TSX-V TRADING SYMBOL: GUM
VANCOUVER,
Nov. 28, 2011 /PRNewswire/ - Gold
Mountain Mining Corporation (the "Company" or "Gold
Mountain") is pleased to announce initial assay results from the
Company's 2011 exploration program at its 100% owned advanced stage
Elk Gold project near Merritt
BC. The drill campaign was successful in confirming
and extending several high grade veins within the historic pit
area, and also discovered a new vein occurrence or extension some
450 meters along strike from previous drilling on the known
resource. Highlights of the holes announced today include the
following:
|
|
|
|
SND11-110 1.46 meters of 16.6 g/t gold and 141.5 g/t
silver
SND11-112 1.24 meters of 22.3 g/t gold and 54.9 g/t silver
SND11-128 1.60 meters of 159.9 g/t gold and 118.3 g/t
silver
SND11-132 1.20 meters of 30.3 g/t gold and 95.8 g/t
silver |
Gold Mountain's CEO Jim
O'Rourke commented "Elk is an intriguing deposit with
veins locally carrying very high grades of gold and silver and has
an existing half million ounce gold resource. The veins are narrow
but generally project to surface and are potentially amenable to
selective open pit and/or underground mining methods, as outlined
in our Preliminary Economic Assessment. We are now looking forward
to completing an updated resource estimate, based on the 26,750m of
additional drilling completed since the last estimate in
2009."
During the 4 month field program, the Company
completed 14,000m of core drilling in 77 holes. The drill program
was designed to confirm and upgrade the existing resource and to
test three other high priority targets on the property, which
included the Gold Creek, Lake and South zones. Highlights of the
first 45 drill holes in the historic pit area (numbered 88 to 132)
are reported below. Results from the remaining 32 regional holes
(numbered 133- 164) are pending and will be reported once assays
are received.
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
SND11-088 |
281.82 |
283.60 |
1.78 |
22.5 |
17.0 |
Including |
281.82 |
282.08 |
0.26 |
154.0 |
113.0 |
SND11-090 |
91.75 |
93.15 |
1.40 |
19.2 |
21.5 |
Including |
91.75 |
91.97 |
0.22 |
105.0 |
104.0 |
And |
396.95 |
398.64 |
1.69 |
15.0 |
17.6 |
Including |
398.08 |
398.34 |
0.26 |
96.0 |
108.0 |
SND11-092 |
34.40 |
35.80 |
1.40 |
25.3 |
13.8 |
Including |
35.40 |
35.60 |
0.20 |
168.0 |
42.2 |
SND11-096 |
136.45 |
138.12 |
1.67 |
4.76 |
8.5 |
Including |
137.20 |
137.62 |
0.42 |
18.9 |
33.8 |
SND11-105 |
167.42 |
168.62 |
1.20 |
4.45 |
210.6 |
Including |
167.42 |
167.92 |
0.50 |
10.6 |
500.0 |
SND11-106 |
143.50 |
144.76 |
1.26 |
4.73 |
35.7 |
Including |
144.20 |
144.45 |
0.25 |
23.4 |
168.0 |
SND11-110 |
128.10 |
129.56 |
1.46 |
16.6 |
141.5 |
Including |
128.80 |
129.00 |
0.20 |
115.0 |
860.0 |
SND11-112 |
41.21 |
42.45 |
1.24 |
22.3 |
54.9 |
Including |
41.41 |
41.61 |
0.20 |
126.0 |
286.0 |
SND11-113 |
86.70 |
88.33 |
1.63 |
14.2 |
8.5 |
Including |
87.41 |
87.62 |
0.21 |
109.0 |
64.0 |
SND11-115 |
229.42 |
230.83 |
1.41 |
9.13 |
5.8 |
Including |
229.77 |
229.97 |
0.20 |
64.0 |
40.2 |
SND11-123 |
73.67 |
74.75 |
1.08 |
10.9 |
20.7 |
Including |
74.13 |
74.52 |
0.39 |
30.4 |
56.2 |
SND11-128 |
131.10 |
132.7 |
1.60 |
159.9 |
118.3 |
Including |
132.00 |
132.55 |
0.55 |
465.0 |
344.0 |
SND11-132 |
292.10 |
293.30 |
1.20 |
30.33 |
95.8 |
Including |
292.60 |
292.80 |
0.20 |
182.0 |
575.0 |
Please note that the gold assays above have been
composited to a "minimum mining width" of 1-2 meters (which may
include zero grade material) to reflect the average widths used in
the existing block model resource estimate. Also note that all
widths reported above are down hole intercepts only, with true
widths ranging from approximately 70 to 100 % of the reported
width.
Drilling was successful in confirming the
continuity of high grade vein structures in several areas
surrounding the historic bulk sample pit where 53,000 ounces of
gold was recovered. Infill hole SND11-128, in the central pit
area, where the steeply dipping 1300 vein was intersected as
expected, returning grades up to 159 g/t gold over 1.60 meters
(including 465 g/t over 0.55m). Step out hole SND11-110, in
the northwest pit area, where the steeply dipping 2400 vein was
extended along strike at least 300 meters to the west, with grades
up to 16.6 g/t gold over 1.46 meters (including 115 g/t over 0.2m);
and step out hole SND11-113, in the southeast resource area, where
the flat lying 1200 vein was extended at least 35 meters down dip
to the south, with grades up to 14.2 g/t gold over 1.63 meters
(including 109 g/t over 0.21m). A drill hole location map and
composite cross section for these holes will be posted to our
website shortly.
Drilling also discovered a new vein structure in
the Far West zone, located some 450 meters west and along strike of
the historic pit area, where drill hole SND11-123 returned an
intercept of semi-massive pyrite, sphalerite, galena and
chalcopyrite in quartz, which graded 30.4 g/t gold over 0.39
meters. This could represent an extension of the 1300 vein (which
was previously mined in the historic pit) and will be a particular
focus of drill testing next year. This intercept suggests
significant additional resource potential along strike from known
mineralization.
The drill data is now being compiled and
interpreted in more detail, to allow for an updated resource
estimate, planned for completion in Q2 2012. The current NI 43-101
resource estimate, based on drill data available in 2009, stands at
2,190,000 tonnes Measured and Indicated at an average grade of 4.26
g/t Au (for 301,000 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).
The resource update will be performed by Giroux
Consultants Ltd. of Vancouver, BC
to include new data from both the 2010 program of 12,750m drilling
(conducted by previous owner Almaden Minerals) and the 2011 program
of 14,000m drilling discussed herein. The update will also be based
on a new interpretation of the vein system based on a complete
re-survey of the existing holes, moving from the old mine grid into
modern UTM coordinates.
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 a third party laboratory. Core
samples were analyzed at Ecotech Labs (a Stewart Group company) in
Kamloops, BC, by Fire Assay with a
gravimetric finish if over 10g/t gold, and an Atomic Absorption
finish if under 10 g/t.
Gold Mountain's Vice President of Exploration,
Peter Thiersch, M.Sc., P.Geo., was
responsible for the design and execution of the 2011 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 the
Company 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 on 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
"Peter Thiersch" (signed)
Peter Thiersch, Vice President
Exploration
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