Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQX: EVGDF) is pleased to provide final results from its recently completed reverse circulation resource definition and expansion drilling program (see News Release dated July 25, 2022) at Moss Mine and the commencement of a new RC drill program beginning in November 2022.
Tim Swendseid, President of Elevation Gold stated: “Today we are announcing final results from our 2022 reverse circulation program at Moss Mine and the commencement of a new reverse circulation program at the mine beginning in November. Our efforts continue to demonstrate the high expansion potential of the Moss Mine. Our recent drilling in the West Pit and Center Pit continued to intersect multiple stockwork vein zones in the hanging and footwalls to the main Moss and Ruth Veins confirming broadening of the system to the west and the presence of significant gold in the Ruth Vein beneath the Center Pit. The new reverse circulation program announced today will follow up on these results and aims to extend mineralization system continuity from the current West Pit, through the Mordor/West Pit Extension area to the historic drilling in the Mid-West Extension/Reynolds Pit area. It is hoped that the drilling will extend the active mining area an additional 0.5km to the west of the current open pit, resulting in an overall potential mine strike length of just over 2km, from the East Pit to the Reynolds Pit area.”
Near-mine RC Drilling Results
Assay results for the final 26 near-mine RC drill holes drilled as part of the recently completed 2022 resource delineation and expansion drilling program and located at Center Pit, West Pit, and the 3B leach pad (condemnation drilling) are presented in this news release (see Figure 1: Drillhole Location Map). Significant gold and silver intersections are disclosed at the end of this press release (see Table 1), highlights of the program are discussed below.
Holes were drilled in fans across three section lines to in-fill gaps, and to explore potential economic mineralization beneath the Moss Mine crusher facility. Four holes targeted the Moss vein, while seven holes targeted the Ruth vein. All but one of these holes intersected significant gold mineralization (see Figure 2: Cross-Section Through Center Pit), including.
In-fill drilling in the West Pit continued to intersect thick zones of low-grade ore. Fan patterns were drilled across the West pit to fill in areas lacking sufficient drill definition, and to drill beneath the West Pit mine plan. Most of these holes intersected thick stockwork zones containing gold above the Moss Mine ore control cut-off grade of 0.26 g/t. Hole AR22-636R drilled along Line 2W intersected 147.83m grading 0.31 g/t Au, 5.61 g/t Ag. Several zones of higher-grade material were intersected within this broad zone of stockwork mineralization, including 4.57m grading 1.34 g/t Au, 4.20 g/t Ag, 3.05m grading 1.13 g/t Au, 3.15 g/t Ag and 6.10m grading 0.88 g/t Au, 44.10 g/t Ag (see Figure 3: Cross-Section Through West Pit).
Mordor/West Pit Extension
Condemnation drilling in the proposed 3B leach pad area (north of leach pad 3A) resulted in several intersections containing significant mineralization. The Mordor extension area west of the current West Pit looks especially promising and could help to connect the West Pit with the Mid-West Extension area (see Figure 1: Drillhole Collar Location Map). Note drillhole AR20-253R, drilled in 2020 in the Mid-West Extension area, intersected 45.72m grading 0.32 g/t Au, 1.21 g/t Ag, and 4.57m grading 0.44 g/t Au, 1.53 g/t Ag, and 3.05m grading 1.18 g/t Au, 0.70 g/t Ag, and 4.57m grading 0.54 g/t Au, 0.77 g/t Ag. Hole AR22-618R, drilled approximately 198 meters southwest of the western crest of the West Pit, returned 21.34m grading 1.12 g/t Au, 2.75 g/t Ag, including 9.14m grading 2.03 g/t Au, 4.10 g/t Ag starting from the surface. This hole was drilled near holes AR22-616R and AR22-617R, which were previously released (see press release dated July 25, 2022 and Figure 4: Cross-Section Through Mordor/West pit Extension Area).
Table 1: Assay Results from Elevation’s Condemnation, West Pit, and Center Pit Drilling at Moss Mine
|From (m)||To (m)||Length
|3B LP||Mordor Ext||AR22-618R||010/-45||0.00||21.34||21.34||1.12||2.75||1.15|
|True thickness ranges between 29% to 88% for drillholes targeting the Moss Vein (and parallel stockwork structures) and oriented between -90 degrees to -45 degrees to the north, and between 55% to 96% for drillholes oriented between -80 degrees to -45 degrees to the south targeting the Ruth Vein and parallel stockwork structures. Although true thickness of the stockwork system between the Moss and Ruth Veins is generally difficult to assess due to the variably oriented multiple veins and veinlets that make up this zone, stockwork mineralization intersections reported for angled drillholes in the table above are considered reflective of the broader bulk tonnage mineralization target zone thickness. Stockwork zone intersections in subvertical holes likely range between 60-85% of reported zone thickness. Assay data are uncapped. AuEq = Au + Ag/75. RC drilling was conducted by Boart Longyear. RC samples, collected every 1.52 m, were transported in sealed bags to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QAQC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of three field control samples every 20 regular samples. Gold was determined by fire-assay fusion of 30 g sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.|
New RC Drilling Program at Moss Mine
An RC drill rig is scheduled to return to the Moss mine in November 2022 to begin a follow-up drill campaign (estimated at 7,300 m) focused on drilling beneath the crusher from the Center Pit and exploring the Mordor/West Pit extension area. Drilling results to date indicate the presence of significant gold mineralization in and adjacent to the Ruth Vein under and adjacent to the Moss Mine crusher facility. Additionally, the drilling campaign will continue exploring the Mordor/West Pit extension area. The area extending between the West Pit, the Mid-West Extension, and the Mordor area to the south contains limited drilling information, and holes will be drilled to test the continuity of the western extension from the West Pit through the Mordor area to the mid-west extension.
Approval of Omnibus Equity Incentive Plan
Further to the Company’s press release dated August 18, 2022, where the Company announced shareholder approval of the 10% rolling omnibus equity incentive plan (the “Equity Incentive Plan”) for the issuance of incentive stock options, restricted share units, performance share units, deferred share units, stock appreciation rights and share purchase rights the Company is pleased to announce it has received final approval of the TSX Venture Exchange of the Equity Incentive Plan and the Equity Incentive Plan has been implemented effective October 19, 2022. The number of common shares of the Company reserved for issuance under the Equity Incentive Plan cannot exceed 10% of the number of common shares of the Company that are issued and outstanding on each applicable date of grant for any Award.
Unless otherwise indicated, all technical data contained in this press release that relates to geology, exploration and mineral resources has been reviewed and approved by Dr. Warwick Board, P.Geo, Vice President Exploration of Elevation Gold. Dr. Board is a Qualified Person as defined by National Instrument 43-101 and is responsible for the Moss Regional and Hercules Exploration Projects.
Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, President of the Company and a Qualified Person for the purpose of NI 43-101.
About Elevation Gold Mining Corporation
Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold’s common shares are listed on the TSX Venture Exchange in Canada and on the OTCQX in the United States. The Company’s principal operation is the 100% owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.
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