TSX-V TRADING SYMBOL: GUM
VANCOUVER, Feb. 17, 2014 /CNW/ - Gold Mountain Mining Corporation (the "Company" or "Gold Mountain") has completed analysis of the 2013 exploration program on its 100% owned Elk Gold property, located near Merritt, British Columbia.
Drilling occurred on several deep IP anomalies south of the existing bulk sample pit. The targets were chosen based on the IP anomalies from 2010 through 2012 IP surveys plus the Titan IP survey anomalies identified in 2011. A third party, testing a prototype percussion rig completed all the drilling at no cost to the company. This drilling provided valuable data for future planning purposes.
Two holes (SLH13-003 & SLH13-004) tested the Siwash North 1300 vein 50m further down dip than previously to a maximum depth of 330m. Both holes returned anomalous gold values up to 4 g/t over 3m showing the significant depth extent of the 1300 vein. Because of the friable nature of the mineralized zones the percussion drilling may tend to smear results. The drilling confirms the 1300 vein remains open at depths in excess of 330m. One of the holes was drilled beyond the vein to a depth of 500m to test a deep Titan 24 resistivity anomaly. The drill hole encountered two mafic dykes rimmed with anomalous gold. A wedge core hole testing these two dykes will be considered for future programs.
A drill hole within South Showing (SSH13-001) to test a large resistivity low was stopped in a fault zone thought to be the source of the anomaly. Above the fault the hole encountered the silica breccia intersected in 2011 and 2012 drilling that had widths of up to 47.7m and gold grades of 0.7g/t over the entire 47.7m. The breccia was intersected 15m further down dip than previously drilled and found to carry anomalous gold of 0.17 g/t over a 12m width and is a target for future core drilling. This mineralized breccia is unlike the zones further north which carry gold primarily in pyritic quartz veins and has the possibility for a large volume, lower grade gold deposit.
Lake Zone drilling (SLH13-002) tested a Titan 24 resistivity high anomaly at 500m depth, as well as the known gold quartz veins nearer to surface. The near surface vein contained elevated gold assays of 1.15 g/t across 10m is the western and 100m down dip extension of a new vein discovered in 2012 drill hole SLD12-209 that intersected 43.5 g/t Au across 0.33m. Silica content increased within the deep resistivity zone, samples of which had anomalous gold assays 0.25 g/t across 9m.
Geologic mapping and soil/rock chip sampling was performed on the property's southern claims where a mineralized zone discovered in 2012 yielded grab sample assay results of 7.36% copper, 226 g/t silver, 0.24% zinc and 0.38% lead. The recent prospecting and sampling discovered a second mineralized zone 175m to the SE that assayed 6.3% Zn, 1.8% Pb and 12.1 g/t Ag across 30cm. A second sample 20m north assayed 0.11% Zn, 0.37% Pb and 368 g/t Ag. Continued evaluations of this new style of mineralization will occur as conditions permit.
Mapping east of South Showing located quartz float within the overburden suggesting the South Showing veining continues to the east beyond the most easterly 2012 drill section. Additional prospecting and mapping is planned for this area.
A map displaying the locations of drill holes and other zones may be found on the company's website.
The Company's Senior Geologist, Robert Wilson, 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 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 the Company 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 on Sedar.com or on the Company's 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)
Chris McLeod, President & 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:
For further information contact Chris McLeod, President & CEO or Rod Shier, Chief Financial Officer at 604 558-4653