Gold Mountain Mining Corp. is pleased to announce additional assay results from its Siwash North portion of its Phase II drill program at the Elk Gold Project. The Company continues to uncover high-grade mineralization along its well-established vein systems near the project's open pits, which show strong grade continuity and openness on strike and at depth throughout the Siwash North zone Drilling Highlights ...

Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTC:GMTNF)(FRA:5XFA) is pleased to announce additional assay results from its Siwash North portion of its Phase II drill program at the Elk Gold Project. The Company continues to uncover high-grade mineralization along its well-established vein systems near the project's open pits, which show strong grade continuity and openness on strike and at depth throughout the Siwash North zone


Drilling Highlights Include:

  • 1.10m grading 10.05 g/t Au including 0.30m of 46.1 g/t Au
  • 1.30m grading 12.00 g/t Au including 0.30m of 44.7 g/t Au
  • 1.40m grading 9.68 g/t Au including 0.40m of 24.60 g/t Au
  • 1.30m grading 5.59 g/t Au including 0.30m of 18.60 g/t Au

"These results from our Siwash North drilling reinforce the consistency and grade continuity in the mineralization surrounding our open pits. Our best intercepts were struck on different veins 300m apart and show strong resemblance in both widths and grade. This gives us confidence they're beginning to converge as we extend our geological model to the west," commented CEO and Director, Kevin Smith. "With mine production now ramping up and the first two batches of assay results from our Phase II program delivering as expected, we continue to showcase the scalability of the Elk."

Phase II Drilling Program

Gold Mountain and its exploration management partner HEG & Associates ("HEG") continue to intercept high-grade mineralization by stepping out and infilling the Siwash North's well-established vein systems. These highlight intercepts came from the 1300, 2600 and 2700 veins, showing strong grade continuity as the company extends its vein model to the west.

The Company has concluded all drilling activity for its Phase II program and now await assay results from the laboratory. In total, the program drilled 13,900m, with 10,500m occurring in the Siwash North zone and the remaining 3,400m drilled in the property's satellite zones (Lake Zone, South Zone and Elusive Zone).

Satellite Zones

The Elk Gold Project has eight additional exploration zones that were drill tested by previous operators. To date, 9,000m of drilling have been performed in the Elk's Satellite Zones which do not currently contribute to the project's resource estimate.

For the first time, Gold Mountain is exploring in the satellite zones and will look to develop maiden resources in multiple areas on the Elk claims. By coupling historical drill data with strong visual mineralization in new core samples, the Company is confident that these satellite zones will showcase similar grade and structure as the Siwash North zone.

Elusive Zone

The Elusive Zone is located 10km away from Siwash North and is the most prospective region on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified in the Elusive Zone; however, given the focus on developing the Siwash North deposit, the Elusive Zone has never been drill tested. Gold Mountain will be the first operator to carry out a drill campaign on this highly-prospective target, in hopes of identifying a totally new type of mineralization and adding a new dimension to the Elk Gold mine.

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)

SND21-020

163.0

164.1

1.1

10.05

including

163.4

163.7

0.3

46.10

SND21-008

446.7

448.1

1.3

12.00

including

446.7

447.1

0.3

44.70

SND21-017

177.3

178.7

1.4

9.68

including

178.3

178.7

0.4

24.60

SND21-020

230.6

231.9

1.3

5.59

including

230.6

230.9

0.3

18.60

*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

SND21-020

693230

5525791

1616

0

342

47

SND21-008

692861

5525200

1638

0

492

83

SND21-017

693279

55257891

1603

0

372

70

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 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

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 and 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 Annual Information Form for the year ended January 31, 2021 a copy of which was filed on Gold Mountain's SEDAR profile on November 4, 2021.

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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