Concludes BC Phase 1 Drilling Campaign
Gold Mountain Mining Corp. (TSXV:GMTN, OTCQB:GMTNF) has produced an updated Mineral Resource Estimate (MRE) following the conclusion of its Phase1 drill programme at the Elk Gold Project in British Columbia.
Highlights:
- Gold Mountain increases its resource estimate at its flagship Elk Gold Project to:651,000 oz of Measured & Indicated Resources at 6.1 g/t Au and 159,000 oz of Inferred resource at 4.8 g/t Au.
- The updated resource estimate represents an increase of 43% of Measure and Indicated ounces and 67% of inferred ounces.
- This update to the mineral resources followed the Company’s successful C$1,900,000 Phase 1 drill programme that consisted of 8,739 metres of diamond drilling where all 41 holes hit mineralisation.
Several factors have contributed to the change in this resource estimate from previous estimates. The primary factors affecting that change are the addition of 41 new diamond drill holes, discovery of mineralised intercepts that were not sampled from historical drill cores, changes to the constraining pit shell parameters and changes to the vein model interpretation.
Gold Mountain Mining Corp. is a BC based exploration and development company focused on the Elk Gold Project, a past producing mine located approximately 57 km from Merritt, BC.
The claims and leases comprising the Elk Gold Project cover over 16,000 hectares offering both exploration upside and a clear path to near term production.
The proposed multi phase production plan will see a Phase 1 – 19,000 Oz. production profile beginning in Q4 2021, which will fund our proposed ramp up to 50,000 Oz. by 2025.
Concurrently with developing the mine, management plans to continue drilling the nine known high grade mineralised zones, while continuing to explore other areas showing exciting potential.
