The data is in and the numbers have been crunched. Gold Mountain Mining (TSX: GMTN) this morning indicated it has updated its resource estimate for the Elk Gold Project in British Columbia, meeting its prior expectations based on the data collected from drilling.
The company has increased its measured and indicated resource estimate at the project by a total of 24%, with the estimate now sitting at 806,000 ounces of gold equivalent at 5.8 g/t. Inferred resources meanwhile increased 65%, climbing to 262,000 ounces of gold equivalent at 5.4 g/t.
The updated resource estimate at the Elk Gold Project follows a phase two drill program consisting of a total of 13,900 metres of drilling across 47 holes. The program and subsequent resource estimate had the notable impact of connecting the Siwash North Zone to that of the Gold Creek Zone, which was previously viewed by the company as a satellite deposit on the property.
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Maiden resource deposits meanwhile were established for the Lake and South Zones, which are two separate satellite zones on the property. The two zones have a combined 71,000 ounces of measured and indicated gold equivalent ounces at an average of 4.3 g/t, as well as an inferred resource of 33,000 ounces at 5.7 g/t gold equivalent.
The firms flagship zone, the Siwash North Zone, meanwhile has seen its resource increase to 735,000 ounces at 5.9 g/t gold equivalent on a measured and indicated basis, while inferred resources have climbed to 229,000 ounces at 5.4 g/t gold equivalent.
Gold Mountain Mining last traded at $1.56 on the TSX.
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