program drilled 13,900 m, with 10,500 m occurring in the Siwash North zone and the remaining 3,400 m drilled in the property's satellite zones (Lake zone, South zone and Elusive zone).

Satellite zones

The Elk gold project has eight additional exploration zones that were drill tested by previous operators. To date, 9,000 metres of drilling have been performed in the Elk's Satellite zones, which do not currently contribute to the project's resource estimate.

For the first time, Gold Mountain is exploring in the satellite zones and will look to develop maiden resources in multiple areas on the Elk claims. By coupling historical drill data with strong visual mineralization in new core samples, the company is confident that these satellite zones will showcase similar grade and structure as the Siwash North zone.

Elusive zone

The Elusive zone is located 10 km away from Siwash North and is the most prospective region on the property. When the Elk gold project was discovered in the 1980s, the second-largest gold-in-soil anomaly was identified in the Elusive zone; however, given the focus on developing the Siwash North deposit, the Elusive zone has never been drill tested. Gold Mountain will be the first operator to carry out a drill campaign on this highly prospective target, in hopes of identifying a totally new type of mineralization and adding a new dimension to the Elk gold mine.

Drill results

The associated table shows selected core drill results. A complete list of all drill results to date has been posted to the company's website.

                               ASSAY RESULTS  
Hole                  From            To      Interval*               Au
                       (m)           (m)            (m)            (g/t)

SND21-020            163.0         164.1            1.1            10.05
including            163.4         163.7            0.3            46.10
SND21-008            446.7         448.1            1.3            12.00
including            446.7         447.1            0.3            44.70
SND21-017            177.3         178.7            1.4             9.68
including            178.3         178.7            0.4            24.60
SND21-020            230.6         231.9            1.3             5.59
including            230.6         230.9            0.3            18.60

* Assay intervals are presented as apparent thickness. True thickness 
will vary depending on the orientation of the drill hole but are 
typically 70 to 90 per cent of the apparent thickness.

Quality assurance/quality control (QA/QC) measures and analytical procedures

Gold Mountain adheres to a strict QA/QC monitoring program that includes the insertion of blanks, standards and duplicates into the sample stream, as well as the resubmission of select samples for check assays by an independent third party laboratory. Core samples were analyzed by Actlabs in Kamloops, B.C., using fire assay methods with a gravimetric finish for results over 10 g/t gold.

No material QA/QC issues were noted with the results received from the laboratory.

Qualified person

The foregoing technical information was approved by Grant Carlson, PEng, a qualified person, as defined under National Instrument 43-101 and the chief operating officer for the company.

About Gold Mountain Mining Corp.

Gold Mountain is a B.C.-based gold and silver exploration and development company focused on resource expansion at the Elk gold project, a formerly producing mine located 57 kilometres from Merritt in south-central British Columbia.

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