Gold Mountain Announces Additional Phase 1 Assay Results

VANCOUVER, BC / ACCESSWIRE / April 22, 2021 / 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.

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: ks@gold-mountain.ca
Website: www.gold-mountain.ca

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

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. Forward looking statements in the press release include but are not limited to: any additional resources that may be added to the Company's 43-101 resource estimate as a result of core relogging efforts, any potential upside in share price and any future results from the core relogging. 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 Filing Statement filed on Gold Mountain's SEDAR profile on December 15, 2020.

SOURCE: Gold Mountain Mining Corp



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