With gold at almost $2100. and much more to go, ELVT IS READY TO POP.
Elevation Gold Mining Highlights Exploration Results For Reynolds Pit Area; Reports Execution of Secured Loan
08:52 AM EST, 02/27/2024 (MT Newswires) -- Elevation Gold Mining Corp. (ELVT.V) on Tuesday highlighted assay results for 33 reverse circulation holes, which were drilled in the Reynolds Pit area, and two RC holes, which were drilled in the Mordor Pit area.
The company said 21 holes intersected significant zones of gold mineralization. The company noted that hole AR23-662R intersected 225 meters of 0.56 grams per ton of gold.
Hole AR23-674R in the Reynolds Pit area intersected 88.4 meters grading 0.59 grams per ton of gold and 3.68 grams per ton of silver. This includes 54.9 meters grading 0.65 grams per ton of gold and 4.49 grams per ton of silver.
Hole AR23-678R in the Reynolds Pit area intersected 59.4 meters grading 0.62 grams per ton of gold and 2.37 grams per ton of silver.
Hole AR23-682R in the Reynolds Pit area intersected 51.4 meters grading 0.55 grams per ton of gold and 1.76 grams per ton of silver.
Additionally, the company said it has secured a US$1 million loan from an affiliate of Triple Flag Precious Metals Corp., which holds the silver stream in respect of the Moss mine.
The loan is secured against all of the company's property, is repayable on demand, and does not accrue interest. The company plans to use the proceeds for working capital for the company's Moss mine.
The company's shares were down 6.7% in Canada yesterday.