VANCOUVER, BC, Oct. 12,
2022 /CNW/ - Elevation Gold Mining Corporation
(TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or "Elevation
Gold") is pleased to announce the production results for the
three and nine months ended September 30,
2022 ("Q3 2022"), as well as provide an update on its
diamond drilling program at Florence Hill. The Company
expects to file its second quarter financial statements and
management discussion and analysis in early November
2022.
Third Quarter 2022
Highlights
- Elevation Gold produced 8,835 ounces of gold from 750,908 ore
tonnes processed with average grades of 0.51 g/t, a 35% increase
from Q3 2021 and a 30% increase from Q2 2022.
- The Company sold 9,096 ounces of gold during Q3 2022, an
increase of 46% from Q3 2021 and a 30% increase from Q2 2022.
- Gold production and sales materially increased quarter over
quarter, as the Company began mining higher-grade ore sourced from
the East Pit at the end of June 2022. Average mined grade has
increased from 0.35 g/t in Q1 2022 to 0.42 g/t in Q2 2022, to 0.51
g/t in Q3 2022.
Consolidated Operational
Results Summary
The following table provides a summary of the Company's
operational statistics for the three and nine months ended
September 30, 2022 and 2021.
|
|
Q3
2022
|
Q3
2021
|
|
YTD
2022
|
YTD 2021
|
Ore tonnes
mined
|
t
|
778,177
|
730,447
|
|
2,239,620
|
2,119,071
|
Ore tonnes
stacked
|
t
|
750,908
|
714,642
|
|
2,237,803
|
2,047,688
|
Contained gold ounces
stacked
|
oz
|
12,354
|
9,275
|
|
30,861
|
29,679
|
Gold grade
|
g/t
|
0.51
|
0.40
|
|
0.43
|
0.45
|
Gold ounces
produced
|
oz
|
8,835
|
6,526
|
|
21,912
|
22,368
|
Gold ounces
sold
|
oz
|
9,096
|
6,214
|
|
22,606
|
22,380
|
Tim Swendseid, Elevation Gold
President, stated "As communicated with our Q2 financials press
release, we are now seeing the benefits from the East Pit
advancement, which has significantly increased the overall mine
grade in Q3 2022, and I remain extremely optimistic about our
outlook for the remainder of 2022 and 2023. The Company is
well positioned to deliver its full year guidance of between 32,000
to 34,000 ounces sold in 2022." Mr. Swendseid continued, "Our
Moss Mine team remains focused on delivering higher grade ore from
East Pit and increasing crusher throughput while taking advantage
of previously completed capital projects."
Florence Hill Exploration
Program
In July 2022, the Company
commenced a planned 3,800-meter diamond core drilling program to
test several high-priority targets at Florence Hill, Grapevine,
Silver Creek Springs, eastern West Oatman, and the Hardy
Vein. The initial hole, which was intended to test both the
extension of the West Oatman and Gold Road epithermal vein
structures in the Florence Hill area and as well as the cause of
the extensive surface advanced argillic alteration in this area,
has been completed at almost 1,100 m
in total depth. The drill hole was terminated in promising highly
altered rock due to drill rig limitations. Core from the initial
drill hole is currently being analyzed and shipped to an
independent assay lab, and once results are received and reviewed,
the Company will release the results, expected to be in Q1
2023. Key information discovered from this drill hole will be
used to target further drilling at Florence Hill and similar
targets in the area.
Dr. Warwick Board, Vice
President Exploration, commented: "The first diamond core drill
hole at Florence Hill intersected multiple encouraging structural,
vein, and alteration features throughout the length of the drill
hole. Of particular note was the intersection of a significant
structure along strike of both the West Oatman and Gold Road
vein-hosting structures. Additional encouraging intersections
included several vein-filled structures followed by a continuous
intensification and up-temperature transition of the alteration
assemblages with depth. We are in the process of planning further
follow-up drilling, targeting the geophysical target towards which
the alteration was vectoring with shorter drill holes. Additional
information on Florence Hill and Moss Mine exploration will be
provided in an upcoming news release later this month."
Qualified Persons
Unless otherwise indicated, all technical data contained in this
press release that relates to geology, exploration and mineral
resources has been reviewed and approved by Dr. Warwick Board, P.Geo, Vice President
Exploration of Elevation Gold. Dr. Board is a Qualified Person as
defined by National Instrument ("NI") 43-101 and is responsible for
the Moss Regional and Hercules Exploration Projects.
Unless otherwise indicated, the technical disclosure contained
within this press release that relates to the Company's operating
mine has been reviewed and approved by Tim
J. Swendseid, President of the Company and a Qualified
Person for the purpose of NI 43-101.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, President of
Elevation Gold Mining Corporation
About Elevation Gold Mining
Corporation
Elevation Gold is a publicly listed gold and silver producer,
engaged in the acquisition, exploration, development and operation
of mineral properties located in the United States. Elevation
Gold's common shares are listed on the TSX Venture Exchange
("TSXV") in Canada under the
ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol
EVGDF. The Company's principal operation is the 100% owned
Moss Mine in the Mohave County of Arizona. Elevation also
holds the title to the Hercules exploration property, located in
Lyon County, Nevada.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on
Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine plans; anticipated
exploration and development activities at the Company's projects;
net present value; design parameters; economic potential;
processing mineralized material; the potential of robust economic
potential at the Moss Mine Project. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of gold, silver and other metals;
anticipated costs; ability to achieve goals; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining,
including, but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity prices; the threat associated with outbreaks of
viruses and infectious diseases, including the COVID-19 virus;
delays or the inability to obtain, retain or comply with permits;
risks related to negative publicity with respect to the Company or
the mining industry in general; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; actual
ore mined and/or metal recoveries varying from Mineral Resource and
Mineral Reserve estimates, estimates of grade, tonnage, dilution,
mine plans and metallurgical and other characteristics; risks
associated with the estimation of Mineral Resources and Mineral
Reserves and the geology, grade and continuity of mineral deposits,
including, but not limited to, models relating thereto; ore
processing efficiency; information technology and cybersecurity
risks; potential for the allegation of fraud and corruption
involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices;
regulatory investigations, enforcement, sanctions and/or related or
other litigation; estimates of future production and operations;
estimates of operating cost estimates; the potential for and
effects of labour disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; climate change; risks relating to
attracting and retaining of highly skilled employees; compliance
with environmental, health and safety laws; counterparty and credit
risks and customer concentration; litigation; changes in laws,
regulations or policies including, but not limited to, those
related to mining regimes, permitting and approvals, environmental
and tailings management, and labour; internal controls; challenges
or defects in title; funding requirements and availability of
financing; dilution; risks relating to dividends; risks associated
with acquisitions and related integration efforts, including the
ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management
time on integration; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties including but not limited to those described the
Company's public disclosure documents which are available on SEDAR
at www.sedar.com under the Company's profile. All of the
forward-looking statements made in this document are qualified by
these cautionary statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, forecast or intended and readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking information. Accordingly,
there can be no assurance that forward-looking information will
prove to be accurate and forward-looking information is not a
guarantee of future performance. Readers are advised not to place
undue reliance on forward-looking information. The forward-looking
information contained herein speaks only as of the date of this
document. The Company disclaims any intention or obligation to
update or revise forward–looking information or to explain any
material difference between such and subsequent actual events,
except as required by applicable law.
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SOURCE Elevation Gold Mining Corp.