Feb 15, 2022
 in 
Precious Metals

Gold Mountain (TSX: GMTN) Confirms New High-Grade Gold Discovery, 2.07m @ 51.15 g/t Gold including 0.3m of 351 g/t Gold

Gold Mountain Mining Corp. (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce the discovery of a new high-grade gold system in the Elusive Zone, located 5km southwest of the Siwash North gold resource, both part of the Company's 100% controlled Elk Gold Project. These diamond drill intercepts confirm the presence of multiple high-grade zones at the Elk Gold property, further illustrating the robust exploration potential and scalability of the project.

Highlights:

  • Drilling highlights include:
  • 2.07m grading 51.15 g/t Au including 0.3m of 351 g/t Au
  • Gold Mountain is the first operator at the Elk Gold Project to drill test the Elusive Zone and intercept significant gold mineralization in the first holes of this campaign.
  • These high-grade intercepts mark a new discovery at the Elk Gold property, providing the Company with a potential path to significantly upscale its resource.

"When we acquired this project in 2019, we knew there was significant untapped mineralization within the Elk's 21,000 hectare land package. Rather than ending our Phase II drill program at Siwash North, we took a calculated risk by adding an exploratory drill test at the Elusive zone in hopes of making a new discovery," commented CEO and Director Kevin Smith. "Today, we're thrilled to announce that this decision has paid off with the discovery of a new high-grade gold system within the Nicola Volcanics. It is extremely rare for the first holes in an undrilled zone to return such strong results, and for us to encounter significant mineralization is a testament to our ability to upscale this project beyond Siwash North. This new discovery adds a brand new dimension to the project and opens up considerable blue sky potential. With the Company now into production, having recently increased our resources, and now making a new discovery within the southern part of our claims, we have dramatically de-risked our story and added a clear path to aggressively upscale both production and exploration."

Cole Evans, CEO of HEG further comments, "The Elk Gold Mine's technical team has done a tremendous job identifying a >5km long structural trend that appears to correlate closely with multiple gold occurrences across the property, including Siwash North and the newly discovered Elusive Zone. Surficial geochemistry suggests the Elusive Zone is similar in scale to Siwash North, and importantly, our team is seeing significantly more visible gold at Elusive Zone compared to Siwash North and initial drill results confirm this system may be higher-grade."

New Discovery

The Company intercepted significant high-grade mineralization in the campaign's first drill holes at its Elusive Zone, displaying visible gold and resembling the high-grade veins drilled at Siwash North. Additionally, hole SND-049 (see "Assay Results" table) intercepted a wide interval of disseminated mineralization, unique from the Elk's renowned ultra high-grade, narrow veins that make up Gold Mountain's current resource.

These drill results, all from the southern region of the Elk Gold property, are extremely encouraging to Management, presenting a potential avenue to developing additional mineral resources and a clear path to upscale the project.

Elusive Zone

The Elusive Zone is located 5km southwest from Siwash North along the southern margin of Gold Mountain's land package and is considered the most prospective target on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified at the Elusive Zone. Given the focus at that time on developing the Siwash North deposit, the Elusive Zone was never drill tested.

Gold Mountain and its exploration management partner HEG & Associates ("HEG") performed soil geochemical samples across the Elusive zone during its Phase II exploration program, results of which further supported and better delineated the gold-in-soil anomaly thus helping identify drill targets.

With the Company's Phase lll drill program already underway and in full stride, Gold Mountain will revisit the Elusive zone in its Phase lV exploration campaign next spring. By returning to this highly prospective target, the Company hopes to further uncover high-grade, shallow mineralization while it continues building its vein model in the southern portion of its claims.

Phase lll Drill Program

Gold Mountain kicked off its Phase lll drill program in December 2021 with the first holes of the campaign infilling areas within the established resource. This program is forecasted to drill 10,000 total meters in and around the high-grade Siwash North vein systems. The Company will look to continue performing step-out and infill drilling near its operating open pits, as well as extending its geological model to the east.

Phase lll work also features 5,000 meters of historical core relogging as the Company attempts to continue uncovering mineralization that may have been overlooked by previous operators.

Disclaimer: Gold Mountain is a paid marketing client*

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