VANCOUVER, Feb. 27, 2012 /CNW/ - Gold Mountain Mining Corporation (TSXV:
GUM) (the "Company" or "Gold Mountain") is pleased to announce results
from a recent geophysical test survey at the Company's 100% owned Elk
Gold Project, using the Titan-24 Array Magnetotelluric Survey
("Titan-24") technique pioneered by Quantec Geoscience.
Located near Merritt, BC, Elk is a high grade, narrow vein, mesothermal
gold deposit, with an existing NI 43-101 compliant resource, hosted
mainly by intrusive rocks. Multiple Induced Polarization ("IP")
chargeability and Magnetotelluric resistivity anomalies were identified
during the survey, generally coincident with known mineralized zones
and also indicating potential for additional mineralized zones across
strike and at depth. These new targets warrant follow up and will be
drill tested during the exploration program planned for this season.
The survey was conducted late last year over 2 north-south lines of
approximately 7 kilometers length, spaced 400 meters apart, crossing
the historic pit and other mineralized zones, to test the effectiveness
of the survey technique in detecting the known gold bearing
quartz-pyrite vein structures and to look for deeper controlling
structures which might be used to target further regional exploration.
A survey map and section are attached to this press release.
The survey was successful in recognizing known mineralized zones.
Several new near surface anomalies were also identified, approximately
300m and 1300m north of historic pit, in the Bullion and Nicola zones,
and approximately 1500m south of the South zone. These anomalies are
interpreted to represent shear or fault structures which may host
quartz veins similar to mineralized zones elsewhere on the property.
A broad, shallow chargeability high was also detected in the Nicola
zone, which may represent disseminated sulphides or possible skarn
mineralization associated with the inferred contact between the
granodiorite/quartz-monzonite intrusive and Nicola volcanics in this
area. In addition, a very large, deep (+500m depth) resistivity low was
detected below the known Discovery Zone, which may represent a major
regional structure and/or change in composition of the intrusive stock
which hosts most of the known mineralization.
All of these new anomalies warrant follow up by drill testing,
particularly in the Discovery, Bullion and new Far South zones. The
Company is currently planning a minimum 10,000 meter core drilling
campaign on the project for summer 2012, targeting roughly 5,000 meters
in the historic pit area (including potential western extensions) and a
further 5,000 meters on at least four regional targets indicated by the
The current NI 43-101 resource estimate in the historic pit area, based
on drill data available in 2009, is tabulated below:
Gold Grade (g/t)
Measured + Indicated
An new resource estimation is underway, with detailed 3D interpretation
of the latest 2011 and 2010 data (which was not included in the current
estimate) being conducted in house, before Giroux Consultants Ltd.
completes an updated block model, expected to be finalized in Q2.
The Company's Vice President of Exploration, Peter Thiersch, M.Sc.,
P.Geo., acts as the Company's Qualified Person for technical disclosure
per National Instrument 43-101, and has reviewed and approved the
technical content of this press release.
About Gold Mountain Mining
Gold Mountain is a new public resource company managed by an experienced
team of professionals with a solid track record of exploration and
development success. The Company owns 100% of the 16,700 hectare Elk
Gold property, which it intends to develop into a precious metal
producer within the next two years, and is also seeking additional
near-term production assets to further build shareholder value.
Additional information is available at www.sedar.com or on the Company's new website at www.aumtn.com.
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.
ON BEHALF OF THE BOARD
"Chris McLeod" (signed)
President and CEO
Forward-Looking Statements: This news release contains forward-looking
statements that are based on the Company's current expectations and
estimates. Forward-looking statements are frequently characterized by
words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar words
or statements that certain events or conditions "may" or "will" occur,
and include, without limitation, statements regarding the closing of
further tranches of the Offering, the use of proceeds from the
Offering and the Company's plans with respect to the exploration and
development of its projects. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result
of new information, future events or results or otherwise.
Forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to
the inherent uncertainty therein.
SOURCE Gold Mountain Mining Corporation
For further information:
Please contact Chris McLeod, President and CEO, or Peter Thiersch, Vice President Exploration, of Gold Mountain Mining Corporation, at 604 558-4653.