Gold Mountain 2012 Exploration Drilling hits Breccia Zone with 15.75 meters of 8.01g/t Gold
16.04.2013 | CNW
VANCOUVER, April 16, 2013 - 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:
South Breccia Showing
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.
Bullion 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.
Lake Zone
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.
Discovery Zone
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.
Drill Results Summary Table
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
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.
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.
For further information:
Gold Mountain Mining Corporation
Chris McLeod, President & CEO or
Rod Shier, Chief Financial Officer
604 558-4653