Post by
Elliot on May 26, 2023 4:56pm
Excerpt from STRR
Gold Mountain Mining Corp. continued ore mining operations and deliveries to New Gold Inc. and has demonstrated continued grade profile improvements through the end of the current quarter. For the period ending March 31, 2023, Elk gold benefited from continued month-over-month improvements in mined gold grades, with the highest grades to date reported in the month of March. Improved grades have been partially offset by lower ore throughput during the period, associated mostly with weather-related challenges. As a result of improving mined grades, which exceeded the last reported average mined grade of 5.5 grams per tonne (g/t) gold (Au) (in the quarter ending Jan. 31, 2023), the quarterly royalty payment from the Elk gold mine increased to $54,959. After the end of the first quarter, Gold Mountain entered into a $3.3-million silver royalty on the Elk gold mine and completed its final $3-million property payment related to its original purchase of the Elk gold mine. These respective developments provide a third party validation of the company's value accretion since having acquired the royalty in September, 2021, and enhance Gold Mountain's financial position. Gold Mountain expects to release an updated preliminary economic assessment (PEA) and a mineral resource update in the fourth quarter of 2023. The company's management conducted a site visit to the Elk gold mine in April and received an update on its underground expansion potential. Gold Mountain has begun discussions with the British Columbia government and early engagement with surrounding indigenous communities to pro-actively manage any permitting or community requirements. Gold Mountain anticipates providing a more detailed project update as part of the revised PEA.
Comment by
Golddetector on May 26, 2023 7:08pm
That is solid. Thanks for sharing. Great find. This will hit $1 again before year end.