VANCOUVER,
April 16, 2013 /PRNewswire/ - Gold
Mountain Mining Corporation (TSX-V:GUM) (the "Company" or
"Gold Mountain") is pleased to announce final assay results from
the Company's 2012 exploration program at its 100% owned Elk Gold
project near Merritt, BC.
These latest results continue to demonstrate the significant
additional gold potential of several regional targets on the
property, outside of the historic pit area which hosts the
previously reported resource of 301,000 ounces of measured and
indicated and 263,000 ounces inferred gold contained.
During the six month field program, the Company
completed 13,902 meters of core drilling in 117 holes. The 2012
drill program was designed to upgrade the existing resource,
especially in the area of the bulk sample pit area, and to test
five other regional targets on the property. Results for the
resource area will be released in a separate news release.
Highlights from the areas drilled outside the existing resource
areas reported herein include regional holes drilled on the South
Showing, Bullion, Lake, Discovery and Nicola Zones, which are
tabulated below.
Highlights of the holes announced today include
the following:
Hole |
Interval (m) |
Au (g/t) |
Ag (g/t) |
SSD12-218 |
4.99 |
3.59 |
18.94 |
Including |
0.94 |
17.30 |
84.30 |
SSD12-226 |
15.75 |
8.01 |
14.38 |
Including |
0.50 |
230.00 |
310.00 |
And
Including |
0.50 |
10.50 |
14.80 |
SSD12-228 |
7.27 |
1.03 |
0.47 |
SSD12-230 |
8.98 |
1.19 |
1.61 |
SSD12-232 |
4.50 |
13.05 |
31.57 |
Including |
0.85 |
55.30 |
148.00 |
And
Including |
0.35 |
22.40 |
25.00 |
SSD12-260 |
9.00 |
1.39 |
2.50 |
Previous drilling in the South Showing had defined a NE
trending, moderately south dipping structural zone up to 50 meters
wide, containing at least four discrete veins over a strike length
of 340 meters and a drill-tested vertical depth of 130 meters.
Drilling in 2012 has extended the zone a further 40m to the
southwest and 20m to the northeast, and also defined a wider lower
grade target that may be suitable for bulk tonnage mining.
Both deposit styles are open in all directions and the company
plans follow-up drilling on this promising zone.
Hole |
Interval (m) |
Au (g/t) |
Ag (g/t) |
GW12-003 |
0.50 |
15.75 |
36.30 |
and |
0.50 |
16.80 |
41.30 |
SND12-280 |
1.17 |
11.41 |
87.00 |
Including |
0.30 |
44.10 |
329.00 |
SND12-281 |
0.30 |
9.82 |
26.10 |
SND12-282 |
2.98 |
2.59 |
7.89 |
Including |
0.40 |
18.75 |
47.20 |
A new gold bearing zone called Bullion was discovered in 2012
while completing a ground water monitoring well. The zone
consists of three moderately south dipping quartz veins over a
width of 100m. Three follow-up holes extended the zone 75m to
the west where it remains open in all directions. The
discovery in an area of minimal soil anomalies illustrates the
significant potential for additional gold veins on the Elk
property. Bullion is a priority area for additional drilling in
2013.
Hole |
Interval (m) |
Au (g/t) |
Ag (g/t) |
SND12-207 |
0.30 |
40.30 |
30.90 |
SLD12-209 |
0.33 |
70.40 |
17.60 |
SLD12-213 |
0.30 |
89.80 |
53.10 |
SLD12-215 |
1.00 |
11.85 |
97.75 |
Including |
0.5 |
22.90 |
66.50 |
Lake Zone drilling in 2012 successfully tested the eastern
strike extent of the known zone and also found new and parallel
veins to the north. The drilling extended the Lake Zone 135m
easterly and included an intersection of 89.9 g/t Au over 0.3m. A
follow-up hole drilled under this intersection appears to have
stopped short of the target due to the vein being steeper than
expected. Drilling of several holes along a northerly section
between the Lake and Siwash North zones discovered two new veins
grading 40.3 g/t Au over 0.3m and 70.4 g/t Au over 0.33m as well as
an eastern extension of the Gold Zone 450m east of the last
drilling. All three veins are open in all directions and
warrant additional testing.
Hole |
Interval (m) |
Au (g/t) |
Ag (g/t) |
DSD12-236 |
1.00 |
1.80 |
20.88 |
DSD12-237 |
0.94 |
1.12 |
5.45 |
Drilling on Discovery Zone was designed to test
along strike of historical drill hole DSD95-159 that intersected
0.68m of 13.60 g/t Au. The mineralized zone was extended
south westerly 200m with lower grade intersections of similar
widths to the 1995 drill hole and is open along strike and down dip
to the south-west. This zone will be a lower priority area
for 2013.
Nicola Zone
The Nicola Zone tested coincident soil geochemistry
and IP chargeability anomalies. Drilling intersected pyritic
Nicola Group volcanic rocks void of any quartz veining. No
further work is contemplated for this zone at the Northern most
point on the mineral lease.
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Drill Results Summary Table |
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Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag
(g/t) |
South
Showing |
SSD12-218 |
80.25 |
85.24 |
4.99 |
3.59 |
18.94 |
including |
84 |
84.94 |
0.94 |
17.3 |
84.3 |
SSD12-218 |
93.1 |
95.1 |
2 |
1.23 |
6.3 |
SSD12-218 |
105 |
106.05 |
1.05 |
1.33 |
4.96 |
SSD12-218 |
137.7 |
138 |
0.3 |
1.91 |
1.5 |
SSD12-226 |
10.5 |
26.25 |
15.75 |
8.01 |
14.38 |
including |
13.25 |
13.75 |
0.5 |
230 |
310 |
and |
24.75 |
25.25 |
0.5 |
10.5 |
14.8 |
SSD12-227 |
9.52 |
11.4 |
1.88 |
1.01 |
5.35 |
SSD12-227 |
14.9 |
15.9 |
1 |
1.1 |
1 |
SSD12-227 |
31.25 |
31.9 |
0.65 |
1.63 |
1.8 |
SSD12-228 |
28.6 |
35.87 |
7.27 |
1.03 |
0.47 |
SSD12-228 |
43.17 |
43.6 |
0.43 |
1.1 |
12.7 |
SSD12-228 |
80.15 |
80.65 |
0.5 |
1.04 |
0 |
SSD12-230 |
14.1 |
14.4 |
0.3 |
1.39 |
0.7 |
SSD12-230 |
99.2 |
99.5 |
0.3 |
1.18 |
3.9 |
SSD12-230 |
157.52 |
166.5 |
8.98 |
1.19 |
1.61 |
SSD12-232 |
77 |
78.5 |
1.5 |
1.32 |
2.57 |
SSD12-232 |
83.5 |
86 |
2.5 |
1.09 |
1.24 |
SSD12-232 |
89 |
94 |
5 |
1.02 |
1.05 |
SSD12-232 |
94 |
98.5 |
4.5 |
1.35 |
2.39 |
SSD12-243 |
12.1 |
13.45 |
1.35 |
1.47 |
1.5 |
SSD12-244 |
45.5 |
46 |
0.5 |
1.13 |
1.8 |
SSD12-244 |
54.5 |
56.5 |
2 |
1.11 |
1.18 |
SSD12-246 |
77.65 |
79 |
1.35 |
1.22 |
1.41 |
SSD12-246 |
92.08 |
96.4 |
4.32 |
13.05 |
31.57 |
including |
94.97 |
95.82 |
0.85 |
55.3 |
148 |
and |
92.08 |
92.43 |
0.35 |
22.4 |
25 |
SSD12-247 |
63.5 |
67.35 |
3.85 |
1.43 |
2 |
SSD12-247 |
78.75 |
80.3 |
1.55 |
2.97 |
6.74 |
SSD12-249 |
41 |
43.25 |
2.25 |
1.66 |
2.31 |
SSD12-250 |
4.2 |
4.72 |
0.52 |
1.53 |
3.18 |
SSD12-250 |
9.86 |
10.2 |
0.34 |
1.48 |
5 |
SSD12-254 |
60 |
61 |
1 |
1.21 |
1.8 |
SSD12-254 |
63.5 |
67 |
3.5 |
1.06 |
1.11 |
SSD12-254 |
117 |
119.5 |
2.5 |
1.59 |
2.24 |
SSD12-255 |
34.5 |
35 |
0.5 |
1.23 |
15.1 |
SSD12-255 |
76.5 |
80.5 |
4 |
1.01 |
0.56 |
SSD12-257 |
129.45 |
130.5 |
1.05 |
3.62 |
2.4 |
SSD12-259 |
51 |
53.75 |
2.75 |
1.21 |
4.57 |
SSD12-259 |
65 |
68.5 |
3.5 |
1.26 |
6.64 |
SSD12-259 |
78 |
81 |
3 |
1.08 |
0.8 |
SSD12-259 |
87.5 |
88 |
0.5 |
1.42 |
3.7 |
SSD12-260 |
95.5 |
104.5 |
9 |
1.39 |
2.5 |
Bullion
Zone |
GW12-003 |
53.75 |
55.5 |
1.75 |
4.52 |
10.5 |
including |
53.75 |
54.25 |
0.5 |
15.75 |
36.3 |
GW12-003 |
61.5 |
70.5 |
9 |
1.01 |
2.39 |
including |
63.75 |
64.25 |
0.5 |
16.8 |
41.3 |
SND12-280 |
5.5 |
6.67 |
1.17 |
11.41 |
87 |
SND12-280 |
56.57 |
56.87 |
0.3 |
3.81 |
8.4 |
SND12-280 |
102.85 |
103.15 |
0.3 |
1.37 |
22.2 |
SND12-281 |
8.35 |
9.15 |
0.8 |
3.71 |
9.98 |
SND12-281 |
62.98 |
64.54 |
1.56 |
1.95 |
3.46 |
SND12-281 |
113.52 |
115.42 |
1.9 |
1 |
2.32 |
SND12-281 |
132.86 |
133.23 |
0.37 |
1.94 |
14.2 |
SND12-282 |
38.07 |
38.56 |
0.49 |
1.75 |
7.4 |
SND12-282 |
61.9 |
64.88 |
2.98 |
2.59 |
7.89 |
including |
63.6 |
64 |
0.4 |
18.75 |
47.2 |
SND12-282 |
107.67 |
108.09 |
0.42 |
2.02 |
1.7 |
Lake
Zone |
SLD12-209 |
14.07 |
18.73 |
4.66 |
5.08 |
1.64 |
including |
14.9 |
15.23 |
0.33 |
70.4 |
17.6 |
SLD12-211 |
14.5 |
15.5 |
1 |
2.73 |
5.25 |
SLD12-211 |
100.5 |
101.5 |
1 |
1.35 |
4.6 |
SLD12-213 |
78.4 |
81.13 |
2.73 |
1.05 |
0.98 |
SLD12-213 |
88.82 |
89.12 |
0.3 |
1.57 |
4.6 |
SLD12-213 |
104.95 |
110.6 |
5.65 |
5.31 |
10.56 |
including |
110.3 |
110.6 |
0.3 |
89.8 |
53.1 |
SLD12-215 |
102 |
104 |
2 |
5.97 |
49.83 |
including |
102 |
102.5 |
0.5 |
22.9 |
66.5 |
SLD12-274 |
47.5 |
49 |
1.5 |
1.02 |
3.37 |
SLD12-274 |
107 |
109.75 |
2.75 |
1.33 |
2.29 |
SND12-201 |
135.5 |
135.85 |
0.35 |
9.24 |
34.3 |
SND12-207 |
96.12 |
99.15 |
3.03 |
5.36 |
12.95 |
Discovery
Zone |
DSD12-236 |
24 |
25 |
1 |
1.8 |
20.88 |
DSD12-237 |
25.71 |
26.65 |
0.94 |
1.12 |
5.45 |
DSD12-238 |
30.33 |
30.63 |
0.3 |
1.06 |
5 |
DSD12-240 |
14.69 |
14.99 |
0.3 |
1.71 |
3.1 |
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All widths reported above are down hole intercepts only, with
true widths ranging from approximately 70 to
100 % of the reported width. All holes were drilled to the north
and dip between -50 and -70 degrees. |
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Gold Mountain's CEO Chris McLeod commented: "These results
demonstrate the excellent exploration upside on the Elk property,
where our recent drilling has returned significant assays and added
strike length and depth to known zones. The expansion and
continuity of the South Showing has generated much interest in the
potential for a large volume open pit gold mining operation. We
look forward to continuing our regional exploration program, while
also advancing with pre-feasibility work in the historic pit area
of the Elk property, which currently hosts a resource of 301,000
ounces of measured and indicated and 263,000 ounces inferred
gold."
The current NI 43-101 resource estimate, based
on drill data available to 2009, stands at 2,190,000 tonnes
Measured and Indicated at an average grade of 4.26 g/t Au (for
301,000 ounces gold contained), plus 1,150,000 tonnes Inferred at
an average grade of 7.13 g/t Au (for 263,000 ounces gold
contained).
Gold Mountain adheres to a strict QA/QC
monitoring program that includes the insertion of blanks, standards
and duplicates into the sample stream, as well as the re-submission
of select samples for check assays by a third party laboratory.
Core samples were analyzed by ALS Canada Ltd in North Vancouver
BC, using Fire Assay methods with a gravimetric finish for
results over 10g/t gold, or an Atomic Absorption finish for results
under 10 g/t.
The Company's Senior Geologist, Robert Wilson, P.Geo., was responsible for the
design and management of the 2012 field program and also acts as
the Company's Qualified Person for technical disclosure per
National Instrument 43-101.
About Gold Mountain Mining
Gold Mountain is a new public resource company
managed by an experienced team of professionals with a solid track
record of exploration and development success. The Company
owns 100% of the 16,700 hectare Elk Gold property, which it intends
to develop into a precious metal producer within the next two
years, and is also seeking additional near-term production assets
to further build shareholder value. Additional information is
available at www.sedar.com or on the Company's new website at
www.aumtn.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this Release.
ON BEHALF OF THE BOARD
"Chris McLeod" (signed)
Chris McLeod, President &
CEO
Forward-Looking Statements: This news release contains
forward-looking statements that are based on the Company's current
expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include,
without limitation, statements regarding the closing of further
tranches of the Offering, the use of proceeds from the
Offering and the Company's plans with respect to the exploration
and development of its projects. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ materially from
estimated or anticipated events or results implied or expressed in
such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
SOURCE Gold Mountain Mining Corporation