VANCOUVER,
Feb. 27, 2012 /PRNewswire/ - Gold
Mountain Mining Corporation (TSXV: GUM) (the "Company" or
"Gold Mountain") is pleased to announce results from a recent
geophysical test survey at the Company's 100% owned Elk Gold
Project, using the Titan-24 Array Magnetotelluric Survey
("Titan-24") technique pioneered by Quantec Geoscience.
Located near Merritt,
BC, Elk is a high grade, narrow vein, mesothermal gold
deposit, with an existing NI 43-101 compliant resource, hosted
mainly by intrusive rocks. Multiple Induced Polarization ("IP")
chargeability and Magnetotelluric resistivity anomalies were
identified during the survey, generally coincident with known
mineralized zones and also indicating potential for additional
mineralized zones across strike and at depth. These new targets
warrant follow up and will be drill tested during the exploration
program planned for this season.
The survey was conducted late last year over 2
north-south lines of approximately 7 kilometers length, spaced 400
meters apart, crossing the historic pit and other mineralized
zones, to test the effectiveness of the survey technique in
detecting the known gold bearing quartz-pyrite vein structures and
to look for deeper controlling structures which might be used to
target further regional exploration. A survey map and section are
attached to this press release.
The survey was successful in recognizing known
mineralized zones. Several new near surface anomalies were also
identified, approximately 300m and 1300m north of historic pit, in
the Bullion and Nicola zones, and approximately 1500m south of the
South zone. These anomalies are interpreted to represent shear or
fault structures which may host quartz veins similar to mineralized
zones elsewhere on the property.
A broad, shallow chargeability high was also
detected in the Nicola zone, which may represent disseminated
sulphides or possible skarn mineralization associated with the
inferred contact between the granodiorite/quartz-monzonite
intrusive and Nicola volcanics in this area. In addition, a very
large, deep (+500m depth) resistivity low was detected below the
known Discovery Zone, which may represent a major regional
structure and/or change in composition of the intrusive stock which
hosts most of the known mineralization.
All of these new anomalies warrant follow up by
drill testing, particularly in the Discovery, Bullion and new Far
South zones. The Company is currently planning a minimum 10,000
meter core drilling campaign on the project for summer 2012,
targeting roughly 5,000 meters in the historic pit area (including
potential western extensions) and a further 5,000 meters on at
least four regional targets indicated by the Titan-24 survey.
The current NI 43-101 resource estimate in the
historic pit area, based on drill data available in 2009, is
tabulated below:
Category |
Tonnes (t) |
Gold Grade (g/t) |
Contained Ounces |
Measured + Indicated |
2,190,000 |
4.26 |
301,000 |
Inferred |
1,150,000 |
7.13 |
263,000 |
An new resource estimation is underway, with
detailed 3D interpretation of the latest 2011 and 2010 data (which
was not included in the current estimate) being conducted in house,
before Giroux Consultants Ltd. completes an updated block model,
expected to be finalized in Q2.
The Company's Vice President of Exploration,
Peter Thiersch, M.Sc., P.Geo., acts
as the Company's Qualified Person for technical disclosure per
National Instrument 43-101, and has reviewed and approved the
technical content of this press release.
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 and 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