The Buzz Surrounding Gold Mountain Mining Corp. (OTCQB: GMTNF) (TSX-V: GMTN) | Financial Buzz

The Buzz Surrounding Gold Mountain Mining Corp. (OTCQB: GMTNF) (TSX-V: GMTN)

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia.

ABOUT:

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia.

Our Behind the Buzz Show Featuring
Gold Mountain Mining Corp.

Investor Recap

MINERAL EXPLORATION IN CENTRAL BRITISH COLUMBIA

Gold Mountain acquired Bayshore Minerals in September 2020, with 100% ownership of the Elk Gold Project in the Merritt area of British Columbia, Canada. The Company has a strong treasury and is fully funded to execute on its growth objectives. Gold Mountain is on target to develop the Elk Gold Project into a million ounce producer.

THE ELK GOLD PROJECT

 

  • Vancouver
    • Corporate headquarter
    • 3 hours to the Elk Gold Mine (“Elk”)
  • Merritt
    • 35 minutes to the Elk
    • Large municipality with skilled workforce
  • Kelowna
    • International Airport
    • HEG and Associates headquarters (Geological  Consultants)
    • 45 minutes to the Elk
  • New Gold (New Afton)
    • Located in Kamloops
    • 133 km from the Elk
    • Ore purchase partner
  • Elk Gold Mine
    • 16,716 Hectare land package
    • Past producer 97 g/t average grade
    • 127,000 historical drilling
    • 8,739m 2021 Phase 1 drill program
    • 2 km distance from all season highway 97C and  Elkhart Lodge gas station and motel
    • 4,471 Hectares of additional staking

PARTNERSHIPS

 

DRILL PROGRAMS

  • Headquartered in Kelowna
  • Design and plan Gold Mountain’s  multi-phase drill programs
  • Coordinate and mobilize drill crew,  equipment and facilities
  • Manage day-to-day operations and  geological data

PRE-FEASIBILITY

  • Headquartered in Vancouver and  Kelowna
  • Developing Gold Mountain’s PFS
  • Experienced mine builders who have  provided services for
    • Silvertip mine
    • Pure Gold’s Madsen Mine
    • Victoria Gold’s Eagle Mine

OPERATIONS

  • Headquartered in Vancouver and  Kamloops
  • Gold Mountain signs contract with  Nhwelmen-Lake LP for Mining and  Hauling services
  • Majority owned by Nlaka’pamux  Nation Tribal Council (NNTC)

REVENUE

  • New Afton Mill located in Kamloops
  • Gold Mountain has signed an Ore  Purchase agreement with New  Gold’s New Afton mine
  • Major Canadian Mining company,  producing 62,000 oz/year at New  Afton Mine

RECENT DEVELOPMENTS

May 27, 2021 - Gold Mountain Updates Project Economics at the Elk Gold Project

 Gold Mountain Mining Corp. (“Gold Mountain” or the “Company”) (TSXV:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce an updated preliminary economic analysis of the Elk Gold Project. The update is based on the increased Mineral Resource Estimate announced on May 14, 2021, the Ore Purchase Agreement with New Gold Inc. (“New Gold”) announced on January 26, 2021 (the “Ore Purchase Agreement”) and the Mining Contract with Nhwelmen-Lake LP announced on January 19, 2021 (the “Mining Contract”). An updated preliminary economic assessment (the “PEA”) will be filed on the Company’s website and SEDAR within 45 calendar days of May 14, 2021.

Highlights:

  • Updated PEA with an After-tax NPV5% of C$231M
  • 19,000oz annual production (Years 1-3) expanding to 65,000oz annual production (Years 4-11)
  • Increased cost certainty over September 2020 PEA through executed:
    • Construction and Mining Contract with Nhwelmen-Lake LP
    • Ore Purchase Agreement with New Gold Inc.
  • Revised mine plan eliminates construction of an onsite mill and incorporates underground mining

Elk Gold Project PEA Summary

The PEA contemplates an initial 19,000 ounce per year mine that ramps up to 65,000 ounces of annual production by Year 4. The pre and post tax NPV (5% discount) are $395M and $231M, respectively. The PEA contemplates that for the life of mine, the mineralized material from the Elk Gold Project will be mined by the Company’s contract mining partner, Nwhelmen-Lake LP (“Nwhelmen-Lake”) and then delivered to New Gold’s New Afton Mine located approximately 130km from the Elk Gold Project (the “New Afton Mine”).

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Elk Gold Resource Update – Summary

On May 14, 2021 the Company announced the following updated resource estimate at the Elk Gold Project:

Classification
Tonnes
AuEq (g/t)
Au Capped g/t
Ag Capped g/t
AuEq (Oz)
Measured
196,000
9.9
9.8
9.9
63,000
Indicated
3,148,000
5.8
5.7
11.2
589,000
Measured + Indicated
3,344,000
6.1
5.9
11.1
651,000
Inferred
1,029,000
4.8
4.7
10.9
159,000

CIM definitions were followed for classification of Mineral Resources.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Results are presented in-situ and undiluted.

Mineral resources are reported at a cut-off grade of 0.3 g/t Au for pit-constrained resources and 3.0 g/t for underground resources.

The number of tonnes and metal ounces are rounded to the nearest thousand.

The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is:

AuEq = ((Au_Cap*55.81*0.96) + (Ag_Cap*0.76*0.86))/(55.81*0.96)

The Resource Estimate is effective as of May 1, 2021.

Elk Gold Project Preliminary Economic Assessment`

Qualification and Assumptions

The following section sets out the qualifications and assumptions behind the economic analysis supporting the PEA. The PEA envisages a conventional open pit mining operation for the life of mine with underground mining is commissioned in Year 4. The first three years of operation are planned at 70,000tpa (200tpd). Starting in Year 4 of the mine plan, the mine expands to a 324,000tpa (900tpd) operation.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For full release: https://www.accesswire.com/649329/Gold-Mountain-Updates-Project-Economics-at-the-Elk-Gold-Project

April 22, 2021 - Gold Mountain Announces Additional Phase 1 Assay Results

Gold Mountain Mining Corp. (“Gold Mountain” or the “Company” ) (TSX.V:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is pleased to announce results from the Company’s latest drill hole intercepts located at its 100% owned Elk Gold Project located near Merritt, BC. These assay results extend known high-grade mineralization of the 2600 and 2700 vein systems and showcase near-surface gold grades consistent with the Company’s successful deep drilling results announced on April 14th, 2021. Additionally, the Company’s re-logging of historic core using the latest technology continues to uncover high-grade mineralization missed by previous operators.

Highlights:

  • The results from the latest assays extend the 2600 and 2700 vein and convey strong grade continuity as the Company continues infilling. Drill results include:
    • SND20-033 intercepted 1.3m averaging 13.3 g/t Au (including 0.30m averaging 56.5 g/t Au)
    • SND20-033 intercepted 1.3m averaging 4.5 g/t Au (including 0.30m averaging 19.2 g/t Au)
  • Relogging and sampling program uncovered a new vein intercept from a historic hole:
    • SND11-128, yielding 0.2m averaging 47.8 g/t Au

Gold Mountain’s CEO Kevin Smith commented: “These results at the tail end of our Phase 1 Drill program bring our hit rate to 100%. Every drill hole from this program returned significant gold intercepts. The primary goal of the final drill holes was to in-fill data gaps in the 2600 and 2700 vein system and to further enhance JDS’ underground geotechnical model. Having these holes return some of our highest grades is a welcomed surprise. Additionally, we continue to uncover phenomenal grades from our relogging program that is proving to be an economical way to fill gaps in our model. The Elk Gold project continues to demonstrate excellent continuity and expandability.

Kevin Smith continues, “Gold Mountain finds itself in a unique position where we’re able to deliver shareholder value not only through our exploration efforts but also through the coming transition into development and production. This gives us a unique upside in the junior space which we feel sets us apart from our peers. The market seems to be waking up to our story and with early shareholders staying long there has been a great response in our share price. Management is extremely focused on execution and looks forward to continuing to deliver meaningful progress in the coming months.

Phase 1 Update

Assay Results for Near Surface Drilling Targeting the 2600 and 2700 Veins

The latest assay results from three of the final five Phase 1 drill holes, further extends the 2600 and 2700 vein systems towards the northeast. The intercepts articulate strong consistency throughout the vein system, with assay results showing high grades in each of the new drill holes targeting the 2600 and 2700 veins.

The final five holes targeting the 2600 and 2700 veins were positioned to in-fill data gaps in the vein systems and maintain a 75m distance between drill holes with the goal of methodically expanding the resource at the Siwash North Zone. The Company encountered grade and thickness levels that surpassed its expectations with intercepts showing high grades rivaling its deep drilling intercepts.

Core Relogging Program

Phase 1 also included a campaign to re-log and sample historical drill core using the latest exploration technology to discover additional veins. The Company found initial success, discovering a new vein intercept recognized in historic hole SND11-132, yielding 1.2m averaging 52.3 g/t Au (including 0.30m averaging 216 g/t Au.) Recently, the Company uncovered an additional new vein intercept recognized in historical hole SND11-128, yielding 0.2m averaging 47.8 g/t Au. With the discovery of these two high-grade intercepts, the Company is bullish on the extensive relogging efforts that are part of its Phase 2 exploration program and anticipates it will lead to adding cost effective ounces to its resource estimate.

Drill Results

Below is a table of Selected Core Drill Results. A complete list of all drill results to date have been posted to the Company’s website at www.gold-mountain.ca:

Assay Results

Hole

From (m)

To (m)

Interval (m)

Au (g/t)

SND20-033

186.9

188.2

1.3

13.3

Including

186.9

187.2

0.3

56.5

SND20-033

99.2

100.5

1.3

4.5

Including

99.2

99.5

0.3

19.2

SND21-003

36.2

37.5

1.3

3.4

including

36.2

36.5

0.3

14.6

SND20-034

71.4

73.3

1.9

2.2

including

72.2

72.7

0.5

7.6

Historic Core Relogging

Hole

From (m)

To (m)

Interval (m)

Au (g/t)

SND11-128 (relogging)

354.5

354.7

0.2

47.8

Drill Collar Locations

Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below and have been posted to the Company’s website for all drill holes:

Drill Collar Locations

Drill Hole

Easting

Northing

Elevation

Dip

Depth (m)

Azimuth

SND20-033

693,179

5,525,888

1,607

-72

204

340

SND20-034

693,046

5,525,769

1,616

-50

120

360

SND21-003

693,171

5,525,678

1,618

-50

330

2

SND11-128

693,030

5,525,360

1,650

-70

360

359

Quality Assurance/Quality Control (QA/QC) Measures and Analytical Procedures

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 an independent third party laboratory. Core samples were analyzed by Actlabs in Kamloops BC using Fire Assay methods with a gravimetric finish for results over 10g/t gold.

No material QA/QC issues were noted with the results received from the laboratory.

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

for full release: https://www.accesswire.com/641706/Gold-Mountain-Announces-Additional-Phase-1-Assay-Results

April 15, 2021 - Gold Mountain Announces OTCQB Listing and DTC Eligibility

Gold Mountain Mining (TSXV:GMTN)(FSE:5XFA)(OTCQB:GMTNF) (“Gold Mountain” or the “Company”) is pleased to announce that after successfully completing the application process it has been approved by FINRA for quotation in the U.S. The Company’s common shares began being quoted on the OTCQB today, April 15, 2021, at the opening of the market under the stock symbol “GMTNF” and will remain listed on the TSX Venture Exchange under the ticker symbol “GMTN.” The Company has also completed the application process for the OTC Market and for eligibility with the Depository Trust Company (“DTC”).

Kevin Smith, Gold Mountain’s CEO, commented, “Being quoted on the OTCQB will enhance our visibility and make the Company accessible to a broader range of U.S. investors. The quotation on the OTCQB is expected to increase liquidity by providing current and potential investors with a transparent and easily accessible trading platform where they can find Real-Time quotes and market information.

Shareholders of existing Gold Mountain shares, previously quoted on the OTC® Pink Open Market, will now be quoted on the OTCQB without any further action required.

The OTCQB Venture is the premier marketplace for companies that are committed to providing a high-quality trading and information experience for their U.S. investors. Qualifying for approval to trade on the OTCQB requires a Company to be current on disclosure obligations, to pass a minimum bid price test, and to provide an annual company verification and management certification process. The OTCQB quality standards create a solid baseline of transparency, as well as the technology to improve the information and trading experience for investors.

For full release: https://www.accesswire.com/640622/Gold-Mountain-Announces-OTCQB-Listing-and-DTC-Eligibility

April 14, 2021 - Gold Mountain Encounters High-Grade Gold Intercepts in Down Dip Drill Program

Gold Mountain Mining Corp. (“Gold Mountain” or the “Company”) (TSX.V:GMTN)(FRA:5XFA) is pleased to announce gold results from the Company’s down-dip portion of its Phase 1 drill program at its 100% owned Elk Gold Project located near Merritt, BC. These high-grade assay results continue to expand known veins down dip indicating a clear path growth of the project.

Highlights:

  • Assay results from down-dip drilling confirm the presence of high-grade vein extensions:
    • SND20-029 intercepted 1.42m averaging 37.00 g/t Au (including 0.42m averaging 124.00 g/t Au)
    • SND20-032 intercepted 1.22m averaging 16.23 g/t Au (including 0.30m averaging 62.20 g/t Au)
    • SND20-032 intercepted 1.30m averaging 7.95 g/t Au (including 0.30m averaging 31.30 g/t Au)
  • The assay results of the down-dip drilling continue to demonstrate the potential to expand the current resource at depth.
  • 100% of all drill holes have encountered significant mineralized intercepts.

Gold Mountain’s CEO, Kevin Smith, commented: “We’re thrilled to be sharing these results with the market further confirming our thesis that the veins at the Elk are getting higher grade the deeper we chase them.” Kevin Smith further discusses, “All 36 drill holes for which assays have been received to date have encountered significant gold vein intercepts, a testament to our project’s scalability. Gold Mountain is confidently going to continue to chase these high-grade veins throughout the property with the focus of adding ounces to our resource and making Elk Gold BC’s next million-ounce producing mine.”

Gold Mountain’s technical advisor, Quinton Hennigh, commented: “The Elk Gold Project hosts one of the most predictable vein systems I have seen. Continuity is excellent, and these holes indicate this characteristic persists at depth. Gold Mountain has a well-designed drill program to exploit this predictability, thus allowing high confidence in the ability to progressively grow the deposit.”

Phase 1 – Drill Program Update

Assay Results for the Down Dip Drilling Targeting the 2500 and 1300 Veins

The Company received assay results for the nine (9) holes totaling approximately 2,850m of down-dip drilling that targeted the 1300 and 2500 veins. The assay results show the continuity of the two veins below the current resource area. The results show robust grades and thickness at depth which the Company anticipates will be incorporated into an updated resource estimate.

Mother Shoot

In 1992 previous operators mined a 2,040 tonne bulk sample grading 137g/t Au from a portion of the 1300 vein they named the “Mother Shoot”. A focal point and objective for the Company in it’s Phase 1 drill program was to revisit this known, high-grade zone and extend the vein associated with the Mother Shoot at depth. The initial assay results support the Company’s theory that the Mother Shoot zone extends at depth and maintains its high grade under the resource constraining pit-shell.

Drilling complete on Phase 1

The Company has now completed the drilling portion of the Phase 1 exploration program which consisted of 43 drill holes totaling 8,739m of drilling. The Company has received assay results for 36 of those holes, all of which struck gold mineralization. Five of the holes yet to be assayed drilled the 2600 and 2700 veins located in the resource pit shell while the remaining two holes are from geotechnical drilling.

Transitioning to Phase 2

Gold Mountain is now transitioning to its Phase 2 exploration program which will consist of both drilling and re-logging of historic core. Based on the predictability of the deposit confirmed by the Phase 1 drill program and initial core re-logging data, the Company is bullish that the Phase 2 exploration program will result in an increase to the resource estimate. To kick off Phase 2, HEG and Associates is focusing on relogging historic core, digitizing historic data and updating the geological interpretation. The Company anticipates the re-logging to continue throughout the spring and summer with drilling to commence in May.

Drill Results

Below is a table of Selected Core Drill Results. A complete list of all drill results to date have been posted to the Company’s website at www.Gold-Mountain.ca :

Assay Results

Hole

From (m)

To (m)

Interval (m)*

Au (g/t)

SND20-029

250.0

251.4

1.42

37.00

including

250.0

250.4

0.42

124.00

SND20-032

265.5

266.7

1.22

16.23

including

266.4

266.7

0.30

62.20

SND20-032

302.6

303.9

1.30

7.95

including

302.6

302.9

0.30

31.30

SND20-022

99.5

100.1

0.65

13.77

including

99.8

100.1

0.35

25.50

SND20-027

355.8

358.0

2.18

5.23

including

355.8

356.1

0.30

9.62

and including

357.7

358.0

0.30

24.00

 

*Reported intervals are downhole thickness only with true widths ranging from 40-100% depending on the orientation of the vein relative to the drill hole.

Drill Collar Locations

Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below and have been posted to the Company’s website for all drill holes:

Drill Collar Locations
Drill Hole ID Easting Northing Elevation Azimuth Depth (m) Azimuth
SND20-029 692900.582 5525373.85 1649.844 180.3 -77.8 366
SND20-032 692850.233 5525378.241 1646.398 180 -70.0 366
SND20-022 693176.373 5525653.201 1618.383 359.7 -78 177
SND20-027 693320.782 5525417.809 1624.853 359.9 -70 391.9

Quality Assurance/Quality Control (QA/QC) Measures and Analytical Procedures

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 an independent third-party laboratory. Core samples were analyzed by Actlabs in Kamloops BC using Fire Assay methods with a gravimetric finish for results over 10g/t gold.

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

For full release: https://www.accesswire.com/640250/Gold-Mountain-Encounters-High-Grade-Gold-Intercepts-in-Down-Dip-Drill-Program

March 22, 2021 - JDS Mining & Energy Inc. to Study the Potential of Underground Mining at the Elk Gold Project

 

Gold Mountain Mining Corp. (“Gold Mountain” or the “Company” ) (TSX.V:GMTN)(Frankfurt:5XFA) is pleased to announce that after completing several trade-off studies, JDS Mining & Energy Inc. (“JDS“) has concluded that the Prefeasibility Study should include a component examining underground mining at the Company’s 100% controlled Elk Gold Project.

“Our ability to demonstrate resource and mine plan scalability has been a recurring theme in our conversations with institutional investors. With recent drilling encountering deeper vein extensions and JDS’s trade-off study recognizing a case for transitioning to a potential open pit-underground hybrid mine plan, a very clear path is forming to showcase the Elk Gold Project’s long-term expansion potential from both a resource and production perspective,” commented Gold Mountain’s CEO, Kevin Smith. “Over 118,000 ounces of our richest mineralization is beneath the current PEA pit shell. This latest underground concept allows us to consider those well-defined ounces and reduce the project’s overall strip ratio to continue chasing the deep, high-grade mineralization at the Elk”.

“When I reviewed the Elk Gold Project a few years ago, it was clear that the mineralization improved at depth,” commented Gold Mountain’s Advisor, Dr. Quinton Hennigh. “Developing an underground scenario was something that I encouraged management to consider during our initial conversations. After conducting a number of trade-off studies, JDS has concluded it is worthy to undertake a study of an underground mine plan to complement the open-pit scenario. This adds a new exciting dimension to the Elk Gold Project and I look forward to working with Gold Mountain’s technical team to continue maximizing the value of this high-grade asset.”

Qualified Person

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company.

For full release: https://www.accesswire.com/636670/JDS-Mining-Energy-Inc-to-Study-the-Potential-of-Underground-Mining-at-the-Elk-Gold-Project

March 11, 2021 - Gold Mountain Provides Exploration Update and Appoints Dr. Quinton Hennigh to Advisory Board

 

Gold Mountain Mining Corp. (“Gold Mountain” or the “Company” ) (TSXV:GMTN)(Frankfurt:5XFA) is pleased to announce initial results from the Company’s Phase 1 exploration program at its 100% owned Elk Gold Project located near Merritt, BC. The initial assay results incrementally expand the strike of known mineralized zones beyond the current resource model. The Company also wishes to welcome Dr. Quinton Hennigh, a renowned economic geologist, to its Advisory Board.

Highlights:

  • The initial gold results from Phase 1 drilling incrementally expand the strike of known mineralization which infills and steps-out from the current resource model. Drill results include the following:
    • SND20-004 intercepted 1.5m averaging 7.3 g/t Au (including 0.30m averaging 21.7 g/t Au)
    • SND20-001 intercepted 1.3m averaging 7.2 g/t Au (including 0.30m averaging 30.5 g/t Au)
    • SND20-020 intercepted 1.3m averaging 5.1 g/t Au (including 0.30m averaging 22.1 g/t Au)
  • Relogging and sampling program uncovered a new vein intercept in historic hole:
    • SND11-132, yielding 1.2m averaging 52.3 g/t Au (including 0.30m averaging 216 g/t Au)
  • Current drilling targets down dip continuations of mineralization. Visual indications from recent diamond core intercepts suggest promise for significant mineralization.
  • Dr. Quinton Hennigh, an industry expert with previous experience in high grade vein systems, joins the Company’s advisory board.

Gold Mountain’s CEO Kevin Smith commented: Management has a goal of driving this resource to a million ounces and beyond. We plan to accelerate our relogging program, given the newly discovered 216 g/t intercept, and commence Phase 2 of our drill program as soon as Phase 1 is complete. Initial drill results are validating our thesis that gold mineralization can be predictably expanded at the Elk Gold Project. Having built a detailed geologic model utilizing over 127,000m of historic drillhole data, we are able to focus our drilling to add ounces in a cost-effective manner. The drill is now targeting high-grade zones below the current resource, and we’re encouraged by visual indications to date.”

Massive Sulphide Mineralization from the 1300 Vein

“A few years ago, I undertook a detailed review of the Elk high grade gold project,” commented Dr. Quinton Hennigh, technical advisor to Gold Mountain. “The vein system not only displays remarkable gold grades but strong persistence along strike and at depth. Geophysical data, particularly magnetic, indicates excellent potential to extend known veins along strike as well as target new veins. It is unusual to find an advanced project already on a fast track toward production that also displays strong exploration upside. I look forward to working with Gold Mountain’s team to expand this remarkable high grade vein deposit.”

Phase 1 Drill Program Update

Assay Results for Near Surface Drilling Targeting the 2600 and 2700 Veins

The Company has recently completed approximately 4,250m of core drilling in 26 holes. Phase 1 drilling is planned to encompass a total of 7,100m. Initial holes completed as part of the Phase 1 program were designed to incrementally step out and infill along near surface extensions of known mineralized zones. Initial assay results confirm the Company’s exploration model with the 2600 and 2700 veins intercepted on approximately 75 meter centres over a strike length of 300 meters and 175 meters down dip. This results in a demonstration of connection between the Yellow Brick Road Zone and the Siwash North Zone…

For full release: https://www.accesswire.com/634842/Gold-Mountain-Provides-Exploration-Update-and-Appoints-Dr-Quinton-Hennigh-to-Advisory-Board

February 18, 2021 - Gold Mountain Engages JDS Mining for Elk Gold Project Pre-Feasibility Study

 

Gold Mountain Mining Corp. (TSXV:GMTN)(Frankfurt:5XFA) (“Gold Mountain” or the “Company“) is pleased to announce that it has engaged JDS Energy & Mining Inc. (“JDS“) to complete the Pre-Feasibility Study (the “PFS“) at the Elk Gold Project located in British Columbia.

The PFS was commissioned to reflect the recent advancements the Company has made to the Elk Gold Project, most notably, the signing of both the Contract Mining Agreement and the Ore Purchase Agreement. These key inputs provide Gold Mountain with the near-term cost certainty required to delineate a maiden reserve at the Elk Gold Project. It is anticipated that the PFS will also update the Company’s resource estimate at the Siwash North Zone based on the results of its Phase 1 drill program.

We are very pleased to have JDS lead the PFS update. Their proven track record of engineering expertise in building ‘fit for purpose’ projects in Canada’s north will greatly contribute to the Elk Gold Project,” stated Kevin Smith, Director, and CEO. Having a reputable group validate our economics, assess the underground potential, and continue to advance the Elk Gold Project, strengthens our upside and ability to deliver long-term value to our shareholders.

JDS will lead the PFS update with support from Knight Piesold Consulting and certain key independent consultants. The PFS is expected to be completed in Q3 2021.

Gord Doerksen, President of the Engineering Division at JDS, further states, “We are happy to be working with Gold Mountain to support near-term production and long-term planning at the Elk Gold Project. The team has built a strong foundation for JDS to add our extensive operational and permitting experience on a number of quality projects in BC, and we look forward to maximizing value together as partners.”

For full release: https://www.accesswire.com/630420/Gold-Mountain-Engages-JDS-Mining-for-Elk-Gold-Project-Pre-Feasibility-Study

January 26, 2021 - Gold Mountain Mining Corp. Signs Ore Purchase Agreement With New Gold Inc.

 Gold Mountain Mining Corp. (TSXV:GMTN)(FRA:5XFA)(“Gold Mountain” or the (“Company“) is pleased to announce that it has entered into an Ore Purchase Agreement (“OPA”) with New Gold Inc. (“New Gold“) for a three-year term.

HIGHLIGHTS:

  • Gold Mountain will deliver ore to New Gold’s New Afton Mine located 130km from the Company’s Elk Gold Project in Kamloops, British Columbia.
  • Pursuant to the OPA, New Gold has agreed to pay Gold Mountain in a timely manner based on the tonnes and grade of the ore delivered to the mill independent of when it’s processed.
  • The OPA provides the Company with an efficient path towards initial production following the receipt of necessary permits.

Kevin Smith, CEO of Gold Mountain, states “Signing the OPA with New Gold represents another key milestone and partnership for Gold Mountain. This agreement will help advance initial production at the Elk Gold Project by eliminating the time and capital required to build on-site infrastructure. We are confident in our ability to execute on our mine plan and deliver significant value for our shareholders.”

Ore Purchase Agreement

Under the terms of the OPA, Gold Mountain will deliver 70,000 tonnes of ore per annum, approximately 200 tonnes per day, to the mill located at New Gold’s New Afton Mine situated 130km from the Elk Gold Project, in Kamloops, British Columbia. The OPA has a term of three years, giving Gold Mountain sufficient time to scale its business accordingly.

The ore will be sampled and weighed at the Elk Gold Project site to determine the contained ounces of gold and silver being delivered to the New Afton Mine. Following delivery of the ore, New Gold will pay Gold Mountain at the end of each calendar month based on the value of the gold and silver in the ore, net of the agreed metallurgical recovery and concentrate selling costs. New Gold then has 17 days to deliver payment for the ore. The terms of the OPA mitigate the variance and volatility of operational throughput for Gold Mountain and allows the Company to avoid any risk of recovery.

By securing a world-class toll milling partner in New Gold, along with the previously announced mining contract executed with Nhwelmen-Lake LP, Gold Mountain has the operational partners in place to increase shareholder value. The terms of the OPA supports the economic analysis set forth in Elk Gold’s 2020 PEA posted on SEDAR (www.sedar.com) and available for download at https://gold-mountain.ca/operations/.

The OPA is effective upon the first delivery of ore to the New Afton Mine. Prior to the first delivery of ore, the parties must settle on a sampling procedure for tracking the tonnes and grade delivered, Gold Mountain must receive the Permit (as defined below) and New Gold must obtain a permit amendment to allow for the processing to occur.

Mining Permit Update

Gold Mountain is pleased to provide an update on the progress of the Joint Permit Amendment Application that was submitted in May 2020 (the “Permit“) and will allow for the extraction of 70,000 tonnes per annum of ore. The Permit was accepted through the application screening phase of the application review and Gold Mountain has responded to the first round of technical review questions that were provided by the Ministry of Energy, Mines and Low Carbon Innovation, the Ministry of Environment and Climate Change Strategy and the Ministry of Forests, Lands, Natural Resources and Rural Development. Gold Mountain is anticipating a second (final) round of technical review questions from the regulators in the coming months prior to completing the Permit review process.

For full release: https://www.accesswire.com/626079/Gold-Mountain-Mining-Corp-Signs-Ore-Purchase-Agreement-With-New-Gold-Inc

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