VANCOUVER, BC, Oct. 31,
2022 /CNW/ - Elevation Gold Mining
Corporation (TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or
"Elevation Gold") is pleased to provide final results from its
recently completed reverse circulation ("RC") resource definition
and expansion drilling program (see News Release dated July 25, 2022) at Moss Mine and the commencement
of a new RC drill program beginning in November 2022.
Program
Highlights
- Assay results are presented for the final 26 near-mine resource
definition and expansion RC drill holes containing several
significant intersections of mineralization, including 48.8m grading 0.63 g/t Au, 3.79 g/t Ag at Center
Pit (AR22-640R), 53.3m grading
0.49g/t Au, 4.24 g/t Ag (AR22-641R) at Center Pit and 147.8m grading 0.31 g/t Au, 5.61 g/t Ag at West
Pit (AR22-636R).
- A new RC drilling program will commence at Moss Mine in
November 2022 to further test
mineralization near Center Pit and West Pit
Tim Swendseid, President of
Elevation Gold stated: "Today we are announcing final results
from our 2022 reverse circulation program at Moss Mine and the
commencement of a new reverse circulation program at the mine
beginning in November. Our efforts continue to demonstrate
the high expansion potential of the Moss Mine. Our recent
drilling in the West Pit and Center Pit continued to intersect
multiple stockwork vein zones in the hanging and footwalls to the
main Moss and Ruth Veins confirming broadening of the system to the
west and the presence of significant gold in the Ruth Vein beneath
the Center Pit. The new reverse circulation program announced
today will follow up on these results and aims to extend
mineralization system continuity from the current West Pit, through
the Mordor/West Pit Extension area to the historic drilling in the
Mid-West Extension/Reynolds Pit area. It is hoped that the
drilling will extend the active mining area an additional 0.5km to
the west of the current open pit, resulting in an overall potential
mine strike length of just over 2km, from the East Pit to the
Reynolds Pit area."
Near-mine RC Drilling
Results
Assay results for the final 26 near-mine RC drill holes drilled
as part of the recently completed 2022 resource delineation and
expansion drilling program and located at Center Pit, West Pit, and
the 3B leach pad (condemnation
drilling) are presented in this news release (see Figure 1:
Drillhole Location Map). Significant gold and silver
intersections are disclosed at the end of this press release (see
Table 1), highlights of the program are discussed below.
Center Pit
Holes were drilled in fans across three section
lines to in-fill gaps, and to explore potential economic
mineralization beneath the Moss Mine crusher facility. Four
holes targeted the Moss vein, while seven holes targeted the Ruth
vein. All but one of these holes intersected significant gold
mineralization (see Figure 2: Cross-Section Through Center Pit),
including.
- 48.77m grading 0.63 g/t Au, 3.79
g/t Ag, including 16.76m grading 1.18
g/t Au, 7.26 g/t Ag (AR22-640R)
- 53.34m grading 0.49 g/t Au, 4.24
g/t Ag, including 12.19m grading 0.88
g/t Au, 9.01 g/t Ag (AR22-641R)
West Pit
In-fill drilling in the West Pit continued to
intersect thick zones of low-grade ore. Fan patterns were
drilled across the West pit to fill in areas lacking sufficient
drill definition, and to drill beneath the West Pit mine
plan. Most of these holes intersected thick stockwork zones
containing gold above the Moss Mine ore control cut-off grade of
0.26 g/t. Hole AR22-636R drilled along Line 2W intersected
147.83m grading 0.31 g/t Au, 5.61 g/t
Ag. Several zones of higher-grade material were intersected
within this broad zone of stockwork mineralization, including
4.57m grading 1.34 g/t Au, 4.20 g/t
Ag, 3.05m grading 1.13 g/t Au, 3.15
g/t Ag and 6.10m grading 0.88 g/t Au,
44.10 g/t Ag (see Figure 3: Cross-Section Through West Pit).
Mordor/West Pit Extension
Condemnation drilling in the proposed
3B leach pad area (north of leach pad
3A) resulted in several intersections containing significant
mineralization. The Mordor extension area west of the current
West Pit looks especially promising and could help to connect the
West Pit with the Mid-West Extension area (see Figure 1: Drillhole
Collar Location Map). Note drillhole AR20-253R, drilled in
2020 in the Mid-West Extension area, intersected 45.72m grading 0.32 g/t Au, 1.21 g/t Ag, and
4.57m grading 0.44 g/t Au, 1.53 g/t
Ag, and 3.05m grading 1.18 g/t Au,
0.70 g/t Ag, and 4.57m grading 0.54
g/t Au, 0.77 g/t Ag. Hole AR22-618R, drilled approximately
198 meters southwest of the western crest of the West Pit, returned
21.34m grading 1.12 g/t Au, 2.75 g/t
Ag, including 9.14m grading 2.03 g/t
Au, 4.10 g/t Ag starting from the surface. This hole was
drilled near holes AR22-616R and AR22-617R, which were previously
released (see press release dated July 25,
2022 and Figure 4: Cross-Section Through Mordor/West pit
Extension Area).
Table 1: Assay Results from Elevation's
Condemnation, West Pit, and Center Pit
Drilling at Moss Mine
|
Project
|
Location
|
Drillhole
|
Az/Dip
(Degrees)
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AuEq
(g/t)
|
|
3B LP
|
Mordor Ext
|
AR22-618R
|
010/-45
|
0.00
|
21.34
|
21.34
|
1.12
|
2.75
|
1.15
|
|
including
|
|
4.57
|
13.72
|
9.14
|
2.03
|
4.10
|
2.09
|
|
AR22-619R
|
190/-45
|
0.00
|
4.57
|
4.57
|
0.43
|
0.43
|
0.44
|
|
Rattan
|
AR22-623R
|
340/-80
|
0.00
|
79.25
|
79.25
|
0.36
|
1.80
|
0.39
|
|
Including
|
|
57.91
|
73.15
|
15.24
|
0.79
|
2.03
|
0.82
|
|
and
|
|
108.20
|
115.82
|
7.62
|
0.36
|
1.84
|
0.38
|
|
and
|
|
269.75
|
277.37
|
7.62
|
0.48
|
0.88
|
0.49
|
|
AR22-624R
|
340/-65
|
3.05
|
27.43
|
24.38
|
0.41
|
1.33
|
0.43
|
|
and
|
|
67.06
|
76.20
|
9.14
|
0.33
|
0.47
|
0.34
|
|
AR22-625R
|
340/-45
|
10.67
|
16.76
|
6.10
|
0.81
|
0.73
|
0.82
|
|
and
|
|
68.58
|
71.63
|
3.05
|
0.44
|
2.45
|
0.47
|
|
and
|
|
79.25
|
89.92
|
10.67
|
0.24
|
1.36
|
0.26
|
|
and
|
|
102.11
|
105.16
|
3.05
|
0.35
|
1.35
|
0.37
|
|
West
Pit
|
Line 11W
|
AR22-621R
|
190/-75
|
16.76
|
42.67
|
25.91
|
0.26
|
1.11
|
0.28
|
|
and
|
|
199.64
|
211.84
|
12.19
|
0.51
|
2.33
|
0.54
|
|
and
|
|
231.65
|
338.33
|
106.68
|
0.42
|
1.00
|
0.43
|
|
including
|
|
298.70
|
313.94
|
15.24
|
0.71
|
0.63
|
0.72
|
|
Line 8W
|
AR22-622R
|
010/-90
|
0.00
|
147.83
|
147.83
|
0.35
|
1.43
|
0.37
|
|
AR22-620R
|
010/-80
|
0.00
|
27.43
|
27.43
|
0.62
|
5.38
|
0.69
|
|
including
|
|
9.14
|
16.76
|
7.62
|
1.63
|
11.98
|
1.79
|
|
and
|
|
50.29
|
54.86
|
4.57
|
0.40
|
2.70
|
0.44
|
|
and
|
|
71.63
|
77.72
|
6.10
|
0.34
|
0.98
|
0.35
|
|
and
|
|
92.96
|
97.54
|
4.57
|
0.35
|
0.87
|
0.36
|
|
Line 9W
|
AR22-630R
|
190/-45
|
25.91
|
124.97
|
99.06
|
0.31
|
1.86
|
0.34
|
|
Line 2W
|
AR22-636R
|
010/-70
|
0.00
|
147.83
|
147.83
|
0.31
|
5.61
|
0.38
|
|
including
|
|
3.05
|
7.62
|
4.57
|
1.34
|
4.20
|
1.40
|
|
including
|
|
53.34
|
56.39
|
3.05
|
1.13
|
3.15
|
1.17
|
|
including
|
|
77.72
|
83.82
|
6.10
|
0.88
|
44.10
|
1.47
|
|
Line 3W
|
AR22-637R
|
010/-75
|
0.00
|
108.20
|
108.20
|
0.46
|
4.72
|
0.53
|
|
including
|
|
0.00
|
16.76
|
16.76
|
1.28
|
7.20
|
1.38
|
|
AR22-638R
|
010/-65
|
0.00
|
131.06
|
131.06
|
0.30
|
3.27
|
0.35
|
|
including
|
|
0.00
|
9.14
|
9.14
|
0.64
|
1.68
|
0.66
|
|
including
|
|
45.72
|
60.96
|
15.24
|
0.50
|
8.53
|
0.62
|
|
including
|
|
111.25
|
114.30
|
3.05
|
0.79
|
1.65
|
0.81
|
|
AR22-639R
|
010/-45
|
0.00
|
97.54
|
97.54
|
0.48
|
4.27
|
0.53
|
|
including
|
|
13.72
|
30.48
|
16.76
|
1.29
|
8.97
|
1.41
|
|
Line 1W
|
AR22-644R
|
010/-70
|
88.39
|
117.35
|
28.96
|
0.35
|
7.40
|
0.45
|
|
and
|
|
170.69
|
181.36
|
10.67
|
1.01
|
3.30
|
1.06
|
|
AR22-645R
|
010/-63
|
60.96
|
106.68
|
45.72
|
0.33
|
8.48
|
0.44
|
|
including
|
|
88.39
|
97.54
|
9.14
|
0.66
|
20.30
|
0.93
|
|
and
|
|
152.40
|
158.50
|
6.10
|
0.32
|
4.80
|
0.39
|
|
and
|
|
172.21
|
181.36
|
9.14
|
0.31
|
1.37
|
0.33
|
|
Center
Pit
|
C22-1
|
AR22-626R
|
010/-70
|
77.72
|
92.96
|
15.24
|
1.33
|
29.45
|
1.72
|
|
including
|
|
82.30
|
92.96
|
10.67
|
1.76
|
40.69
|
2.30
|
|
AR22-627R
|
010/-80
|
32.00
|
38.10
|
6.10
|
0.44
|
1.75
|
0.46
|
|
and
|
|
44.20
|
48.77
|
4.57
|
0.31
|
2.30
|
0.34
|
|
and
|
|
102.11
|
121.92
|
19.81
|
0.71
|
14.55
|
0.91
|
|
AR22-628R
|
190/-80
|
50.29
|
65.53
|
15.24
|
0.73
|
4.54
|
0.79
|
|
and
|
|
88.39
|
106.68
|
18.29
|
0.30
|
3.90
|
0.35
|
|
and
|
|
141.73
|
225.55
|
83.82
|
0.45
|
7.58
|
0.56
|
|
including
|
|
147.83
|
160.02
|
12.19
|
0.89
|
2.26
|
0.92
|
|
including
|
|
184.40
|
198.12
|
13.72
|
0.92
|
18.79
|
1.17
|
|
AR22-629R
|
190/-65
|
50.29
|
53.34
|
3.05
|
2.25
|
65.05
|
3.11
|
|
and
|
|
117.35
|
120.40
|
3.05
|
0.72
|
4.85
|
0.79
|
|
and
|
|
138.68
|
147.83
|
9.14
|
0.83
|
6.20
|
0.91
|
|
and
|
|
182.88
|
192.02
|
9.14
|
0.43
|
7.05
|
0.53
|
|
C22-3
|
AR22-631R
|
010/-60
|
62.48
|
91.44
|
28.96
|
1.29
|
23.81
|
1.61
|
|
AR22-632R
|
010/-88
|
97.54
|
173.74
|
76.20
|
0.47
|
7.98
|
0.57
|
|
including
|
|
97.54
|
100.58
|
3.05
|
2.83
|
26.60
|
3.18
|
|
including
|
|
131.06
|
137.16
|
6.10
|
0.82
|
7.30
|
0.92
|
|
AR22-633R
|
190/-80
|
120.40
|
256.03
|
135.64
|
0.34
|
4.27
|
0.39
|
|
including
|
|
128.02
|
131.06
|
3.05
|
1.37
|
5.05
|
1.44
|
|
including
|
|
141.73
|
155.45
|
13.72
|
0.79
|
4.76
|
0.85
|
|
including
|
|
251.46
|
254.51
|
3.05
|
1.21
|
16.00
|
1.42
|
|
and
|
|
277.37
|
281.94
|
4.57
|
0.29
|
0.83
|
0.31
|
|
AR22-635R
|
190/-60
|
103.63
|
227.08
|
123.44
|
0.45
|
1.94
|
0.48
|
|
including
|
|
111.25
|
114.30
|
3.05
|
2.90
|
13.10
|
3.07
|
|
including
|
|
134.11
|
146.30
|
12.19
|
0.85
|
5.73
|
0.92
|
|
including
|
|
155.45
|
161.54
|
6.10
|
0.82
|
1.98
|
0.84
|
|
including
|
|
178.31
|
184.40
|
6.10
|
1.26
|
0.68
|
1.27
|
|
including
|
|
219.46
|
227.08
|
7.62
|
1.13
|
2.06
|
1.16
|
|
AR22-634R
|
190/-45
|
100.58
|
103.63
|
3.05
|
0.30
|
4.00
|
0.35
|
|
C22-5
|
AR22-640R
|
190/-45
|
94.49
|
143.26
|
48.77
|
0.63
|
3.79
|
0.68
|
|
including
|
|
94.49
|
111.25
|
16.76
|
1.18
|
7.26
|
1.28
|
|
AR22-641R
|
190/-60
|
94.49
|
147.83
|
53.34
|
0.49
|
4.24
|
0.54
|
|
including
|
|
96.01
|
108.20
|
12.19
|
0.88
|
9.01
|
1.00
|
|
Note:
|
|
True thickness ranges
between 29% to 88% for drillholes targeting the Moss Vein (and
parallel stockwork structures) and oriented between -90 degrees to
-45 degrees to the north, and between 55% to 96% for drillholes
oriented between -80 degrees to -45 degrees to the south targeting
the Ruth Vein and parallel stockwork structures. Although
true thickness of the stockwork system between the Moss and Ruth
Veins is generally difficult to assess due to the variably oriented
multiple veins and veinlets that make up this zone, stockwork
mineralization intersections reported for angled drillholes in the
table above are considered reflective of the broader bulk tonnage
mineralization target zone thickness. Stockwork zone
intersections in subvertical holes likely range between 60-85% of
reported zone thickness. Assay data are uncapped. AuEq = Au +
Ag/75. RC drilling was conducted by Boart Longyear. RC samples,
collected every 1.52 m, were transported in sealed bags to Skyline
Assayers and Laboratories (Skyline) in Tucson, AZ. Field control
QAQC samples, including standards, blanks, and field duplicates,
were inserted into the sample stream at a rate of three field
control samples every 20 regular samples. Gold was determined by
fire-assay fusion of 30 g sub-samples with atomic absorption
spectroscopy (method FA-01). Overlimit samples of gold were assayed
by gravimetric means (FA-02). Skyline Laboratories is accredited in
accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
|
New RC Drilling Program at Moss
Mine
An RC drill rig is scheduled to return to the Moss mine in
November 2022 to begin a follow-up
drill campaign (estimated at 7,300 m)
focused on drilling beneath the crusher from the Center Pit and
exploring the Mordor/West Pit extension area. Drilling
results to date indicate the presence of significant gold
mineralization in and adjacent to the Ruth Vein under and adjacent
to the Moss Mine crusher facility. Additionally, the drilling
campaign will continue exploring the Mordor/West Pit extension
area. The area extending between the West Pit, the Mid-West
Extension, and the Mordor area to the south contains limited
drilling information, and holes will be drilled to test the
continuity of the western extension from the West Pit through the
Mordor area to the mid-west extension.
Approval of Omnibus Equity
Incentive Plan
Further to the Company's press release dated August 18, 2022, where the Company announced
shareholder approval of the 10% rolling omnibus equity incentive
plan (the "Equity Incentive Plan") for the issuance of incentive
stock options, restricted share units, performance share units,
deferred share units, stock appreciation rights and share purchase
rights (collectively, the "Awards"), the Company is pleased
to announce it has received final approval of the TSX Venture
Exchange of the Equity Incentive Plan and the Equity Incentive Plan
has been implemented effective October 19,
2022. The number of common shares of the Company
reserved for issuance under the Equity Incentive Plan cannot exceed
10% of the number of common shares of the Company that are issued
and outstanding on each applicable date of grant for any Award.
Qualified Persons
Unless otherwise indicated, all technical data contained in this
press release that relates to geology, exploration and mineral
resources has been reviewed and approved by Dr. Warwick Board, P.Geo, Vice President
Exploration of Elevation Gold. Dr. Board is a Qualified
Person as defined by National Instrument ("NI") 43-101 and is
responsible for the Moss Regional and Hercules Exploration
Projects.
Unless otherwise indicated, the technical disclosure contained
within this press release that relates to the Company's operating
mine has been reviewed and approved by Tim
J. Swendseid, President of the Company and a Qualified
Person for the purpose of NI 43-101.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, President of
Elevation Gold Mining Corporation
About Elevation Gold Mining
Corporation
Elevation Gold is a publicly listed gold and silver producer,
engaged in the acquisition, exploration, development and operation
of mineral properties located in the United States. Elevation
Gold's common shares are listed on the TSX Venture Exchange
("TSXV") in Canada under the
ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol
EVGDF. The Company's principal operation is the 100% owned
Moss Mine in the Mohave County of Arizona. Elevation also
holds the title to the Hercules exploration property, located in
Lyon County, Nevada.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on
Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine plans; anticipated
exploration and development activities at the Company's projects;
net present value; design parameters; economic potential;
processing mineralized material; the potential of robust economic
potential at the Moss Mine Project. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of gold, silver and other metals;
anticipated costs; ability to achieve goals; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining,
including, but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity prices; the threat associated with outbreaks of
viruses and infectious diseases, including the COVID-19 virus;
delays or the inability to obtain, retain or comply with permits;
risks related to negative publicity with respect to the Company or
the mining industry in general; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; actual
ore mined and/or metal recoveries varying from Mineral Resource and
Mineral Reserve estimates, estimates of grade, tonnage, dilution,
mine plans and metallurgical and other characteristics; risks
associated with the estimation of Mineral Resources and Mineral
Reserves and the geology, grade and continuity of mineral deposits,
including, but not limited to, models relating thereto; ore
processing efficiency; information technology and cybersecurity
risks; potential for the allegation of fraud and corruption
involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices;
regulatory investigations, enforcement, sanctions and/or related or
other litigation; estimates of future production and operations;
estimates of operating cost estimates; the potential for and
effects of labour disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; climate change; risks relating to
attracting and retaining of highly skilled employees; compliance
with environmental, health and safety laws; counterparty and credit
risks and customer concentration; litigation; changes in laws,
regulations or policies including, but not limited to, those
related to mining regimes, permitting and approvals, environmental
and tailings management, and labour; internal controls; challenges
or defects in title; funding requirements and availability of
financing; dilution; risks relating to dividends; risks associated
with acquisitions and related integration efforts, including the
ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management
time on integration; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties including but not limited to those described the
Company's public disclosure documents which are available on SEDAR
at www.sedar.com under the Company's profile. All of the
forward-looking statements made in this document are qualified by
these cautionary statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, forecast or intended and readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking information. Accordingly,
there can be no assurance that forward-looking information will
prove to be accurate and forward-looking information is not a
guarantee of future performance. Readers are advised not to place
undue reliance on forward-looking information. The forward-looking
information contained herein speaks only as of the date of this
document. The Company disclaims any intention or obligation to
update or revise forward–looking information or to explain any
material difference between such and subsequent actual events,
except as required by applicable law.
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SOURCE Elevation Gold Mining Corp.
