Precious Metals

Gold Mountain Confirms New High-Grade Gold Discovery in the Elusive Zone at the Elk Gold Project

Gold Mountain Confirms New High-Grade Gold Discovery in the Elusive Zone at the Elk Gold Project

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce the discovery of a new high-grade gold system in the Elusive Zone, located 5km southwest of the Siwash North gold resource, both part of the Company's 100% controlled Elk Gold Project. These diamond drill intercepts confirm the presence of multiple high-grade zones at the Elk Gold property, further illustrating the robust exploration potential and scalability of the project


Highlights:

  • Drilling highlights include:
    • 2.07m grading 51.15 g/t Au including 0.3m of 351 g/t Au
  • Gold Mountain is the first operator at the Elk Gold Project to drill test the Elusive Zone and intercept significant gold mineralization in the first holes of this campaign.
  • These high-grade intercepts mark a new discovery at the Elk Gold property, providing the Company with a potential path to significantly upscale its resource.

"When we acquired this project in 2019, we knew there was significant untapped mineralization within the Elk's 21,000 hectare land package. Rather than ending our Phase II drill program at Siwash North, we took a calculated risk by adding an exploratory drill test at the Elusive zone in hopes of making a new discovery," commented CEO and Director Kevin Smith. "Today, we're thrilled to announce that this decision has paid off with the discovery of a new high-grade gold system within the Nicola Volcanics. It is extremely rare for the first holes in an undrilled zone to return such strong results, and for us to encounter significant mineralization is a testament to our ability to upscale this project beyond Siwash North. This new discovery adds a brand new dimension to the project and opens up considerable blue sky potential. With the Company now into production, having recently increased our resources, and now making a new discovery within the southern part of our claims, we have dramatically de-risked our story and added a clear path to aggressively upscale both production and exploration."

Cole Evans, CEO of HEG further comments, "The Elk Gold Mine's technical team has done a tremendous job identifying a >5km long structural trend that appears to correlate closely with multiple gold occurrences across the property, including Siwash North and the newly discovered Elusive Zone. Surficial geochemistry suggests the Elusive Zone is similar in scale to Siwash North, and importantly, our team is seeing significantly more visible gold at Elusive Zone compared to Siwash North and initial drill results confirm this system may be higher-grade."

New Discovery

The Company intercepted significant high-grade mineralization in the campaign's first drill holes at its Elusive Zone, displaying visible gold and resembling the high-grade veins drilled at Siwash North. Additionally, hole SND-049 (see "Assay Results" table) intercepted a wide interval of disseminated mineralization, unique from the Elk's renowned ultra high-grade, narrow veins that make up Gold Mountain's current resource.

These drill results, all from the southern region of the Elk Gold property, are extremely encouraging to Management, presenting a potential avenue to developing additional mineral resources and a clear path to upscale the project.

Elusive Zone

The Elusive Zone is located 5km southwest from Siwash North along the southern margin of Gold Mountain's land package and is considered the most prospective target on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified at the Elusive Zone. Given the focus at that time on developing the Siwash North deposit, the Elusive Zone was never drill tested.

Gold Mountain and its exploration management partner HEG & Associates ("HEG") performed soil geochemical samples across the Elusive zone during its Phase II exploration program, results of which further supported and better delineated the gold-in-soil anomaly thus helping identify drill targets.

With the Company's Phase lll drill program already underway and in full stride, Gold Mountain will revisit the Elusive zone in its Phase lV exploration campaign next spring. By returning to this highly prospective target, the Company hopes to further uncover high-grade, shallow mineralization while it continues building its vein model in the southern portion of its claims.

Phase lll Drill Program

Gold Mountain kicked off its Phase lll drill program in December 2021 with the first holes of the campaign infilling areas within the established resource. This program is forecasted to drill 10,000 total meters in and around the high-grade Siwash North vein systems. The Company will look to continue performing step-out and infill drilling near its operating open pits, as well as extending its geological model to the east.

Phase lll work also features 5,000 meters of historical core relogging as the Company attempts to continue uncovering mineralization that may have been overlooked by previous operators.

Drill Results

Below is a table of selected core drill results from Elusive. 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)

SND21-051

192.28

194.35

2.07

51.15

including

192.28

192.58

0.3

351

SND21-049

9.00

15.00

6.0

0.97

including

9.99

10.29

0.3

3.46

*Assay intervals are presented as apparent thickness. True thickness will vary depending on the orientation of the drill hole but are typically 70-90% of the apparent thickness.

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 ID

Easting

Northing

Elevation

Azimuth

Depth (m)

Dip

SND21-051

689876

5522508

1600

325

243

50

SND21-049

690064

5522648

1600

325

99.03

45

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 57km from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website atwww.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
Twitter: www.twitter.com/goldmtnmine_

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 potential increase in the Company's resource and the overall impact the results of the Phase 3 exploration program will have on the Elk Gold Project. 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



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Gold Mountain Mines Its First Mineralized Material at the Elk Gold Project

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSXV:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce the Company has mined its first significant mineralized material at its 100% owned Elk Gold project near Merritt, BC

Highlights:

  • The Company has exposed its 1100 vein system located on the footwall of historic pit 2.
  • This area was mined by previous operators in 2012 at an average grade of 16.60 g/t.
  • The Company will crush, weigh and assay the material prior to sending it to its Ore Purchase partners New Gold Inc.
  • Year 1 of Gold Mountain's mine plan contemplates mining some of the resource's highest-grade material, resulting in an expected annual after-tax profit of $10,000,000.

"First mineralization along our 1100 vein in Siwash North marks the Company's transition from development into commercial production," commented Director and CEO Kevin Smith. "Since purchasing the Elk Gold mine there have been questions surrounding Management's ability to increase resources and get the project back into production. Fast forward to today, we're targeting our third resource update, have successfully navigated the Provincial permit amendment process, completed all of our construction and are now stockpiling paydirt from our shallow mineralization. By completing our waste rock stripping and site preparation in parallel to our work with Indigenous Communities and Provincial Regulators on our permitting, we have been able to maintain our timelines of delivering material to New Afton and recognizing revenue in Q4 2021. The Mining Permit, TSX uplist and hitting mineralized material all in the first nine days of November highlights management's focus towards execution and maintaining our committed timelines. Keep an eye out for more developments, as we intend to continue delivering value to our loyal shareholders and a very strong finish to the year."

Mining Activities

After spending 4 months waste rock mining through its gravel borrow, Gold Mountain has exposed its first high-grade mineralized material at its Elk Gold mine. The targeted vein systems strikes east -west and are currently being mined at the footwall of historical Pit 2. This zone of the property was mined in 2012 by previous operators and yielded a grade of 16.60 g/t, surpassing the contained ounces in the resource model by roughly 29%. See section entitled "Preliminary Economic Assessment" below for more information.

The Company was able to transition into full-scale mining operations for less than its forecasted$9m capital expenditure due to the project's existing infrastructure. Gold Mountain also reduced its upfront costs by avoiding the need for an on-site mill and tailings storage facility through its Ore Purchase Agreement ("OPA") with New Gold Inc. The Company will be targeting some of the resource's highest-grade mineralization during the first year of its mine plan, expediting the payback period to 6 months.

Next Steps

With the Company hitting mineralized material, it is in a strong position to achieve revenue in Q4 ‘21. Gold Mountain will now turn its focus to the following operating milestones:

  • Continue to engage directly with surrounding Indigenous Communities to adhere to each Nation's independent review process.
  • Ramp up mining operations, targeting the Elk's high-grade 1100 and 1300 vein systems.
  • Deliver material to New Gold's New Afton mine in Kamloops, located 133 km from the Elk Gold Project.
  • Begin revenue generation and receive payment from its first mineralized material delivery.

The Company will mine, crush and sample the mineralized material prior to hauling the load 133km to its Ore Purchase Partner New Gold Inc.'s New Afton Mine in Kamloops, British Columbia. Haul trucks will be weighed on-site and a third-party lab will assay the batch sample to determine the grade and value of the load. Gold Mountain will be paid monthly, based on the weight and grade of all deliveries during the previous month. The Company filed a copy of the Ore Purchase Agreement on February 3, 2021 and can be viewed on the Company's SEDAR profile at www.SEDAR.com.

New Gold is working with Indigenous Nations and local regulators to amend its permit which will allow the mine to receive the Elk Gold's high-grade mineralized material. Both companies anticipate this will not interrupt Gold Mountain's mining processes and revenue forecast for Q4 2021.

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.

Preliminary Economic Assessment

For details on the key assumptions behind the 2012 mining of the historical pit 2, the Company's Year 1 production profile, the anticipated cash flow and the anticipated payback period of capital, please see the Preliminary Economic Assessment entitled "Updated Preliminary Economic Assessment on the Elk Gold Project" dated August 26, 2021 with an effective date of May 14, 2021 and amended as of November 4, 2021 a copy of which is available on SEDAR (the "PEA").

The Company's mine plan and annual after-tax profit are based on the PEA which is preliminary in nature and includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

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 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 in this press release include all statements relating to the anticipated Year 1 production profile and anticipated profits, the timing for the receipt of any EA, the timing to commence mining, the timing for the delivery of mineralized material to New Afton. 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 Company's Annual Information Form for the year ended January 31, 2021 which was filed on the Company's SEDAR profile on November 4, 2021.

SOURCE: Gold Mountain Mining Corp



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Gold Mountain Receives Conditional Approval to List on the Toronto Stock Exchange

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSXV:GMTN)(OTCQB:GMTNF)(FSE:5XFA) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the "TSX") to list its common shares. Assuming the outstanding listing conditions are satisfied and the common shares are listed on the TSX, the Company will voluntarily delist its common shares from the TSX Venture Exchange. Gold Mountain will continue to trade under the ticker "GMTN". The Company has also filed a preliminary base shelf prospectus (the "Shelf Prospectus") with the securities commissions in each province of Canada

"As we transition into commercial production and continue expanding the Elk's resources, the timing is right for our company to up list onto the Toronto Stock Exchange," commented Kevin Smith, CEO and Director of Gold Mountain. "Up listing to the TSX will mark a significant milestone for Gold Mountain and should send a message that management's focus is corporate development on all fronts, with a goal of becoming a prominent name in Canadian mining. By listing on the TSX, we seek to further enhance the Company's exposure and accessibility to institutional investors, as well as increase the liquidity of our market. We have also filed a Preliminary Base Shelf Prospectus with each province in Canada. While the company does not have any immediate requirement for additional funds, we wanted to put ourselves in a position to be deal ready over the next 25 months, should we elect to accelerate our exploration plans at the Elk or the right M&A opportunity presents itself. With a healthy treasury, the M199 mining permit in hand, and our Phase II exploration program nearing completion, the Company is positioned for a strong finish to our first year of trading, and look to carry that momentum into 2022."

TSX Conditional Approval

Gold Mountain received conditional approval to list on the TSX on November 4th, 2021after trading on the TSX Venture Exchange ("TSXV") for 10 months. During this period, the Company transitioned from an exploration and development junior mining company, to a near term gold producer with strong and established partnerships in South Central British Columbia. The Company's sound economics, broad shareholder base and imminent revenue generation lead Management to begin the process of up listing to the TSX.

Final approval of the Gold Mountain up-listing to the TSX is subject to the Company meeting certain customary conditions. Gold Mountain will officially announce when the trading of its common shares is expected to commence on the TSX. Upon completion of the final listing requirements, the Company's common shares will be delisted from the TSXV.

Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing. A TSX listing is one of the requirements for inclusion in certain indices including the S&P/TSX Composite Index and related exchange-traded products (ETFs). There can be no certainty that the company would qualify or be eligible to be included in such indices and ETFs.

Corporate Governance

As part of the up listing process to the TSX, the Company's board of directors has appointed Kevin Smith as Chairman and Blake Steele as Independent Lead Director. The appointments were made at the request of the TSX to provide further structure to the company's board.

Preliminary Shelf Prospectus

The Shelf Prospectus, upon a receipt for the final base shelf prospectus, would allow Gold Mountain to make offerings up to C$50,000,000 of common shares, warrants, subscription receipts, units, debt securities, share purchase contracts, or any combination thereof, from time to time over a 25-month period. The specific terms of any future offering of securities (if any) will be set forth in a shelf prospectus supplement. Gold Mountain has filed this base shelf prospectus for future financial flexibility and has no immediate intentions to undertake an offering. As reported in its quarterly financial statements ending July 31, 2021, Gold Mountain had a cash position of $14,931,106.

This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities nor shall there be any sale of securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

A copy of the preliminary Shelf Prospectus, and copies of the final base shelf prospectus and any shelf prospectus supplements that may be filed in the future, can be found under the Company's SEDAR profile at www.sedar.com.

Annual Information Form

Gold Mountain has also voluntarily filed an Annual Information Form ("AIF") to support the Base Shelf Prospectus and its TSX listing. The AIF provides a detailed overview of the Company and is available at www.sedar.com.

Amended and Restated Technical Report

The Company is also filing an amended and restated technical report for its Elk Gold Project entitled "National Instrument 43-101 Technical Report Updated Preliminary Economic Assessment on the Elk Gold Project, Merritt British Columbia" (the "Amended Report"). The Amended Report can be found under the Company's profile at www.sedar.com. and was filed further to a review by staff of the British Columbia Securities Commission (the "BCSC"). The BCSC review is now complete.

There are no material differences between the original report filed June 22, 2021 and the Amended Report and there are no differences with respect to the mineral resource, the preliminary economic assessment of the recommendations and conclusions provided in the original report. The report, effective from May 14, 2021 dated August 26, 2021 and amended as of November 4, 2021 is available under Gold Mountain's profile on SEDAR at www.sedar.com and on the Company's website at www.gold-mountain.ca.

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 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 in this press release include all statements relating to imminent cash flow generation, achieving commercial production, anticipated Year 1 production profile and anticipated profits, the timing for the receipt of any EA, transitioning to commercial production, the timing to commence mining, the timing for the delivery of mineralized material to New Afton. 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 Company's Annual Information Form a copy of which is available at www.sedar.com.

SOURCE:Gold Mountain Mining Corp



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Gold Mountain Provides Clarification on Its July 12th Release

Gold Mountain Mining Corp. ("Gold Mountain" or the “Company”) (TSXV:GMTN)(OTCQB:GMTNF)(FRA:5XFA) would like to provide clarification on the release it put out on July 12, 2021 regarding the update to its M-199 Mining Permit amendment

It has been brought to Gold Mountain's attention that some of the language in the company's most recent press release came across as dismissive and insensitive to Indigenous Nations' laws, governments, land rights, and independent decision-making process. For that, the Company offers its sincere apologies to Elders, Leadership and community members that may have found those comments disrespectful.

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Gold Mountain Receives Update from the Ministry of Mines

Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSXV:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce that the Ministry of Energy, Mines & Low Carbon Innovation Communications Office ("EMLI") has received final comments on the draft mine permit from both the local communities and the Mine Review Committee. EMLI will now draft the final permit and then submit it to the statutory decision maker for approval

"This is an important milestone for Gold Mountain and marks the conclusion of the review and information request portion of the permit amendment process. All information is now in the hands of provincial regulators and based on our communications we anticipate delivery of the permit in the coming weeks," commented Kevin Smith, CEO and Director of Gold Mountain. "We'd like to thank the surrounding Indigenous communities for their input and guidance on how best to develop the project. We also recognize that this is just the first step of many and look forward to continued engagement and consultation as the mine transitions into production.

In the meantime, development is pushing forward at site. Our exploration contractor, HEG Explorations Services Inc, is continuing to aggressively drill out the property in our Phase 2 program. Construction is in full swing with Nhwelmen-Lake stripping waste rock, to develop our initial pit shell and expose the high-grade, shallow mineralization we will be targeting in the early years of the mine plan. Our timelines and company goals have always been considered aggressive, but we have shown our ability to execute and continue to deliver shareholder value as we build BC's next Gold and Silver producer."

The Mine Permit

By receiving all comments from stakeholders, EMLI is in a position to finalize the mine permit and submit it to the statutory decision maker. Gold Mountain's permit amendment application was submitted to provincial regulators in May ‘20. In total there have been three rounds of review and responses regarding components of the application, which the Company promptly answered to ensure it maintained its permitting timeline.

With this milestone, the Company's portion of the mine permitting process has concluded and will be notified once the permit has been submitted to the statutory decision maker. Gold Mountain is anticipating this process to take approximately two weeks and the Company remains on schedule for ore delivery to New Afton in October.

Indigenous Input

The Company anticipated the final permit to be received in June, however provincial regulators requested an extension to the permit review process given the recent residential school discovery in Kamloops, British Columbia. The Company was in full support of affording additional time and felt it was the only appropriate choice to allow for local Indigenous communities and governments to have a chance to properly review and make final comments on the proposed conditions of the permit.

Timelines

The Company anticipates its final permit will be submitted to the statutory decision maker in approximately two weeks' time, followed by the approval of its final mining permit by the end of July. This timeline allows Nhwelmen-Lake to continue waste rock mining operations for the balance of August and transition to ore mining along the 1300 vein in September. This schedule is consistent with the Company's commitment of ore delivery to New Gold's New Afton Mine in October with first revenue landing in November.

Other Authorizations

The Mine Permit is the most material authorization required for production and its receipt provides the Company with confidence that other ancillary authorizations will follow. Such authorizations include those related to the Explosives Storage and Use, Bulk Explosives Use, Road Use, Effluent Discharge, Industrial Access and Free Use (forest use). The Company is actively pursuing the receipt of all necessary authorizations and does not anticipate any delays in its production schedule resulting from the failure to hold any required authorization.

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 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 in this press release include all statements relating to the timeline for its receipt of permits, the commencement of ore mining and the receipt of revenue. 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 Company's Management Discussion and Analysis for the year ended January 31, 2021.

SOURCE: Gold Mountain Mining Corp.



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Gold Mountain Hits Additional High-Grade Intercepts in its Phase 2, 10,000m Drill Program

Gold Mountain Mining Corp. ('Gold Mountain' or the 'Company') (TSXV:GMTN)(OTCQB:GMTNF)(FSE:5XFA) is pleased to announce assay results from the initial holes of its Phase 2 drill program at the Elk Gold Project located near Merritt, BC. These high-grade assay results continue to extend the deposit's established mineralized zones down dip and indicate clear vein continuity at depth

Highlights:

  • Drilling Highlights Include:
    • 1.0m grading 17.3g/t Au including 0.73m of 24.4g/t Au
    • 1.3m grading 13.9g/t Au including 0.30m of 60.4g/t Au
    • 1.12m grading 6.4g/t Au including 0.30m of 24.0g/t Au
  • Gold Mountain's Phase 2 drill program continues to methodically extend the Elk's shallow, open pit amenable vein systems as well as its deep, high-grade mineralization at the Siwash North Zone.
  • Gold Mountain continues to re-log historical core samples after the success of the Phase 1 relogging program.
  • HEG and Associates ("HEG") has completed a soil geochemical survey over highly prospective exploration targets on the property including the Elusive Zone.

"With our spring/summer exploration program in full swing, we've picked up right where we left off in March by continuing to chase Mineralization both on strike and down dip, with a goal of adding ounces to our resources in the Siwash North zone," said Kevin Smith, CEO and Director of Gold Mountain. "With an ambitious goal of getting this resource up to a million ounces by fall, it's critical that we continue to hit these early intercepts to deliver on our commitment to shareholders of being BC's next million ounce Gold and Silver producer. We also have a team of 8 geologists on site kicking off a soil sampling and field work program in our Elusive zone located approximately 4.5km away from our open pits. This area has the second highest gold in soil anomaly, numerous copper showings, and is yet to be drill tested. If we are able to connect, Gold Mountain could be looking at a bulk tonnage style deposit, to pair with our known high-grade sulphides, at the Elk Gold property."

Phase 2 Drilling Update
After the success of the Phase 1 drill program, the Company's Phase 2 will continue to focus on extending and expanding the high-grade vein system at the Siwash North zone. Additional drill holes will target the Gold Creek Zone with a view to connecting its mineralization with the Siwash North Zone and the Elusive Zone which shows potential to be an entirely new discovery.

To date, the Company has drilled a total of 13 of its planned 34 total drill holes in its Phase 2 exploration program representing approximately 4,350m of the 10,000m program. The first batch of assay results represent only two of the thirteen holes drilled to date encompassing 500m of the 4,350m.

The drill holes that produced the initial assay results were located south of Pit 1 with a view of extending and expanding the 1300, 2500 and 2600 veins. The initial assay results achieve the goal of extending and expanding the high grade veins and demonstrate the predictable nature of the Siwash North Zone mineralization. The Company anticipates that future Phase 2 assays will continue to extend and expand the high grade veins which is expected to increase the resource estimate.

Core-Relog Program
Gold Mountain continues to relog its historical core after uncovering significant mineralization that was overlooked by previous operators during its Phase 1 relog program. Current relogging efforts are focused on historical drill holes adjacent to the current Phase 2 drilling to better understand the deposit geometry, which will ensure that subsequent drilling has the best chance of hitting further mineralization.

The Elusive Zone
Gold Mountain, HEG and previous operators have long identified the Elusive Zone as highly prospective. It is defined by a significant gold-in-soil anomaly and known historical copper occurrences and has the potential for both a bulk tonnage, Cu-Au porphyry type discovery, as well as additional high-grade gold mineralization.

HEG is completing a new geochemical survey over the target area and will combine those results with alteration mapping and the Company's geophysical surveys to vector into drill targets scheduled in the latter half of the Phase 2 drill campaign.

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)

SND21-GT-002

74.9

75.93

1.03

18.4

including

75.2

75.93

0.73

24.4

SND21-GT-002

93.04

94.34

1.30

14.0

including

93.04

93.34

0.30

60.4

SND21-GT-001

156.82

157.94

1.12

6.43

including

157.64

157.94

0.30

24.0

*Assay intervals are presented as apparent thickness. True thickness will vary depending on the orientation of the drill hole but are typically 70-90% of the apparent thickness.

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 ID

Easting

Northing

Elevation

Azimuth

Depth (m)

Dip

SND21-GT-001

692974

5525373

1652

59.7

201

-79.9

SND21-GT-002

693378

5525398

1626

5.0

360

-45.2

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 potential increase in the Company's resource, the results of the Phase 2 exploration program, any results from the core relogging, the potential of the Elusive Zone to be an entirely new discovery, , . 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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https://www.accesswire.com/653671/Gold-Mountain-Hits-Additional-High-Grade-Intercepts-in-its-Phase-2-10000m-Drill-Program

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