Gold Mountain (TSX.V: GMTN) Hits Additional High-Grade Intercepts in its Phase 2, 10,000m Drill Program
This latest batch of results are apart of the Summer/Fall drill program focused on building the current resource from 810,000oz to over 1Moz. These high-grade assay results continue to extend the deposit's established mineralized zones down dip and indicate clear vein continuity at depth.
- Drilling Highlights Include:
- 1.0m grading 17.3g/t Au including 0.73m of 24.4g/t Au
- 1.3m grading 13.9g/t Au including 0.30m of 60.4g/t Au
- 1.12m grading 6.4g/t Au including 0.30m of 24.0g/t Au
- Gold Mountain's Phase 2 drill program continues to methodically extend the Elk's shallow, open pit amenable vein systems as well as its deep, high-grade mineralization at the Siwash North Zone.
- Gold Mountain continues to re-log historical core samples after the success of the Phase 1 relogging program.
- HEG and Associates ("HEG") has completed a soil geochemical survey over highly prospective exploration targets on the property including the Elusive Zone.
"With our spring/summer exploration program in full swing, we've picked up right where we left off in March by continuing to chase Mineralization both on strike and down dip, with a goal of adding ounces to our resources in the Siwash North zone," said Kevin Smith, CEO and Director of Gold Mountain. "With an ambitious goal of getting this resource up to a million ounces by fall, it's critical that we continue to hit these early intercepts to deliver on our commitment to shareholders of being BC's next million ounce Gold and Silver producer. We also have a team of 8 geologists on site kicking off a soil sampling and field work program in our Elusive zone located approximately 4.5km away from our open pits. This area has the second highest gold in soil anomaly, numerous copper showings, and is yet to be drill tested. If we are able to connect, Gold Mountain could be looking at a bulk tonnage style deposit, to pair with our known high-grade sulphides, at the Elk Gold property."
Phase 2 Drilling Update
After the success of the Phase 1 drill program, the Company's Phase 2 will continue to focus on extending and expanding the high-grade vein system at the Siwash North zone. Additional drill holes will target the Gold Creek Zone with a view to connecting its mineralization with the Siwash North Zone and the Elusive Zone which shows potential to be an entirely new discovery.
To date, the Company has drilled a total of 13 of its planned 34 total drill holes in its Phase 2 exploration program representing approximately 4,350m of the 10,000m program. The first batch of assay results represent only two of the thirteen holes drilled to date encompassing 500m of the 4,350m.
The drill holes that produced the initial assay results were located south of Pit 1 with a view of extending and expanding the 1300, 2500 and 2600 veins. The initial assay results achieve the goal of extending and expanding the high grade veins and demonstrate the predictable nature of the Siwash North Zone mineralization. The Company anticipates that future Phase 2 assays will continue to extend and expand the high grade veins which is expected to increase the resource estimate.
Gold Mountain continues to relog its historical core after uncovering significant mineralization that was overlooked by previous operators during its Phase 1 relog program. Current relogging efforts are focused on historical drill holes adjacent to the current Phase 2 drilling to better understand the deposit geometry, which will ensure that subsequent drilling has the best chance of hitting further mineralization.
The Elusive Zone
Gold Mountain, HEG and previous operators have long identified the Elusive Zone as highly prospective. It is defined by a significant gold-in-soil anomaly and known historical copper occurrences and has the potential for both a bulk tonnage, Cu-Au porphyry type discovery, as well as additional high-grade gold mineralization.
HEG is completing a new geochemical survey over the target area and will combine those results with alteration mapping and the Company's geophysical surveys to vector into drill targets scheduled in the latter half of the Phase 2 drill campaign.
Below is a table of Selected Core Drill Results. A complete list of all drill results to date have been posted to the Company's website at www.Gold-Mountain.ca
Drill Collar Locations
Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below and have been posted to the Company's website for all drill holes: