Gold Mountain Mining has announced significant operational changes at its Elk Gold Mine in British Columbia. The company reported reduced production during Q3 and Q4 due to planned winter work. Following an internal review of its NI 43-101 Technical Report, the company has identified the need for a complete relogging of all core data, expected to be completed by September 2025. As a result, Gold Mountain will substantially reduce production operations until the relogging work is complete and a new Mine Plan, Mineral Resource Estimate (MRE), and 43-101 are prepared. The company has also begun exploration drilling in the "Bullion Zone" north of the Siwash Pit, with preliminary observations suggesting potential for operational expansion.
Gold Mountain Mining ha annunciato importanti cambiamenti operativi presso la sua miniera d'oro Elk in British Columbia. L'azienda ha segnalato una riduzione della produzione nel terzo e quarto trimestre a causa di lavori invernali programmati. A seguito di una revisione interna del Rapporto Tecnico NI 43-101, è emersa la necessità di una completa rianalisi di tutti i dati dei campioni di carotaggio, prevista per essere completata entro settembre 2025. Di conseguenza, Gold Mountain ridurrà significativamente le operazioni di produzione fino al completamento della rianalisi e alla preparazione di un nuovo Piano di Miniera, Stima delle Risorse Minerarie (MRE) e rapporto 43-101. L'azienda ha inoltre avviato perforazioni esplorative nella "Zona Bullion" a nord della cava Siwash, con osservazioni preliminari che indicano un potenziale ampliamento operativo.
Gold Mountain Mining ha anunciado cambios operativos significativos en su mina de oro Elk en Columbia Británica. La compañía reportó una reducción en la producción durante el tercer y cuarto trimestre debido a trabajos de invierno planificados. Tras una revisión interna de su Informe Técnico NI 43-101, la empresa identificó la necesidad de un re-registro completo de todos los datos de testigos de perforación, que se espera completar para septiembre de 2025. Como resultado, Gold Mountain reducirá sustancialmente las operaciones de producción hasta que se complete este trabajo y se preparen un nuevo Plan de Mina, Estimación de Recursos Minerales (MRE) y el informe 43-101. La compañía también ha iniciado perforaciones exploratorias en la "Zona Bullion" al norte de la cantera Siwash, con observaciones preliminares que sugieren un potencial para expansión operativa.
Gold Mountain Mining은 브리티시 컬럼비아에 위치한 엘크 금광에서 중요한 운영 변화를 발표했습니다. 회사는 계획된 겨울 작업으로 인해 3분기와 4분기 생산량이 감소했다고 보고했습니다. NI 43-101 기술 보고서에 대한 내부 검토 결과, 모든 시추 코어 데이터의 완전한 재기록이 필요하다는 점이 확인되었으며, 이는 2025년 9월까지 완료될 예정입니다. 이에 따라 Gold Mountain은 재기록 작업이 완료되고 새로운 광산 계획, 광물 자원 추정(MRE), 43-101 보고서가 준비될 때까지 생산 운영을 대폭 축소할 예정입니다. 또한 회사는 Siwash 갱 북쪽의 "Bullion Zone"에서 탐사 시추를 시작했으며, 초기 관찰 결과 운영 확장 가능성이 있는 것으로 나타났습니다.
Gold Mountain Mining a annoncé des changements opérationnels importants dans sa mine d'or Elk en Colombie-Britannique. La société a signalé une réduction de la production au troisième et quatrième trimestre en raison de travaux hivernaux planifiés. Suite à une révision interne de son rapport technique NI 43-101, l'entreprise a identifié la nécessité d'une reconsignation complète de toutes les données de carottes, prévue pour être achevée d'ici septembre 2025. En conséquence, Gold Mountain réduira considérablement ses opérations de production jusqu'à la fin de cette reconsignation et la préparation d'un nouveau plan minier, d'une estimation des ressources minérales (ERM) et du rapport 43-101. La société a également commencé des forages d'exploration dans la "Bullion Zone" au nord de la fosse Siwash, des observations préliminaires suggérant un potentiel d'expansion opérationnelle.
Gold Mountain Mining hat bedeutende betriebliche Änderungen in seiner Elk Gold Mine in British Columbia angekündigt. Das Unternehmen meldete eine reduzierte Produktion im dritten und vierten Quartal aufgrund geplanter Winterarbeiten. Nach einer internen Überprüfung des NI 43-101 Technischen Berichts wurde die Notwendigkeit einer vollständigen Neulogierung aller Kernbohrdaten festgestellt, die voraussichtlich bis September 2025 abgeschlossen sein wird. Infolgedessen wird Gold Mountain die Produktionsaktivitäten erheblich reduzieren, bis die Neulogierung abgeschlossen ist und ein neuer Bergbauplan, eine Mineralressourcenschätzung (MRE) sowie der 43-101-Bericht erstellt sind. Zudem hat das Unternehmen Explorationsbohrungen in der "Bullion Zone" nördlich der Siwash-Grube begonnen, wobei erste Beobachtungen auf ein Potenzial für eine operative Erweiterung hinweisen.
Positive
Exploration drilling in Bullion Zone shows potential for operational expansion
Company taking proactive approach to address data verification needs
Negative
Substantial reduction in production operations until further notice
Low production results in Q3 and Q4
Need for complete core data relogging indicates potential issues with historical data
Operations will remain reduced until at least September 2025
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / May 14, 2025 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) provides an operational update regarding its Elk Mine project.
Elk Mine Update
Low production results realized during the Q3 and Q4 reporting periods were directly attributable to the planned winter work program, which substantially reduced operations throughout the quarter. As a result, production from the Elk Gold Mine was at a reduced activity level.
The Company has commenced an internal review of its National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant independent Technical Report for the Elk Mine titled "National Instrument 43-101 Technical Report and Resource Update on the Elk Gold Project, Merritt, British Columbia, Canada" prepared by L. John Peters, P.Geo, Gregory Z. Mosher, P.Geo, and Marinus Andre De Ruijter, P. Eng, each an independent "Qualified Person" as defined in NI 43-101, with an effective date of December 7, 2021, and a report date of January 21, 2022 (the "Technical Report"). Accordingly, readers are cautioned to not place undue reliance on the Technical Report or the resource estimate included therein until the Company has completed and reported on those activities.
Initial quality checks on historical works and findings including random sample re-logging of historical drill core; and evaluating existing drill core data has determined the need for a complete relogging of all core data. The Company anticipates completing the relogging by September 2025 and will provide an update in due course.
Gold Mountain also anticipates receiving the results of exploration drilling which has commenced on the "Bullion Zone", an area located immediately north of the Siwash Pit. Preliminary observations support additional exploitation and expansion of the existing operational plan for that location.
In light of recent findings Elk Gold Mine will reduce production operations substantially until such time as the relogging work is complete together with a new Mine Plan, MRE and 43-101.
About Gold Mountain
Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.goldmountainminingcorp.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Forward Looking Statements
Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the Company's future financial reporting. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Why is GMTNF reducing production at the Elk Gold Mine?
GMTNF is reducing production due to the need for complete relogging of core data and preparation of a new Mine Plan, MRE, and 43-101 Technical Report. This decision follows an internal review that identified data verification needs.
When will Gold Mountain Mining complete the core relogging at Elk Gold Mine?
The company expects to complete the relogging work by September 2025.
What caused low production at GMTNF's Elk Gold Mine in Q3 and Q4?
The low production results were directly attributable to the planned winter work program, which substantially reduced operations throughout the quarter.
What is the Bullion Zone exploration at Gold Mountain's Elk Mine?
The Bullion Zone is an area located immediately north of the Siwash Pit where exploration drilling has commenced, with preliminary observations supporting potential additional exploitation and expansion of existing operations.
Where is Gold Mountain's Elk Gold Mine located?
The Elk Gold Mine is located 57 kilometers from Merritt in South Central British Columbia, Canada.
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