Gold Mountain The Elk Gold Property Grows To Over 1 Million Ounces In Updated Mineral Resource Estimate
Kevin Smith, CEO of Gold Mountain Mining (TSX.V:GMTN – OTCQB:GMTNF), joins us to review the recently announced updated mineral resource estimate to over 1 million ounces of gold at the Company’s Elk Gold Project in British Columbia. The resource estimate at the Elk Gold Project now includes 806,000 oz of Measured & Indicated Resources at 5.8 g/t AuEq and 262,000 oz of Inferred resource at 5.4 g/t AuEq. The updated Resource Estimate represents a 24% increase of Measured and Indicated ounces and 65% increase of inferred ounces.
We also have Kevin provide a quick review of the streamlined mining operations and fixed contract costs to get ore shipped over New Gold’s New Afton processing center, without Gold Mountain Mining having to finance and construct a mill at this time. The revenues from production should begin in Q1 of 2022, and they will help fund the ongoing aggressive Phase 3 drill program and Phase 4 drill program, with a goal of drilling 30,000 meters next year.
Thus far most of the resource has been calculated from drilling at the Siwash North Zone, but there is ongoing drilling and assays are awaited from the Gold Creek Zone, Lake Zone, South Zone, and from the prospective new bulk tonnage discovery 10kms away at the Elusive Zone. In addition to the 25,000 meters the Company has drilled in Phase 1 and Phase 2, there have also been 15,000 meters relogged from the 127,000 meters of historic drill core that is adding ounces and helping define the geological understanding and new targets.
If you have any follow up questions for Kevin regarding Gold Mountain Mining, then please us at Fleck@kereport.com or Shad@kereport.com.