Connect with us

Today’s News

Viva Gold Drills 12.2 Meters at 5.7g/t Gold and 22.9 Meters at 2.0g/t at its Tonopah Gold Project in Nevada

VANCOUVER, BC / ACCESSWIRE / November 11, 2021 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce excellent results…

Published

on

VANCOUVER, BC / ACCESSWIRE / November 11, 2021 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the “Company” or “Viva“) is pleased to announce excellent results for its 2021 reverse circulation (“RC”) drill program announced on July 12, 2021. The holes drilled in the program successfully confirmed that the mineral system remains open and strong laterally to the east, while also extending mineralization to depth.

Hole TG 2103 was drilled southwest across the principal east-west trend of mineralization at the eastern end of the PEA design pit. The hole successfully intercepted a cumulative 47.3 meters at an average grade of 2.5 grams per tonne (“g/t”) in four zones: one inside the pit shell, and three zones over 66 meters at depth below the previously modelled pit bottom. The fourth zone in this sequence encountered 22.9 meters at 2.0 g/t at the tertiary volcanic (“Tv”)/Palmetto argillite (“Opa”) contact, indicating the presence of a new high-grade mineral zone or feeder system at a relatively shallow depth. Gold mineralization had not previously been encountered in the Opa at the eastern quadrant of the main PEA pit.

Hole TG 2102 was drilled to the south from the northern side of the PEA pit and intercepted several zones of gold mineralization in Tv. This hole was designed to test the northern extent of the bedded zones of mineralization in the Tv and did not extend sufficiently south to fully intercept the centerline plane of the principal trend. It confirmed the potential northern limit of several lenses of mineralization in this area.

Hole TG 2101 was drilled along the centerline strike of the main trend to the east and intercepted 23 meters at 1.53 g/t in Tv in a major step-out as previously disclosed in the September 15, 2021 release.

Viva has used the results of its last two drill programs, combined with data driven geostatistical analysis and variography, to re-interpret its previous geologic model of the Tonopah Project. Gold mineralization in the older Opa formation tends to be structurally controlled, high angle, and oriented along a predominant northwest-southeast trend; mineralization in the younger tertiary volcanics is controlled by bedding structure and/or lithology, is flatter laying, and trends in an approximate east-west direction. Prior resource models did not differentiate orientation by rock type. This new model will be used as a basis for an updated resource estimate which will include data from 22 additional drillholes completed in 2020 and 2021.

James Hesketh, President & CEO states, “Beside producing spectacular results, this drill program, was very successful in demonstrating that the mineral system at Tonopah remains wide open for extension both laterally and to depth at its eastern extent. The new high-grade zone of mineralization intercepted in TG 2103 at the Tv/Opa contact is intriguing, while the easterly extension along the Tv trend demonstrated in TG 2101 clearly shows the potential to further extend mineralization in that direction. Both results demand follow-up. We believe that we have clearly identified upside potential at Tonopah and are excited to start drilling operations as drill rigs and crews become available. We have commenced a new resource study using our re-interpreted geologic model, which we believe will add to the declared resource when complete. Our goal is to continue to add to our resource base to make the project economics even more attractive for project financing, while continuing to de-risk the project by completing metallurgical and technical studies as well as baseline environmental and cultural studies”.

James Hesketh, MMSA-QP, has approved the scientific and technical disclosure contained in this press release. Mr. Hesketh is not independent of the Company; he is an Officer and Director.

About Viva Gold Corp:
Viva Gold Corp holds 100% of the Tonopah Gold Project, a large land position consisting of approximately 10,500 acres with demonstrated high-grade gold in the ground, on the prolific Walker Lane Trend in western Nevada, 30 kilometers south-east of the World class Round Mountain mine. The project has a measured and indicated contained mineral gold resource of 326k ounces at a gold grade of 0.79 grams/tonne and 181k ounces of Inferred resource at 0.67 grams/tonne. Viva is advancing the project towards feasibility and permitting.

Viva is committed to Environmental, Social and Responsible Governance (“ESG”) of its business. We realize these issues are also important to investors. We strive to operate in a manner that supports environmental and social initiatives and responsible corporate governance.

Viva Gold trades on the TSX Venture exchange “VAU”, on the OTCQB “VAUCF” and on the Frankfurt exchange “7PB”. Viva has a tight capital structure with 55.6 million shares outstanding and a strong management team and board with both gold exploration and production experience. Viva is building market awareness as the Company advances the high-grade Tonopah Gold Project. For additional information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.

For further information please contact:
James Hesketh, President & CEO
(720) 291-1775
[email protected]

Valerie Kimball, Director Investor Relations
(720) 933-1150
[email protected]

Renmark Financial Communications Inc.
Daniel Gordon: [email protected]
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

Forward-Looking Information:
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, “forward-looking information”), including but not limited to drilling operations and estimates of gold mineral resource at the Tonopah Gold Project. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy, inflationary pressures, pandemics, and permitting issues related to ESG initiatives; the price of gold; operational, funding and liquidity risks; the potential for achieving targeted drill results, the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with drilling and mining operations; and the ability of Viva to fund its capital requirements. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these materials. Viva assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as “measured,” “indicated,” “inferred,” and “resources,” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Viva Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/672283/Viva-Gold-Drills-122-Meters-at-57gt-Gold-and-229-Meters-at-20gt-at-its-Tonopah-Gold-Project-in-Nevada













Author: Viva Gold Corp.

Today’s News

Indian Patent Office Grants Patent to American Manganese for Lithium-ion Battery Recycling

SURREY, BC / ACCESSWIRE / December 7, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company") is pleased to announce that…

SURREY, BC / ACCESSWIRE / December 7, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) (“AMY” or the “Company”) is pleased to announce that the Indian Patent Office has issued Patent No. 380826 for the Company’s first patent invention regarding lithium-ion battery recycling. The patent covers core process functions in the Company’s RecycLiCo process that can achieve up to 100% leach extraction of lithium, cobalt, nickel, and manganese from the treatment of lithium-ion battery cathode chemistries used in electric vehicles and portable electronics. These cathode chemistries include lithium-cobalt oxide (LCO), lithium-nickel-manganese-cobalt oxide (NMC), and lithium-nickel-cobalt-aluminum oxide (NCA).

The newly granted Indian patent is separate from the Company’s second battery recycling patent invention recently filed into national phase for Europe, South Korea, Canada, India, Australia, Japan, and China.

India’s automotive industry is the fifth largest in the world and is slated to be the third largest by 2030, coupled with India’s plans to have 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two and three-wheelers go electric by 2030. India could offer one of the world’s largest emerging electric vehicle markets and pose a significant opportunity to establish a circular battery recycling business model for the sustainable and domestic supply of critical battery materials.

About American Manganese Inc.

American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.

On behalf of Management

AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
Email: [email protected]

www.americanmanganeseinc.com
www.recyclico.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

SOURCE: American Manganese Inc.

View source version on accesswire.com:
https://www.accesswire.com/676261/Indian-Patent-Office-Grants-Patent-to-American-Manganese-for-Lithium-ion-Battery-Recycling



Continue Reading

Today’s News

Pampa Metals Reports Positive Assay Results from Its Cerro Buenos Aires Drill Program Confirming Zonation Towards a Porphyry System

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Pampa Metals Corp. (“Pampa Metals” or the “Company”) (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide an update for its 7,600-hectare Cerro Buenos Aires copper-gold exploration project located in northern Chile, where all assay results from the wide-spaced, 9-hole, 2,738m reverse circulation (“RC”) drilling program completed in September have been received. Drilling was focused on the Cerro Chiquitin target in the northern third of the Cerro Buenos Aires project area. Assay results confirm the interpretation of a porphyry-related hydrothermal system from the previously reported geological observations of the drilling, which were announced in a news release dated September 15, 2021.

“We are very pleased with these positive results,” commented Julian Bavin, CEO of Pampa Metals. “Pampa owns one of the largest prospective property packages in Chile comprising a 62,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts. We look forward to updating shareholders with a solid flow of news as we advance these projects in the coming months.”

Highlights from Cerro Buenos Aires Project 2021 RC Drilling

  • All holes drilled around the small Cerro Chiqutin outcrop, in the northern third of the Cerro Buenos Aires project area, have returned a variety of anomalous precious metals and multi-element intersections, indicative of a fertile porphyry-type hydrothermal system in the vicinity.
  • Three drill holes closest to the outcropping tourmaline breccia and quartz-veined diorite porphyry at Cerro Chiquitin have the most anomalous geochemistry, with intersections in gold and silver and significant anomalies in copper, molybdenum, zinc, lead, arsenic, and antimony, which suggest the inner periphery of a fertile hydrothermal system, with the target copper-rich core likely at depth.
    • Includes 14m @ 0.18 g/t Au (including 6m @ 0.22 g /t Au – RC hole CBA-08) within a magmatic-hydrothermal breccia with a tourmaline or quartz-tourmaline matrix and pyrite disseminations. This intercept correlates with strongly anomalous values in zinc and arsenic.
  • Drill holes to the north have comparatively fewer metallic indications, consistent with their location on the propylitic outer periphery of a fertile system.
  • Drill holes to the south are also on the inner periphery of the system, but appear to be transitioning away to propylitic alteration further to the southwest and west.

Geological and geochemical results to date from wide-spaced drilling at Cerro Buenos Aires have clearly vectored towards a fertile porphyry-type hydrothermal system to the south and southeast of the Cerro Chiquitín tourmaline breccia. The 9 holes drilled to date extend over a north-south oriented prospective corridor some 4.5 km x 1 km, largely obscured by 40m to 80m of post-mineral gravel cover, and results have narrowed the target area to a 1 km x 1 km core area of interest. In view of this, additional follow-up work comprising detailed induced polarisation (IP) profiles and deeper diamond drilling is currently being planned for the area.

Results Detail & Interpretation

Drill holes in the immediate vicinity of the partially outcropping Cerro Chiquitín tourmaline breccia (RC holes CBA-01, 07 and 08), as well as those to the south and southwest (RC holes CBA-02 and 06), returned intercepts in gold and silver and significant anomalies in copper (up to 709ppm), molybdenum (up to 169ppm), zinc (up to 650ppm), lead (up to 560ppm), arsenic (up to > 1,000ppm), and antimony (up to > 250ppm), which suggest the inner periphery of a porphyry-related fertile hydrothermal system. Assay results from holes located in post-mineral covered areas to the north (CBA-03, 04, 05 and 09) are consistent with the propylitic exterior to a porphyry system.

A 14m intersection with 0.18 g/t gold (including 6m @ 0.22 g/t Au) in CBA-08 within a magmatic-hydrothermal breccia with a tourmaline or quartz-tourmaline matrix and pyrite disseminations, stands out. This intercept has a good correlation with anomalous values in zinc and arsenic (30m @ 221 ppm Zn and 26m @ 715 ppm As) and possibly corresponds to sub-epithermal porphyry-related mineralization. This, together with other intercepts, is highly indicative of a fertile, porphyry-style, hydrothermal system to the south or southeast of Cerro Chiquitin and those drill holes located in the immediate vicinity. The porphyry system may be cored by copper-gold/gold-copper mineralisation, but also shows evidence of having potential for peripheral precious metals-rich veins.

Next Steps

Pampa Metals is now planning approximately 20 line km of pole-dipole IP surveying in the post-mineral gravel filled pampa to the south and southeast of Cerro Chiquitín, with contractor availability currently in January 2022. Plans also include the drilling of two or three diamond drill holes to depths of around 750m to follow up the results of the proposed IP survey and the drilling to date, in order to explore for the principal objective of a mineralised inter-mineral porphyry.

Quality Control – QA/QC

A total of 1,279 samples from RC drill cuttings together with 141 control samples (11% – value standards, blank standards, duplicates) were analysed by ALS Patagonia by Fire Assay with Atomic Absorption finish (AA23) for gold, and ICP-Mass Spectrometry after a 4-acid digestion (ME-MS61) for multi-element analyses. All samples were previously prepared using the PREP-31B protocol at ALS Patagonia Chile.

Pampa Metals carried out all field sampling at the drill sites following a previously prepared in-house protocol to international standards. Control samples with standards from a known manufacturer, quartz blanks and duplicates of coarse material obtained from the drill cuttings were inserted into sample batches according to the protocol. Samples of the post-mineral gravel overburden were obtained from the top portions of each drill hole, but were not sent for analysis after geological logging. Quality Assurance and Quality Control (“QA/QC”) is routinely carried out by ALS Patagonia using its own internal standards and protocols. Such QA/QC results from the Pampa Metals’ batches were satisfactory. Additionally, a QA/QC assessment was performed in-house using the blind control samples inserted by Pampa Metals and reviewed by Company management. The QA/QC results successfully passed the QA/QC protocols including the certified values of the value standard manufacturers.

ABOUT PAMPA METALS

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE: PM) as well as the Frankfurt (FSE: FIRA) and OTC (OTCQB®: PMMCF) exchanges. Pampa Metals owns a highly prospective 62,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts in Chile, one of the world’s top mining jurisdictions. The Company has a vision to create value for shareholders and all other stakeholders by making a major copper discovery along the prime mineral belts of Chile, using the best geological and technological methods. For more information, please visit Pampa Metals’ website www.pampametals.com.

Qualified Person

Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

Note: The reader is cautioned that Pampa Metals’ projects are early-stage exploration projects and reference to existing mines and deposits, or mineralization hosted on adjacent or nearby properties, is not necessarily indicative of any mineralization on Pampa Metals’ properties.

ON BEHALF OF THE BOARD

Julian Bavin | CEO & Director
www.pampametals.com

INVESTOR CONTACT

Ioannis (Yannis) Tsitos | Director
[email protected]

The CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.

Pampa Metals – Project Locations Including Cerro Buenos Aires & Major Mines of Northern Chile

Cerro Buenos Aires Property & Summary Geology – Showing Recent Drill Hole & Historic Drill Hole Locations

Cerro Chiquitin Area & Gradient Array Chargeability IP
Showing Recent Drill Hole & Historic Drill Hole Locations

Cerro Chiquitin Area – Interpretative Section (Geology & Hydrothermal Alteration) – NNW-SSE
Showing Recent Drill Holes Showing Proposed Inter-Mineral Porphyry Target

SOURCE: Pampa Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/676293/Pampa-Metals-Reports-Positive-Assay-Results-from-Its-Cerro-Buenos-Aires-Drill-Program-Confirming-Zonation-Towards-a-Porphyry-System









Continue Reading

Today’s News

Gold Mountain Updates Mineral Resource Estimate at the Elk Gold Property

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Gold Mountain Mining Corp. (“Gold Mountain” or the “Company”) (TSX:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate following the conclusion of its Phase 2 drill program at the Elk Gold Project. An updated technical report will be filed on the Company’s website and SEDAR within 45 calendar days of this disclosure.

Highlights:

  • Gold Mountain increases its resource estimate at its flagship Elk Gold Project to: 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.
  • 37 new diamond drill holes were completed in the Siwash North Zone which incrementally expanded the vein models along strike and down dip and connected the Siwash North Zone with the Gold Creek Zone which was historically viewed as a satellite deposit.
  • 10 diamond drill holes were completed in the Lake and South Zones leading to maiden Mineral Resource estimates in the two satellite deposits which demonstrate the multiple zone potential for the Elk Gold Project.
  • This update to the mineral resources followed the Company’s successful Phase 2 drill program that consisted of 13,900 metres of diamond drilling where all 47 holes hit mineralization.

The resource update is following Gold Mountain’s 13,900m Phase 2 drill program which began in May and wrapped up in November. The Company continued to step out and infill its well established, high-grade intercepts in Siwash North, increasing the zone’s measured and indicated resource to 735,000oz at 5.9 g/t AuEq and inferred resource to 229,000oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North Zone which allowed the Company to merge the Gold Creek and Siwash North geological models.

Additionally, Gold Mountain continued exploring the property by drilling in known mineralized Satellite zones including; the Lake and South Zones. By leveraging and evaluating the historical drill data set for these zones, the Company was able to fill spatial data gaps and establish a combined maiden resource of 71,000oz measured and indicated at 4.3g/t AuEq and 33,000oz inferred at 5.7g/t AuEq.

Finally, the company continued relogging the asset’s historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North Zone which helped further refine the vein model interpretation and add additional veins to the geological model.

Elk Gold Resource Update – Summary

The table below summarizes the updated resource estimate at the Elk Gold Project:

Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

4,190,000

5.6

5.4

11.0

750,000

Measured + Indicated

4,359,000

5.8

5.6

11.0

806,000

Inferred

1,497,000

5.4

5.3

14.4

262,000

CIM definitions were followed for classification of Mineral Resources.

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

Results are presented in-situ and undiluted.

Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq for pit-constrained resources and 3.0 g/t AuEq 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*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

The Resource Estimate is effective as of October 21, 2021.

Elk Gold Project Resource Estimate

The table below sets out the detailed results of the Mineral Resource estimate for Elk Gold Project. The effective date of the resource estimate is October 21, 2021 (the “Resource Estimate“).

Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

4,190,000

5.6

5.4

11.0

750,000

Measured + Indicated

4,359,000

5.8

5.6

11.0

806,000

Inferred

1,497,000

5.4

5.3

14.4

262,000

Siwash Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

3,396,000

5.5

5.4

9.6

606,000

Measured + Indicated

3,565,000

5.8

5.7

9.7

662,000

Inferred

927,000

4.0

3.9

9.1

121,000

Siwash Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

283,000

8.0

7.8

17.4

73,000

Inferred

396,000

8.5

8.2

21.5

108,000

Lake Zone Pit-Constrained Resource Estimate at 0.3/gt AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

267,000

3.2

3.1

16.5

28,000

Inferred

75,000

4.5

4.2

25.1

11,000

Lake Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

124,000

5.6

5.3

26,.0

22,000

Inferred

73,000

6.6

6.2

33.2

16,000

South Zone Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

87,000

2.3

2.3

3.0

7,000

Inferred

9,000

2.6

2.6

3.4

1,000

South Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

33,000

13.5

13.3

20.6

14,000

Inferred

17,000

9.4

9.2

18.7

5,000

CIM definitions were followed for classification of Mineral Resources.

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.

Results are presented in-situ and undiluted.

Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq for pit-constrained resources and 3.0 g/t AuEq 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*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

The Resource Estimate is effective as of October 21, 2021.

Several factors have contributed to the change in this resource estimate from previous estimates. The primary factors affecting that change are the addition of 47 new diamond drill holes, changes to the constraining pit shell parameters, changes to the vein model interpretation and inclusion of maiden Mineral Resources in the Lake and South Zones.

Mineral Resource Estimate Assumptions

Data Verification

The data that forms the basis for the Resource Estimate was verified by the Qualified Person using industry standard methods. Drill hole collar locations were confirmed with independent surveyors’ using high precision GPS equipment. Analytical accuracy and precision are monitored using commercial standards, blanks, re-analysis of both coarse rejects and pulps. A review of all data inputs to the drilling database, both historical and recent, has allowed a sufficient level of confidence to include the drill database in the Resource Estimate.

Key Assumptions and Parameters and Methods Used to Estimate Resources

Exploration Information

The data from the 47 Phase 2 drill holes were added to the 2021 drill data for an aggregate total of 1,125 holes that intersected the 46 modelled mineralized zones. The assay file contained 23,093 gold and silver assays of which 6,406 were contained within the modelled zones.

Grade Capping – Siwash North

A cumulative frequency curve was generated for both gold and silver assay values to determine whether capping of assay values was appropriate. There is a distinct break in the gold assay cumulative frequency curve at 400 g/t and that value was taken as the capping value. There were 10 gold assay values over 400 g/t. The silver cumulative frequency curve has a break at 450 g/t and that value was taken as the capping value. There are 11 samples in the population which were greater than 450 g/t silver.

Grade Capping – Lake Zone

No grade capping was applied in the Lake Zone for this resource estimate.

Grade Capping – South Zone

In the South Zone, gold grades were capped at 60g/t Au and there is 1 gold assay value over 60 g/t. The silver grades were capped at 160g/t Ag and there are 2 samples in the population which were greater than 160 g/t silver.

Vein Modelling

The Resource Estimate is constrained to a vein wireframe model which was developed using LeapfrogTM software by clipping the wireframes to a combination of drill hole composites and lithological units.

Metal Equivalency

The Resource Estimate includes both gold and silver assay values and the combined value is expressed as a gold equivalency. The formula by which the two metals are combined is:

AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

The table below provides the metal equivalency calculation parameters.

Parameter Unit Value
Gold Grade g/t Variable
Silver Grade g/t Variable
Gold Price US$/oz 1,655
Gold Price US$/g 53.20
Silver Price US$/oz 20.84
Silver Price US$/g 0.67
Recovery of Gold % 96
Recovery of Silver % 86

Mineral Resource Classification

Mineral resources were classified as Measured, Indicated or Inferred according to the criteria set out in the table below.

Classification on Category

Composites

Major

(m)

Median

(m)

Minor

(m)

Min.

Max.

Measured

8

8

20

20

20

Indicated

4

8

65

65

65

Inferred

2

8

85

85

85

Only material in the 1300 vein was allowed to be classified as measured because that is the only zone that has been explored from underground and has provided three-dimensional exposures of the mineralization as well as close-spaced testing by underground drilling.

Reasonable Prospect of Economic Extraction

The open pit portion of the Resource Estimate was constrained by an economic pit shell using the following parameters:

Parameter Unit Value
Gold US$/oz 1,655
Gold US$/g 53.20
Silver US$/oz 20.67
Silver US$/g 0.67
Production Rate t/d 900
Mining Cost US$/t material 2.00
Processing + G&A US$/t mineralized material 21
Recovery Au % 96
Recovery Ag % 86
NSR % 2
Selling Cost % 2
Pit Slope degrees 50

Legal, Political and Environmental risks

There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate.

Qualified Persons

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 Gold Mountain Mining Corp.

The technical information relating to the resource estimate was prepared by Greg Mosher P. Geo (Global Mineral Resource Services) a Qualified Person as such term is defined under National Instrument 43-101 who is independent of Gold Mountain.

About Gold Mountain Mining

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. Additional information is available at www.sedar.com or on the Company’s new website at www.gold-mountain.ca.

For Further information, please contact

Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: [email protected]
Website: www.gold-mountain.ca

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Annual Information Form for the year ended January 31, 2021 a copy of which was filed on November 4, 20201 and is available on SEDAR.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Gold Mountain Mining Corp

View source version on accesswire.com:
https://www.accesswire.com/676282/Gold-Mountain-Updates-Mineral-Resource-Estimate-at-the-Elk-Gold-Property








Continue Reading

Trending