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Gold Mountain Encounters High-Grade Gold Intercepts in Down Dip Drill Program

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VANCOUVER, BC / ACCESSWIRE / April 14, 2021 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX.V:GMTN)(FRA:5XFA) is pleased to announce gold results from the Company's down-dip portion of its Phase 1 drill program at its 100% owned Elk Gold Project located near Merritt, BC. These high-grade assay results continue to expand known veins down dip indicating a clear path growth of the project.

Highlights:

  • Assay results from down-dip drilling confirm the presence of high-grade vein extensions:

    • SND20-029 intercepted 1.42m averaging 37.00 g/t Au (including 0.42m averaging 124.00 g/t Au)

    • SND20-032 intercepted 1.22m averaging 16.23 g/t Au (including 0.30m averaging 62.20 g/t Au)

    • SND20-032 intercepted 1.30m averaging 7.95 g/t Au (including 0.30m averaging 31.30 g/t Au)

  • The assay results of the down-dip drilling continue to demonstrate the potential to expand the current resource at depth.

  • 100% of all drill holes have encountered significant mineralized intercepts.

Gold Mountain's CEO, Kevin Smith, commented: "We're thrilled to be sharing these results with the market further confirming our thesis that the veins at the Elk are getting higher grade the deeper we chase them." Kevin Smith further discusses, "All 36 drill holes for which assays have been received to date have encountered significant gold vein intercepts, a testament to our project's scalability. Gold Mountain is confidently going to continue to chase these high-grade veins throughout the property with the focus of adding ounces to our resource and making Elk Gold BC's next million-ounce producing mine."

Gold Mountain's technical advisor, Quinton Hennigh, commented: "The Elk Gold Project hosts one of the most predictable vein systems I have seen. Continuity is excellent, and these holes indicate this characteristic persists at depth. Gold Mountain has a well-designed drill program to exploit this predictability, thus allowing high confidence in the ability to progressively grow the deposit."

Phase 1 - Drill Program Update

Assay Results for the Down Dip Drilling Targeting the 2500 and 1300 Veins

The Company received assay results for the nine (9) holes totaling approximately 2,850m of down-dip drilling that targeted the 1300 and 2500 veins. The assay results show the continuity of the two veins below the current resource area. The results show robust grades and thickness at depth which the Company anticipates will be incorporated into an updated resource estimate.

Mother Shoot

In 1992 previous operators mined a 2,040 tonne bulk sample grading 137g/t Au from a portion of the 1300 vein they named the "Mother Shoot". A focal point and objective for the Company in it's Phase 1 drill program was to revisit this known, high-grade zone and extend the vein associated with the Mother Shoot at depth. The initial assay results support the Company's theory that the Mother Shoot zone extends at depth and maintains its high grade under the resource constraining pit-shell.

Drilling complete on Phase 1

The Company has now completed the drilling portion of the Phase 1 exploration program which consisted of 43 drill holes totaling 8,739m of drilling. The Company has received assay results for 36 of those holes, all of which struck gold mineralization. Five of the holes yet to be assayed drilled the 2600 and 2700 veins located in the resource pit shell while the remaining two holes are from geotechnical drilling.

Transitioning to Phase 2

Gold Mountain is now transitioning to its Phase 2 exploration program which will consist of both drilling and re-logging of historic core. Based on the predictability of the deposit confirmed by the Phase 1 drill program and initial core re-logging data, the Company is bullish that the Phase 2 exploration program will result in an increase to the resource estimate. To kick off Phase 2, HEG and Associates is focusing on relogging historic core, digitizing historic data and updating the geological interpretation. The Company anticipates the re-logging to continue throughout the spring and summer with drilling to commence in May.

Drill Results

Below is a table of Selected Core Drill Results. A complete list of all drill results to date have been posted to the Company's website at www.Gold-Mountain.ca :

Assay Results

Hole

From (m)

To (m)

Interval (m)*

Au (g/t)

SND20-029

250.0

251.4

1.42

37.00

including

250.0

250.4

0.42

124.00

SND20-032

265.5

266.7

1.22

16.23

including

266.4

266.7

0.30

62.20

SND20-032

302.6

303.9

1.30

7.95

including

302.6

302.9

0.30

31.30

SND20-022

99.5

100.1

0.65

13.77

including

99.8

100.1

0.35

25.50

SND20-027

355.8

358.0

2.18

5.23

including

355.8

356.1

0.30

9.62

and including

357.7

358.0

0.30

24.00

*Reported intervals are downhole thickness only with true widths ranging from 40-100% depending on the orientation of the vein relative to the drill hole.

Drill Collar Locations

Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below and have been posted to the Company's website for all drill holes:

Drill Collar Locations

Drill Hole ID

Easting

Northing

Elevation

Azimuth

Depth (m)

Azimuth

SND20-029

692900.582

5525373.85

1649.844

180.3

-77.8

366

SND20-032

692850.233

5525378.241

1646.398

180

-70.0

366

SND20-022

693176.373

5525653.201

1618.383

359.7

-78

177

SND20-027

693320.782

5525417.809

1624.853

359.9

-70

391.9

Quality Assurance/Quality Control (QA/QC) Measures and Analytical Procedures

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 an independent third-party laboratory. Core samples were analyzed by Actlabs in Kamloops BC using Fire Assay methods with a gravimetric finish for results over 10g/t gold.

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website atwww.gold-mountain.ca.

For Further information, please contact:

Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: ks@gold-mountain.ca
Website: www.gold-mountain.ca

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

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release. Forward looking statements in the press release include but are not limited to: any increase in the Company's resource estimate, the viability of underground mining at the Elk Gold Project, Elk Gold Project becoming a million ounce mine and the impact that Phase 2 will have on the resource estimate at the Elk Gold. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Filing Statement filed on Gold Mountain's SEDAR profile on December 15, 2020.

SOURCE: Gold Mountain Mining Corp



View source version on accesswire.com:
https://www.accesswire.com/640250/Gold-Mountain-Encounters-High-Grade-Gold-Intercepts-in-Down-Dip-Drill-Program