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

VANCOUVER, BC / ACCESSWIRE / February 15, 2022 / 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."