Gold Mountain Resource Improves with More High Grade Results in the Bulk Sample Pit
24.04.2013 | CNW
VANCOUVER, April 24, 2013 - Gold Mountain Mining Corporation (TSXV: GUM) (the "Company" or "Gold Mountain") is pleased to announce final assay results from the Company's 2012 resource drilling program at its 100% owned Elk Gold project near Merritt, BC. These latest results demonstrate the continuation of mineralization potential of the far west and south-east directions of the resource area.During the six month field program, the Company completed 13,902 meters of core drilling in 123 holes. The 2012 resource drill program was designed to upgrade the existing resource, which contains 55,000 measured ounces, 245,000 indicated ounces and 263,000 inferred ounces of gold. The focus of the 2012 resource drilling was in three areas and the results highlights are presented in three parts below, including the Bulk Sample Pit, Far West, and Southeast Extension Areas.
Bulk Sample Pit
Diamond core drilling was completed in the bulk sample pit area, 130m east of the historic pit, for the dual purposes of upgrading the known resource as well as better defining the area targeted by the company's currently ongoing bulk sample program. The best results confirmed gold concentrated in 3-4 high grade sub-parallel quartz veins carrying grades up to 88.8g/t gold and 121g/t silver over a 50cm sample interval. These results will be used to compare expected grades to actual mining recovery once the bulk sample is completed and the ore results have been compiled. Highlights of the drill results in this area are shown below in chronological order and a complete list of significant results is included in the table at the bottom of this release.
Hole Interval (m) Au (g/t) Ag (g/t)
SND12-166 0.62 63.10 64.10
SND12-167 1.40 6.96 16.00
Including 0.90 10.15 22.50
SND12-169 0.90 35.10 16.10
SND12-173 0.45 14.25 27.78
Including 0.25 24.10 47.60
SND12-174 0.30 20.00 36.30
SND12-175 1.60 7.30 9.22
Including 0.97 11.60 15.20
SND12-176 0.94 11.35 0.60
SND12-193 1.20 10.80 29.32
Including 0.70 18.15 48.90
SND12-194 0.50 16.90 50.50
SND12-195 0.60 13.41 8.10
Including 0.40 19.65 11.20
SND12-196 0.50 16.90 23.50
SND12-197 0.50 88.80 121.00
SND12-199 2.00 8.03 1.68
Including 0.50 25.20 3.60
SND12-200 0.50 70.30 77.20
SND12-205 0.50 15.70 13.50
SND12-214 0.50 19.25 47.30
SND12-276 1.00 19.65 35.05
Including 0.50 24.80 50.00
Southeast Extension
The intent of the drilling in this area was to extend the known mineralization of the Siwash North deposit to the east along strike and south down dip. Using an 80 x 180 meter grid the company targeted the mineralization in this area, which is a series of thin-sheeted quartz-sulphide veins. Results showed both low and high-grade intercepts with the deposit remaining open to depth as well as along strike. The 2012 drilling extended the deposit to the south for 150m along strike and added around 60m along strike to the east. Highlights are shown below in chronological order and a more complete list of significant results can be found at the bottom of the release.
Hole Interval (m) Au (g/t) Ag (g/t)
SND12-185 0.64 7.45 7.35
Including 0.40 11.60 8.70
and 0.28 7.88 3.60
SND12-268 0.30 17.65 9.90
SND12-273 0.50 13.20 14.60
SND12-275 0.31 26.00 24.20
SND12-277 0.5 13.25 39.30
Far West Extension
As a follow up to the hole SND11-123, drilled in 2011, the company drilled a 50-60m spaced grid of diamond core drill holes to extend the Siwash North deposit to the west along strike. The area was along the contact between the granodiorite-quartz monzonite unit and the Nicola Volcanic unit. Mineralization was found in quartz-sulphide veins with less regularity than normally seen and the rocks in general were heavily fractured. High-grade intersections and volumes were not consistent enough to warrant further drilling in this area. Below are the highlights of drilling in this area in the order the holes were drilled.
Hole Interval (m) Au (g/t) Ag (g/t)
SND12-182 0.70 6.23 32.71
SND12-184 0.80 6.85 27.11
Including 0.30 16.00 64.30
SND12-186 0.40 19.85 1.80
SND12-253 0.30 7.64 14.00
and 0.53 8.28 17.70
SND12-256 0.30 19.55 62.80
All Significant Results
Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t)
Bulk Sample Pit
SND12-165 31.42 31.77 0.35 7.08 4.50
SND12-166 25.36 25.98 0.62 63.10 64.10
SND12-167 22.80 24.20 1.40 6.96 16.00
including 22.80 23.70 0.90 10.15 22.50
SND12-169 23.73 24.63 0.90 35.10 16.10
SND12-170 21.64 22.60 0.96 4.19 12.09
including 21.64 21.95 0.31 10.60 33.20
SND12-171 21.15 21.47 0.32 11.18 24.10
SND12-172 11.56 11.92 0.36 3.77 6.00
SND12-173 19.25 19.70 0.45 14.25 27.78
including 19.25 19.50 0.25 24.10 47.60
SND12-174 17.73 18.03 0.30 20.00 36.30
SND12-175 24.35 25.95 1.60 7.30 9.22
including 24.98 25.95 0.97 11.60 15.20
SND12-176 24.06 25.00 0.94 11.35 0.60
SND12-193 10.80 12.00 1.20 10.80 29.32
including 11.30 12.00 0.70 18.15 48.90
SND12-194 14.00 14.50 0.50 16.90 50.50
SND12-195 3.30 3.90 0.60 13.41 8.10
including 3.30 3.70 0.40 19.65 11.20
SND12-196 7.10 7.60 0.50 13.68 7.00
and 18.47 18.97 0.50 16.90 23.50
SND12-197 10.95 11.15 0.20 19.85 1.80
and 21.50 22.00 0.50 88.80 121.00
SND12-199 15.50 17.50 2.00 8.03 1.68
including 15.50 16.00 0.50 25.20 3.60
and 28.86 29.60 0.74 30.20 117.00
SND12-200 9.25 9.75 0.50 70.30 77.20
SND12-202 12.50 13.00 0.50 6.02 20.40
SND12-205 29.64 30.14 0.50 15.70 13.50
and 32.60 33.83 1.23 5.90 20.38
SND12-212 10.63 11.13 0.50 2.15 6.10
SND12-214 13.37 13.87 0.50 19.25 47.30
SND12-216 32.00 32.50 0.50 2.37 6.30
SND12-219 27.67 28.33 0.66 8.96 24.10
SND12-220 6.00 6.50 0.50 7.47 30.60
SND12-222 3.90 4.43 0.53 7.50 4.00
SND12-276 11.00 12.00 1.00 19.65 35.05
including 11.50 12.00 0.50 24.80 50.00
South East Extension
GW12-001 41.75 42.25 0.50 2.69 4.30
GW12-002 29.73 30.03 0.30 2.08 2.40
SND12-185 142.16 142.80 0.64 7.45 7.35
including 142.40 142.80 0.40 11.60 8.70
and 197.12 197.40 0.28 7.88 3.60
SND12-190 139.78 140.08 0.30 6.09 5.10
SND12-192 8.50 10.50 2.00 3.68 3.85
SND12-268 132.20 132.50 0.30 17.65 9.90
and 146.25 146.55 0.30 3.22 3.00
SND12-273 155.41 155.91 0.50 13.20 14.60
SND12-275 179.10 179.41 0.31 26.00 24.20
SND12-277 174.50 175.00 0.50 13.25 39.30
Far West Extension
SND12-182 41.00 41.70 0.70 6.23 32.71
SND12-184 41.20 42.00 0.80 6.85 27.11
including 41.20 41.50 0.30 16.00 64.30
SND12-186 158.60 159.00 0.40 19.85 1.80
SND12-225 13.30 13.60 0.30 3.70 11.20
SND12-229 31.70 32.20 0.50 1.23 354.00
SND12-253 78.95 79.25 0.30 7.64 14.00
and 90.28 90.81 0.53 8.28 17.70
SND12-256 128.15 128.45 0.30 19.55 62.80
SND12-263 102.50 103.29 0.79 4.50 22.49
SND12-265 117.45 117.85 0.40 4.18 16.70
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 -90 degrees.
The result of the drilling in and around the existing resource has expanded the strike and dip continuity of the existing vein complex. Drill results in the proposed bulk sample pit area were used to confirm historic drilling and provide information to complete the Mine permit amendment application for the bulk sample. Bulk sample drill results confirmed previous drill results and provided a high degree of confidence moving forward with the program.
The current NI 43-101 resource estimate, based on drill data available to 2009, stands at 200,000 tonnes Measured at an average grade of 8.77 g/t (for 55,000 ounces of gold contained) and Indicated at an average grade of 3.82 g/t Au (for 245,000 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) using a cut-off grade of 0.5 g/t Au.
Gold Mountain adheres to a strict QA/QC monitoring program that includes the insertion of blanks, standards and duplicates into the sample stream. 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 10g/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