PROPERTY

  • Gold Mountain Mining owns 100% interest of the Elk Gold Project in the Merritt area of British Columbia Canada
  • The Elk received its Mining Permit Amendment on Oct 29, 2021
  • 2 km from all-season highway and the Elkhart Lodge – commercial card lock gas station, diner, motel
  • Elk Gold Property is a massive 21,187 hectare land package
  • The Elk Gold Project is a past producing High Grade Gold Mine
  • 135,808m of historic drilling, extensive geochem and geophysics programs

RESOURCE / PEA

  • NI 43-101 mineral resource:
    • Measure and Indicated – 806,000 AuEq ounces*
    • Inferred – 262,000 AuEq ounces*
  • PEA contemplates a 65,000 ounce per year mine plan by Year 4*
  • PEA results in a Post-Tax NPV of $231M*
  • Low Op Ex / Cap Ex*
    • CA$9.0M start up CapEx
    • AISC US$554/oz

EXPLORATION

  • Phase 1 (Jan ‘21 – April ‘21) successfully added 197,000 oz (M&I) + 64,000 oz (Inferred) to the resource at an average discovery cost of $8 per ounce
    • The company hit mineralization in all 41 drill holes with grades reaching 124 g/t while further extending the Siwash vein systems
  • Phase 2 (May ‘21 – Nov ‘21)  successfully added 155,000 oz (M&I) + 103,000 oz (Inferred) to the resource after a 13,900m drill program.
    • The company uncovered significant mineralization in the Siwash North Zone and delineated 2 maiden resources
  • Phase 3 (Dec ’21) currently underway in the Siwash North zone as the company looks to continue stepping out and infilling along its well-established mineralization.

LOCATION

  • Located between Kelowna and Merritt BC
  • Commuting distance – No camp required
  • 2km off all season highway and the Elkhart Lodge – future commercial cardlock gas station, diner and motel.

READY TO EXPAND

  • Siwash North zone resource estimate
  • Successful Phase 1 & 2 drill program and currently beginning Phase 3
  • Eight other zones all showing similar grades and structure
  • 21,187 hectare Hectare Land Package

TURN KEY OPERATION

  • 2 established pits with high grade mineralization at near surface and at depth
  • Mining Permit awarded on Oct 29 2021
  • Ore stockpile pad
  • Water management infrastructure in place
  • 135,808m of historic drilling ($30m to replace)

GEOLOGY – REGIONAL OVERVIEW

  • The Elk Gold Project is host to a gold-bearing mesothermal quartz + sulphide vein deposit.
  • High grade gold veins hosted by intrusive and volcanic rocks.
  • Gold mineralization occurs within structurally controlled pyritic quartz veins.
  • The mineralized veins strike east-west and occur along the discontinuity between the Nicola volcanic group and the Osprey Lake Batholith.

GOLD MINERALIZATION AT THE ELK GOLD PROJECT

Previous drilling confirms that the Elk Gold Project hosts multiple gold mineralized zones within the 21,187 hectare property boundary. The Elk Gold is a mesothermal, intrusive related, gold vein system.

Gold occurs in pyritic quartz veins along with minor base metals. Quartz veins occur in fractures and shears within a granitic intrusion.

Siwash North includes a total mineral resource of 651,000 oz of Measured & Indicated and 159,000 oz of Inferred.

Status Exploration & Production

Location 60km East of Merritt, British Columbia, Canada

Anticipated Production up to 65,000 oz/year

Estimated Costs $554 USD AISC

M&I Resources806,000 AuEq

Inferred Resources 262,000 AuEq

Mining Style Open-Pit and Underground

Upside Potential Significantly Increased Resource in 2021

Download ELK GOLD PRELIMINARY ECONOMIC ASSESSMENT SUMMARY

The results from the preliminary economic assessment are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized

AISC (All in Sustaining Cost) = (LOM Owner’s Costs + LOM Capital Costs + LOM Operating Costs) / Gold Ounces Produced

For further details on the assumptions and parameters used for the Elk Gold Project economics, please see the “Updated Preliminary Economic Assessment” link below