Gold Mountain (TSX.V: GMTN) has released an updated resource which has increased substantially, and includes the latest $1.9M phase 1 8,739 metre diamond drill program, where all 41 holes hit mineralization.
- 651,000oz of measured and indicated resources at 6.1 grams per tonne Au (representing a 43% increase) and 159,000oz of inferred resource at 4.8 g/t Au (representing a 67% increase)
The Elk Resource breakdown is as follows:
Phase 2 exploration program
Gold Mountain (TSX.V: GMTN) will now focus on the phase 2 10,000 metre drill program which will focus on the outside Siwash North Zone. Now having the Notice of work permit, the company has a few options to target deep, high-grade zones specifically chasing the down dip 1300 vein.
In phase 1 of Gold Mountain's drill program, the company focused on the Siwash North zone with predictable, stepout and infill drilling to methodically add ounces to the resource. The company hit significant mineralized intercepts in 100 per cent of the 41 drill holes completed at the Siwash North zone, including high-grade mineralization in the zone dubbed the Mother Shoot with grades reaching 124 grams per tonne.
The company is also drilling the Elusive zone located approximately four kilometres from the Siwash North zone, where historic high-grade soil geochemical samples indicate promising new potential at the Elk gold project.
Phase 2 relogging
The company has begun the phase 2 process of relogging historic core, digitizing historic data and updating the geological interpretation. Given the past success of the phase 1 relogging of historical core, which unveiled undocumented core samples as high as 216 g/t, Gold Mountain plans to continue to relog and resample core from previous operators in areas identified as a high interest to the company.
"This is fantastic news as we move into our next 10,000 m drill program at the Elk," commented chief executive officer Kevin Smith. "With this notice of work, we now have a lot more optionality to target deep, high-grade zones, particularly down dip of the 1300 vein. It also opens up other satellite areas we've identified as being highly prospective for vein extensions and new discoveries. In this phase 2 program, we have five holes planned for our Elusive zone with the intention of developing a more bulk-tonnage-style resource to complement our high-grade sulphide mineralization. Our focus remains to continue unlocking shareholder value by aggressively growing the Elk deposit while rapidly moving through development and into commercial production. Stayed tuned for a very exciting second half of 2021 as we continue building out B.C.'s next high-grade gold and silver producer."