Gold Mountain Intercepts 207 g/t at the Elk Gold Project

Apr 7th, 2022 9:00 EST

VANCOUVER, BC / ACCESSWIRE / April 7, 2022 / Gold Mountain Mining Corp. (“Gold Mountain” or the “Company”) (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) is pleased to announce it has intercepted additional mineralization at the Elk Gold project during its Phase lll drill campaign in the Siwash North Zone.

Highlights:

  • Drilling highlights include:
    • 1.50 m grading 42.39 g/t Au including 0.30m of 207.00 g/t Au
    • 2.31 m grading 18.90 g/t Au including 0.43m of 101.00 g/t Au
    • 1.60 m grading 26.03 g/t Au including 1.09 m of 38.20 g/t Au
    • 1.17 m grading 16.46 g/t Au including 0.30 m of 35.30 g/t Au
    • 1.00 m grading 12.04 g/t Au including 0.30 m of 39.60 g/t Au
  • Hole SND21-066 intercepted 207 g/t along the Siwash North’s 1400 vein, located below the Company’s current mine operations.
  • Intercepting these grades allows the Company to fill spatial data gaps and increase the geological confidence in veins directly adjacent to the current mining area.

“After marching this resource passed a million ounces and making a new high-grade gold discovery in our Phase ll exploration program, we moved the drill back to the Siwash North zone for Phase lll to perform infill and step-out drilling along our high-grade mineralization,” commented CEO and Director Kevin Smith. “Connecting with high-grade directly below our current mine plan gives us the opportunity to analyze bringing both the 1350 and 1400 vein into our mine plan sooner. While the mine is now into cash flow and ramping up to our proposed 19,000 oz production profile, management remains focused on continuing to scale our high-grade resource and our goal of building a multi-million-ounce gold producer.”

Phase lll

Following the success of its Phase ll exploration program, Gold Mountain returned to the Siwash North Zone for Phase lll to perform infill and step-out drilling along its well-established mineralization targeting the veins surrounding its open pits.

The Company’s goals for Phase III are to add ounces to its resource, establish vein continuity in its open pits and further validate its geological model. The Company anticipates releasing an updated resource estimate that includes the Phase III results in the second half of 2022.

High-Grade Intercepts

In Phase lll’s first batch of assays, Gold Mountain intercepted high-grade in the Siwash North Zone while targeting both the 1350 and 1400 veins. Intercepting ultra-high grade directly below the footwall of the 1300 vein, which is currently being mined, allows the Company to fill spatial data gaps and increase the geological confidence in veins adjacent to the current mining area.

The Company’s final drill holes of the campaign are targeting the Gold Creek Zone, with a goal of extending its vein model to the east and at depth. Once all assays are reported, Gold Mountain and HEG & Associates Exploration Services Inc. the Company’s exploration management partner, will refine the Elk’s geological model which will assist in delineating the updated resource estimate anticipated for the second half of 2022.

Drill Results

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

SND21-066

66.56

68.06

1.50

42.39

Including

67.17

67.47

0.30

207

SND21-068

276.46

278.77

2.31

18.9

Including

278.34

278.77

0.43

101

SND21-074

77.60

79.20

1.60

26.03

Including

78.11

79.20

1.09

38.20

SND21-053

25.70

26.87

1.17

16.46

Including

26.57

26.87

0.30

35.30

SND21-055

36.70

37.70

1.00

12.04

Including

37.40

37.70

0.30

39.60

SND21-056

37.72

39.52

1.80

7.90

Including

39.22

39.52

0.30

42.20

SND21-061

24.11

26.07

1.96

2.84

Including

24.11

24.64

0.53

7.82

*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

SND21-053

693,387.9

5,525,501.8

1,614.8

51.5

359.8

-53

SND21-055

693,414.1

5,525,567.3

1,623.5

61

359.5

-70.1

SND21-056

693,414.1

5,525,567.3

1,623.5

58

320.1

-59.9

SND21-061

693,386.6

5,525,530.3

1,614.5

43

359.6

-60.1

SND21-066

693,488.4

5,525,590.3

1,639.7

86

189.6

-50.1

SND21-068

693,209.1

5,525,614.0

1,621.3

470.2

360

-60

SND21-074

693,354.1

5,525,416.0

1,621.3

120

330

-44

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 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.

A complete copy of the OPA was filed on the Company’s SEDAR profile on February 3, 2021.

For Further information, please contact:Gold Mountain Mining Corp.Phone: 778.262.0933Email: [email protected]Website: www.gold-mountain.caTwitter: www.twitter.com/goldmtnmine_

Forward Looking Statements

This 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 any impact to the mine plan from mining the 1350 and 1400 veins, any increase in ounces or the resource estimate resulting from the Phase III exploration, becoming a multi-million ounce producer, the planned meterage for the Phase III drilling and the timing for the release of an updated resource estimate at 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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