VANCOUVER, BC, March 16,
2023 /PRNewswire/ - Elevation Gold Mining
Corporation (TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or
"Elevation Gold") is pleased to provide initial results from
its recent reverse circulation ("RC") resource definition and
expansion drilling program at Moss Mine and provide an update on
its recent greenfields exploration core drilling program. (See
Figure 1: Map of Drill Project Locations)
Highlights
- Twenty-two RC holes totaling 4,906m have been completed into three different
near-mine targets (Mordor, Reynolds Pit, and ROM Pad Ramp; Figure
2: Near-Mine RC Drill Locations).
- Assay results for fourteen RC holes have been received, all of
which intersected significant zones of gold mineralization.
- Significant zones of gold mineralization have been intersected
in the Reynolds Pit area, where previously only historic drilling
existed.
- Five diamond core holes totaling 3,141 meters have been drilled
on greenfields targets in the Florence Hill, Grapevine and
McCullough Patents areas. Core samples have been shipped to
independent laboratories with assay and geochemical results
expected in Q2 2023.
Tim Swendseid, Chief Executive
Officer of Elevation Gold stated: "The results we have seen to
date from our recent near-mine drilling campaign are
exceptional. The bulk of this drilling was conducted in the
Reynolds pit area, which returned thicker-than-expected zones of
mineralization with higher-than-expected gold grades that are
similar to or higher than our last published resource grades of
0.38 oz/t. (Please refer to the Company's website:
https://elevationgold.com/site/assets/files/1061/mossfinaldraft-tr-21oct21-conformed.pdf).
Permitting is already in place for this area which is located
approximately half a kilometer to the west of our active West Pit.
In particular I draw your attention to Figure 5, which shows
some impressive continuity to the mineralization."
Near-mine RC Drilling Results
The three targets of interest for this near-mine program include
the area immediately west of the West pit (Mordor area), the area
between the Center pit and the crusher (ROM Pad Ramp), and the
Mid-West Extension (Reynolds Pit). (See Figure 2 for displays
of the areas in map view). Assay results for twelve holes
have been received for the Mordor and Mid-West Extension areas and
are being reported in this news release. Assay results for
ten holes from the ROM Pad Ramp area and the Mid-West Extension
area remain outstanding.
Mordor area
Three holes were drilled from a single drilling platform in a
north-south fan immediately west of the West pit (See Figure 3:
cross-section through Mordor area showing recent drill
results). All three holes intersected gold mineralization,
both near-surface and at depth. This drilling is intended to
extend the West pit westward as mining progresses down the
hillside. For details on drillholes and significant
intersections see Table 1, highlights include:
- 7.62m grading 0.69 g/t Au, 0.46
g/t Ag, and 3.05m grading 0.38 g/t
Au, 1.50 g/t Ag and 19.81m grading
0.38 g/t Au, 0.89 g/t Ag (AR22-642R)
- 7.62 m grading 0.56 g/t Au, 0.76
g/t Ag, and 6.10m grading 0.88 g/t
Au, 3.38 g/t Ag, and 54.86m grading
0.38 g/t Au, 0.75 g/t Ag, including 7.62m grading 0.62 g/t Au, 1.52 g/t Ag, and
including 4.57m grading 1.15 g/t Au,
1.07 g/t Ag (AR22-643R)
Reynolds Pit
In the early 1990's Reynolds Metals drilled several holes in
this area. The holes were drilled vertically and only reached
depths of approximately 122 meters. Most of these holes
intersected low-grade gold mineralization associated with
hanging-wall stockworks veining. Elevation's Mine Plan of Operation that was approved in
March 2020 includes a permitted mine
pit and stockpile in this area. This discovery could extend
Elevation's active mining area more than 500 meters to the
west.
Elevation's program consisted of seventeen inclined holes (up to
-45 degrees), drilled both to the north and the south,
perpendicular to the structures hosting gold mineralization.
This drilling has been quite successful with most holes
intersecting thick zones of gold mineralization associated with the
south dipping Moss vein structure and hanging wall
stockworks. A previously untested north dipping vein and
stockworks structure approximately 150 meters south of the Moss
vein structure was also tested. New drilling results indicate
this structure could host vein and stockworks zones up to 80 meters
thick (true width) with gold grades as high as 0.92 g/t over 10.67
meters (AR22-656R). (See Figure 4 for a close-up map of
the area with the Moss vein structure and the newly tested north
dipping vein and stockworks structures labeled). (Figure
5 displays an accompanying cross-section through the Reynolds
Pit area with updated drill results). Assay results for
eleven of the seventeen holes have been received. See table 1
for drillhole details and significant intersections, highlights
include:
- 92.96m grading 0.46 g/t Au, 1.76
g/t Ag, including 16.76m grading 1.32
g/t Au, 3.68 g/t Ag (AR22-648R)
- 100.58m grading 0.50 g/t Au, 1.93
g/t Ag, including 4.57m grading 2.23
g/t Au, 5.73 g/t Ag, and including 6.10m grading 1.09 g/t Au, 2.85 g/t Ag
(AR22-654R)
- 108.20m grading 0.36 g/t Au, 2.94
g/t Ag, including 10.67m grading 0.92
g/t Au, 4.01 g/t Ag, and including 6.10m grading 0.82 g/t Au, 9.73 g/t Ag, and
including 3.05m grading 0.92 g/t Au,
10.10 g/t Ag
ROM Pad Ramp
Two RC holes have been completed in the area between the crusher
and the Center pit. These holes are designed to test the
shallow area between the areas and were drilled to depth to the
deeper extents of the Ruth and Moss veins in this area.
Samples have been shipped to an independent laboratory for testing,
and assay results are expected in Q2 2023.
Table 1: Assay Results from Elevation's Recent Near Mine
Exploration Drilling at the Mordor, Reynolds Pit and ROM Pad Ramp
Areas
|
Project
|
Location
|
Drillhole
|
Az/Dip
(Degrees)
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
AuEq
(g/t)
|
|
Mordor/West Pit
Expansion
|
Mor-W1
|
AR22-642R
|
010/-65
|
1.52
|
9.14
|
7.62
|
0.69
|
0.46
|
0.70
|
|
and
|
|
62.48
|
65.53
|
3.05
|
0.38
|
1.50
|
0.40
|
|
and
|
|
138.68
|
158.50
|
19.81
|
0.38
|
0.89
|
0.39
|
|
AR22-643R
|
010/-80
|
0.00
|
7.62
|
7.62
|
0.56
|
0.76
|
0.57
|
|
and
|
|
54.86
|
60.96
|
6.10
|
0.88
|
3.38
|
0.93
|
|
and
|
|
129.54
|
184.40
|
54.86
|
0.38
|
0.75
|
0.39
|
|
including
|
|
131.06
|
138.68
|
7.62
|
0.62
|
1.52
|
0.64
|
|
and
including
|
|
176.78
|
181.36
|
4.57
|
1.15
|
1.07
|
1.16
|
|
AR22-646R
|
190/-45
|
1.52
|
4.57
|
3.05
|
0.40
|
0.80
|
0.41
|
|
and
|
|
22.86
|
28.96
|
6.10
|
0.28
|
0.53
|
0.29
|
|
and
|
|
50.29
|
62.48
|
12.19
|
0.27
|
0.86
|
0.28
|
|
and
|
|
89.92
|
97.54
|
7.62
|
0.36
|
3.48
|
0.40
|
|
and
|
|
140.21
|
144.78
|
4.57
|
0.28
|
1.60
|
0.30
|
|
Mid-West
Extension/Reynolds
Pit
|
RP6
|
AR22-647R
|
010/-45
|
3.05
|
103.63
|
100.58
|
0.40
|
1.72
|
0.42
|
|
AR22-648R
|
010/-56
|
33.53
|
126.49
|
92.96
|
0.46
|
1.76
|
0.49
|
|
including
|
|
100.58
|
117.35
|
16.76
|
1.32
|
3.68
|
1.37
|
|
AR22-649R
|
010/-45
|
47.24
|
51.82
|
4.57
|
0.42
|
0.60
|
0.43
|
|
and
|
|
76.20
|
102.11
|
25.91
|
0.43
|
2.45
|
0.46
|
|
and
|
|
138.68
|
156.97
|
18.29
|
0.30
|
0.83
|
0.31
|
|
AR22-650R
|
010/-57
|
65.53
|
166.12
|
100.58
|
0.27
|
1.20
|
0.29
|
|
including
|
|
102.11
|
109.73
|
7.62
|
0.56
|
1.08
|
0.57
|
|
including
|
|
135.64
|
147.83
|
12.19
|
0.50
|
2.41
|
0.53
|
|
RP5
|
AR22-651R
|
010/-45
|
9.14
|
54.86
|
45.72
|
0.38
|
2.21
|
0.40
|
|
and
|
|
80.77
|
100.58
|
19.81
|
0.37
|
1.73
|
0.39
|
|
AR22-652R
|
010/-65
|
18.29
|
42.67
|
24.38
|
0.31
|
1.92
|
0.33
|
|
and
|
|
94.49
|
135.64
|
41.15
|
0.31
|
1.03
|
0.32
|
|
and
|
|
170.69
|
172.21
|
1.52
|
0.66
|
17.00
|
0.88
|
|
and
|
|
176.78
|
179.83
|
3.05
|
0.33
|
1.35
|
0.34
|
|
AR22-653R
|
010/-45
|
44.20
|
102.11
|
57.91
|
0.42
|
1.77
|
0.45
|
|
and
|
|
126.49
|
137.16
|
10.67
|
0.34
|
1.47
|
0.36
|
|
and
|
|
153.92
|
156.97
|
3.05
|
0.34
|
2.15
|
0.37
|
|
and
|
|
187.45
|
192.02
|
4.57
|
0.37
|
1.10
|
0.38
|
|
AR22-654R
|
010/-60
|
50.29
|
150.88
|
100.58
|
0.50
|
1.93
|
0.52
|
|
including
|
|
82.30
|
86.87
|
4.57
|
2.23
|
5.73
|
2.30
|
|
including
|
|
102.11
|
108.20
|
6.10
|
1.09
|
2.85
|
1.13
|
|
AR22-655R
|
190/-45
|
15.24
|
18.29
|
3.05
|
0.38
|
4.00
|
0.43
|
|
and
|
|
32.00
|
45.72
|
13.72
|
1.10
|
1.07
|
1.12
|
|
including
|
|
33.53
|
36.58
|
3.05
|
3.66
|
2.05
|
3.68
|
|
and
|
|
83.82
|
128.02
|
44.20
|
0.34
|
0.88
|
0.35
|
|
including
|
|
106.68
|
128.02
|
21.34
|
0.43
|
0.86
|
0.44
|
|
and
|
|
173.74
|
187.45
|
13.72
|
0.31
|
1.36
|
0.33
|
|
AR22-656R
|
190/-45
|
44.20
|
47.24
|
3.05
|
0.74
|
6.90
|
0.83
|
|
and
|
|
68.58
|
70.10
|
1.52
|
1.97
|
12.70
|
2.14
|
|
and
|
|
97.54
|
205.74
|
108.20
|
0.36
|
2.94
|
0.40
|
|
including
|
|
128.02
|
138.68
|
10.67
|
0.92
|
4.01
|
0.97
|
|
including
|
|
153.92
|
160.02
|
6.10
|
0.82
|
9.73
|
0.95
|
|
including
|
|
175.26
|
178.31
|
3.05
|
0.92
|
10.10
|
1.05
|
|
RP7
|
AR23-657R
|
010/-45
|
18.29
|
123.44
|
105.16
|
0.34
|
1.64
|
0.36
|
|
including
|
|
100.58
|
108.20
|
7.62
|
0.77
|
1.02
|
0.78
|
|
Note:
|
|
True thickness ranges
between 50% to 85% for drillholes targeting the Moss Vein (and
parallel stockwork structures) and oriented between -80 degrees to
-45 degrees to the north, and up to 75% for drillholes oriented at
-45 degrees to the south targeting the north dipping veins 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 35-85% 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.
|
Update on Greenfields Core Drilling Program
Five diamond core holes have been completed for approximately
3,141 meters. These holes tested a broad hydrothermal
alteration zone at the Florence Hill and Grapevine exploration
areas and several epithermal quartz-calcite vein systems including
the Hardy vein and the potential extension of the West Oatman
vein/Gold Road vein structure (Figure 6: Diamond Drill Core Collar
Location Map). All drill core has been logged and sampled in
detail and samples have been shipped to several independent
laboratories for assay analysis and multi-element
geochemistry. Longer than expected turn-around times at the
laboratories have delayed assay and geochemical results until Q2
2023.
Qualified Persons
Unless otherwise indicated, the technical data contained in this
press release that relates to geology, exploration and mineral
resources has been reviewed and approved by Ron Kieckbusch, P.Geo, Consultant to Elevation
Gold. Mr. Kieckbusch is a Qualified Person as defined by National
Instrument ("NI") 43-101 and is responsible for the Moss regional
and Hercules Exploration Projects.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, CEO of
Elevation Gold Mining Corporation
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
("TSXV") in Canada under the
ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol
EVGDF. 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine plans; anticipated
exploration and development activities at the Company's projects;
net present value; design parameters; economic potential;
processing mineralized material; the potential of robust economic
potential at the Moss Mine Project. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of gold, silver and other metals;
anticipated costs; ability to achieve goals; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining,
including, but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity prices; the threat associated with outbreaks of
viruses and infectious diseases, including the COVID-19 virus;
delays or the inability to obtain, retain or comply with permits;
risks related to negative publicity with respect to the Company or
the mining industry in general; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; actual
ore mined and/or metal recoveries varying from Mineral Resource and
Mineral Reserve estimates, estimates of grade, tonnage, dilution,
mine plans and metallurgical and other characteristics; risks
associated with the estimation of Mineral Resources and Mineral
Reserves and the geology, grade and continuity of mineral deposits,
including, but not limited to, models relating thereto; ore
processing efficiency; information technology and cybersecurity
risks; potential for the allegation of fraud and corruption
involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices;
regulatory investigations, enforcement, sanctions and/or related or
other litigation; estimates of future production and operations;
estimates of operating cost estimates; the potential for and
effects of labour disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; climate change; risks relating to
attracting and retaining of highly skilled employees; compliance
with environmental, health and safety laws; counterparty and credit
risks and customer concentration; litigation; changes in laws,
regulations or policies including, but not limited to, those
related to mining regimes, permitting and approvals, environmental
and tailings management, and labour; internal controls; challenges
or defects in title; funding requirements and availability of
financing; dilution; risks relating to dividends; risks associated
with acquisitions and related integration efforts, including the
ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management
time on integration; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties including but not limited to those described the
Company's public disclosure documents which are available on SEDAR
at www.sedar.com under the Company's profile. All of the
forward-looking statements made in this document are qualified by
these cautionary statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, forecast or intended and readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking information. Accordingly,
there can be no assurance that forward-looking information will
prove to be accurate and forward-looking information is not a
guarantee of future performance. Readers are advised not to place
undue reliance on forward-looking information. The forward-looking
information contained herein speaks only as of the date of this
document. The Company disclaims any intention or obligation to
update or revise forward–looking information or to explain any
material difference between such and subsequent actual events,
except as required by applicable law.
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SOURCE Elevation Gold Mining Corp.