With drill permits in hand, Element79 Gold Corp (CSE:ELEM) is assessing a “compelling” opportunity at the Gold Mountain Project in Nevada, US, after completing an independent technical report.
The report outlines the geological potential of the 702-acre property comprising 34 unpatented lode mining claims in a productive and historical mining district in Nevada.
A fully cost exploration program, totalling US$800,000 ($1.22 million) has restarted at Gold Mountain, including detailed mapping, geophysics, and 8,000 feet of reverse circulation drilling to test high-priority targets.
In conjunction, a Bureau of Land Management notice of intent has been approved, permitting up to 21 drill pads and associated roads.
CEO Mike Smith says the filing and completing of the technical report is a major milestone for the company as it confirms the historical presence of gold intercepts and the potential for new discoveries.
“The proximity to producing mines such as Phoenix-Fortitude and Marigold further validates the potential of this district,” Smith says.
“We see Gold Mountain not only as a growth engine for Element79 but also as a great starting point to start our North American refocussing.”
Some of the historical drilling returned intercepts of 7.62m @ 0.48 grams per tonne gold and 10.67m @ 0.99g/t gold.
The Gold Mountain Project lies 13km2 southwest of the town of Battle Mountain, Nevada.
Element79 Gold Corp is a gold and silver-focused mining company with a portfolio of projects in Nevada and Peru.
Write to Aaliyah Rogan at Mining.com.au
Images: Element79 Gold Corp
