Gold Mountain Confirms New High-Grade Gold Discovery in the Elusive Zone at the Elk Gold Project - Seite 2

New Discovery

The Company intercepted significant high-grade mineralization in the campaign's first drill holes at its Elusive Zone, displaying visible gold and resembling the high-grade veins drilled at Siwash North. Additionally, hole SND-049 (see "Assay Results" table) intercepted a wide interval of disseminated mineralization, unique from the Elk's renowned ultra high-grade, narrow veins that make up Gold Mountain's current resource.

These drill results, all from the southern region of the Elk Gold property, are extremely encouraging to Management, presenting a potential avenue to developing additional mineral resources and a clear path to upscale the project.

Elusive Zone

The Elusive Zone is located 5km southwest from Siwash North along the southern margin of Gold Mountain's land package and is considered the most prospective target on the property. When the Elk Gold Project was discovered in the 1980's, the second largest gold-in-soil anomaly was identified at the Elusive Zone. Given the focus at that time on developing the Siwash North deposit, the Elusive Zone was never drill tested.

Gold Mountain and its exploration management partner HEG & Associates ("HEG") performed soil geochemical samples across the Elusive zone during its Phase II exploration program, results of which further supported and better delineated the gold-in-soil anomaly thus helping identify drill targets.

With the Company's Phase lll drill program already underway and in full stride, Gold Mountain will revisit the Elusive zone in its Phase lV exploration campaign next spring. By returning to this highly prospective target, the Company hopes to further uncover high-grade, shallow mineralization while it continues building its vein model in the southern portion of its claims.

Phase lll Drill Program

Gold Mountain kicked off its Phase lll drill program in December 2021 with the first holes of the campaign infilling areas within the established resource. This program is forecasted to drill 10,000 total meters in and around the high-grade Siwash North vein systems. The Company will look to continue performing step-out and infill drilling near its operating open pits, as well as extending its geological model to the east.

Phase lll work also features 5,000 meters of historical core relogging as the Company attempts to continue uncovering mineralization that may have been overlooked by previous operators.

Drill Results

Below is a table of selected core drill results from Elusive. A complete list of all drill results to date have been posted to the Company's website at www.Gold-Mountain.ca:

Assay Results