Updated 43-101 report announced today by Elevation Gold (Previously Northern Vertex). PGOL owns a 3% royalty on this project.
Elevation Gold Announces 36% Increase to Measured and Indicated Resources at the Moss Mine, Arizona in New Technical Report
VANCOUVER, BC, Oct. 21, 2021
Current Reserve Larger than Total Gold Ounces Mined to Date
VANCOUVER, BC, Oct. 21, 2021 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT) (OTC: NHVCD) (the "Company" or "Elevation Gold") a U.S. gold and silver producer with district scale exploration projects in the Walker Lane Trend of Nevada and Arizona is pleased to report updated Mineral Reserve, Mineral Resource estimates and Technical Report for its Moss Mine, located in Mohave County Arizona. The Company also provides production results for the quarter ended September 30, 2021.
Elevation Gold's new leadership believes the Moss Mine and surrounding 168 square kilometer land package possesses unrealized gold exploration potential. Consequently, the Company began an aggressive near mine and regional exploration drilling program in March of this year to deliver new resource ounces while beginning to demonstrate the potential of the property.
The updated Mineral Reserve and Resource Estimates disclosed in this press release will be included in a technical report (the "Technical Report"), to be filed on SEDAR under the Company's profile within 45 days of this press release. The Technical Report represents an interim update, which only incorporates the results of the drilling to a May 24, 2021, cut-off.
Since this cut-off date, Elevation has completed approximately 100 drill holes and continues to encounter significant mineralization, which are not included in the Mineral Resource and Mineral Reserve estimates presented in this new Technical Report.
Dollar amounts are United States Dollars unless otherwise noted.
Technical Report Highlights:
Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver (Table 1)
Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver (Table 3)
Life of Mine plan only based on the Proven and Probable Mineral Reserve estimate extends the Moss Mine Life to 2025, mining ore at 11,000 tons per day, with an average strip ratio of 0.88:1
Pre-tax NPV(5%) $50.8 million, after-tax NPV(5%) $45.3 million at $1,700/oz gold and $18.50/oz silver
Chairman, Douglas J. Hurst commented, "The Moss Mine has been historically constrained by tenure and permitting that limited the mine's footprint and production capacity. It has also hindered the Company's ability to expand the resources and reserves. These constraints have now largely been removed, and the potential of the property is just beginning to be realized."
President, Michael G. Allen commented, "The updated reserve estimate and mine plan for the Moss Mine is a foundational piece in the transformation of the Company. Approximately 100 drillholes have been completed since the data for the resource was cut off and results received to date continue to demonstrate growth potential of the resource. Additional near-mine to regional exploration opportunities on our 168 square kilometer land package are being targeted and will systematically drilled later this year and well into 2022."
Mineral Reserves and Resources
The current reserves are larger than the total ounces produced by the mine to date, demonstrating our ability to replace ounces through exploration. The Proven and Probable Reserve estimate was constrained by the existing infrastructure of the mine. In the future, infrastructure may be relocated to allow the Moss Mine to realize the full economic benefits of the additional near mine mineralization being defined by the ongoing exploration drilling program.