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Market: TSX-V
Sector: General Mining
EPIC: GUM
Latest Price: 0.44  (-2.22% Descending)
52-week High: 1.29
52-week Low: 0.44
Market Cap: 28.30M
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Gold Mountain Mining
www.proactiveinvestors.com
Gold Mountain Mining Corp. is a junior exploration company. The company recently completed a qualifying transaction and listed on the TSX-V, in the procees changing it's name from Beanstalk Capital Inc.
Full Gold Mountain Mining profile here
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Gold Mountain encounters 16.74 g/t gold over 1.80 metres at Elk project

19th Jan 2012, 2:38 pm by Joyanta Acharjee
Gold Mountain encounters 16.74 g/t gold over 1.80 metres at Elk project

Gold Mountain Mining Corp. (CVE:GUM) Thursday announced final assay results from the company's 2011 exploration program at its 100 percent-owned Elk Gold project near Merritt, British Columbia.

Thursday afternoon shares rose four percent to $0.52.

The company said that hole SND11-153 returned 16.74 grams per tonne (g/t) gold and 64.28 g/t silver over 1.80 metres.

These latest results demonstrate the significant additional mineralization potential of several regional targets on the property, drilled outside the historic pit area which hosts the currently known resource.

Gold Mountain's CEO Jim O'Rourke said: "These results demonstrate the excellent exploration upside on the Elk property, where our recent drilling has returned significant assays and added strike length and depth to known zones.

"We look forward to continuing our regional exploration program next year, while also advancing with pre-feasibility work in the historic pit area of the Elk property, which currently hosts a half million gold resource."

Among the results, hole SND11-139 encountered 7.07 g/t gold and 20.32 g/t silver over 1.29 metres while hole SND11-150 returned 4.43 g/t gold and 10.32 g/t silver over 1.20 metres.

Hole SND11-155 returned 11.42 g/t gold and 43.40 g/t silver over 1.50 metres, Gold Mountain Mining said.

The current NI 43-101 resource estimate, based on drill data available in 2009, stands at 2.19 million tonnes measured and indicated at an average grade of 4.26 g/t gold for 301,000 ounces contained gold, plus 1.15 million tonnes inferred at an average grade of 7.13 g/t gold for 263,000 ounces contained gold.

During the 4-month field program, the company completed 14,000 metres of core drilling in 77 holes. The 2011 drill program was designed to confirm and upgrade the existing resource and to test three other high priority targets on the property.

The South zone has now been defined over a strike length of at least 340 metres and vertical depth of 130 metres, and is interpreted to contain at least four discrete veins over a 50 metre zone width, which remains open along strike and to depth.

In the Lake Zone, previous wide spaced drilling had outlined a 340 metre long, east-west trending, structural zone roughly 50 metres wide, containing at least two significant veins, which returned assays as high as 55.44 g/t gold over 0.55 metres.

Follow up drilling in 2011 has now extended the zone to at least 385 metres in strike length and 140 metres depth, returning assays up to 30.7 g/t gold over 0.2 metres in drill hole SND11-151, and confirming the presence of at least three discrete veins over a zone width up to 60 metres wide, which remains open along strike and to depth.

In the Gold Creek Zone, previous shallow drilling had outlined a 300 metre long, NW trending structural zone containing at least one significant vein, carrying grades up to 78.5 g/t gold over 0.3 metres.

Deeper drilling in 2011 has now extended the zone to at least 160 metres down dip, returning grades up to 71.7 g/t gold over 0.25 metres in drill hole SND11-154, and the zone remains open.

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