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(Wallace Refiners) – Gold Mountain Mining (TSX.V:GMTN) announced Friday that the company increased its resource estimate for its flagship Elk Gold project, located in British Columbia, Canada, to 651,000 oz of Measured & Indicated resources at 6.1 g/t Au and 159,000 oz of Inferred resources at 4.8 g/t Au.
The company said that the updated resource estimate represents an increase of 43% of Measured and Indicated ounces and 67% of Inferred ounces.
Gold Mountain explained that several factors have contributed to the change in this resource estimate from previous estimates. The primary factors affecting that change are the addition of 41 new diamond drill holes, discovery of mineralized intercepts that were not sampled from historical drill cores, changes to the constraining pit shell parameters and changes to the vein model interpretation.
Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold project, a past-producing mine located 57 KM from Merritt in South Central British Columbia.
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