VANCOUVER,
April 24, 2013 /CNW/ - 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 |
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.
SOURCE Gold Mountain Mining Corporation