Gold Mountain Mining Corp. (TSX:GMTN) (OTCQB:GMTNF) has released an updated Mineral Resource Estimate (MRE) following the conclusion of its Phase 2 drill programme at the Elk Gold Project in British Columbia, Canada.
Highlights:
- Gold Mountain increases its resource estimate at its flagship Elk Gold Project to: 806,000 oz of Measured & Indicated Resources at 5.8 g/t AuEq and 262,000 oz of Inferred resource at 5.4 g/t AuEq.
- The updated Resource Estimate represents a 24% increase of Measured and Indicated ounces and 65% increase of inferred ounces.
- 37 new diamond drill holes were completed in the Siwash North Zone which incrementally expanded the vein models along strike and down dip and connected the Siwash North Zone with the Gold Creek Zone which was historically viewed as a satellite deposit.
- 10 diamond drill holes were completed in the Lake and South Zones leading to maiden Mineral Resource estimates in the two satellite deposits which demonstrate the multiple zone potential for the Elk Gold Project.
- This update to the mineral resources followed the Company’s successful Phase 2 drill program that consisted of 13,900 metres of diamond drilling where all 47holes hit mineralisation.
The resource update is following Gold Mountain’s 13,900m Phase 2 drill programme which began in May and wrapped up in November. The company continued to step out and infill its well established, high-grade intercepts in Siwash North, increasing the zone’s measured and indicated resource to 735,000oz at 5.9 g/t AuEq and inferred resource to 229,000oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North Zone which allowed the company to merge the Gold Creek and Siwash North geological models.
Additionally, Gold Mountain continued exploring the property by drilling in known mineralised Satellite zones including; the Lake and South Zones. By leveraging and evaluating the historical drill data set for these zones, the company was able to fill spatial data gaps and establish a combined maiden resource of 71,000oz measured and indicated at 4.3g/t AuEq and 33,000oz inferred at 5.7g/t AuEq.
Finally, the company continued relogging the asset’s historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North Zone which helped further refine the vein model interpretation and add additional veins to the geological model.
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