Gold Mountain Mining Corp. (TSX:GMTN)(OTCQB:GMTNF) has discovered a new high-grade gold system in the Elusive Zone, located five km southwest of the Siwash North gold resource, both part of the company’s 100% controlled Elk Gold Project in British Columbia.
Diamond drill intercepts have confirmed 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 mineralisation 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 mineralisation within the Elk’s 21,000 hectare land package,” CEO and Director Kevin Smith said.
“Rather than ending our Phase II drill programme 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.
“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 mineralisation 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.”
New Discovery
The company intercepted significant high-grade mineralisation 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 intercepted a wide interval of disseminated mineralisation, 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 programme, 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 programme 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 mineralisation while it continues building its vein model in the southern portion of its claims.
Phase lll Drill Programme
Gold Mountain kicked off its Phase lll drill programme in December 2021 with the first holes of the campaign infilling areas within the established resource. This programme is forecasted to drill 10,000 total metres 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 m of historical core relogging as the company attempts to continue uncovering mineralisation that may have been overlooked by previous operators.
For further information please visit: https://gold-mountain.ca/
