The latest assay results are in for Gold Mountain Mining (TSX: GMTN). The drill results come from their flagship Elk Gold project in British Columbia, where an ongoing phase three program focused on the Siwash North Zone is nearing completion.
The focus of this phase of drilling was primarily on infill and step-out drilling, which was conducted near to where the company is currently expanding its mining operation. Drilling here was focused on intersecting high grade mineralization below the current mine plan, so as to enable the company to consider bringing two veins into production earlier than previously planned.
“Connecting with high-grade directly below our current mine plan gives us the opportunity to analyze bringing both the 1350 and 1400 vein into our mine plan sooner. While the mine is now into cash flow and ramping up to our proposed 19,000 oz production profile, management remains focused on continuing to scale our high-grade resource and our goal of building a multi-million-ounce gold producer,” said CEO Kevin Smith on the the strategy.
Highlights from the latest drill results include:
- SND21-053: 16.46 g/t gold over 1.17 metres
- SND21-066: 42.39 g/t gold over 1.50 metres
- SND21-068: 18.90 g/t gold over 2.31 metres
- SND21-074: 26.03 g/t gold over 1.60 metres
A total of seven drill holes were released this morning by the company, all of which targeted the 1350 and 1400 veins. The drilling here was conducted to improve geological confidence and fill spatial data gaps in the area being mined currently.
The company overall is looking to add additional gold ounces to its current resource estimate, while establishing vein continuity and validating the current geological model. An updated resource is currently expected in H2 2022.
Gold Mountain Mining last traded at $1.42 on the TSX.
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