Elevation Gold Mining Corporation (TSX.V: ELVT) (OTCQX: EVGDF) (the “Company” or “Elevation Gold”) Updates. Northern Vertex Mining Corporation develops and operates precious metals such as gold and silver. Its flagship sits in Mohave County, Arizona, and the organization changed its name to “Elevation Gold Mining Corporation” in September 2021.
Elevation Gold Mining Co.’s shares fell 4.8% on August 11, 2022. Their stocks closed at $0.14, with 1,500 shares trading hands during mid-day trading. The company also announced a management change this August 9. Former president Michael G. Allen officially stepped down from his position, and former Chief Operating Officer Tim Swenseid took his place.
Management change at Elevation Gold Mining
With the recent management change at Elevation Gold, the Board of Directors welcomed new president Mr. Swenseid. Tim has spent a long time in the industry. He has worked across mining projects’ operational, technical, and financial aspects for over 35 years.
“I am excited to continue working with the Elevation Gold team to realize a strong future due to improved ore grade from East Pit, the completion of 2022’s major capital projects and improved understanding of the Moss Mine orebody. The mature staff at the Moss Mine, including the new General Manager, the management team and the entire workforce are highly experienced and continue to perform exceptionally,” Swendseid stated.
Mr. Swendseid served as the company’s COO, and he showed incredible leadership skills that helped develop the Moss Mine further, especially during the construction of Leach Pad 2C.
Moss Gold Mine
Elevation Gold Mining Corporation is working on the Moss Gold Mine project in NW Arizona, which is currently extracting gold and silver. The proven and probable mineral reserves contain an estimated 184,500 ounces of gold and 2.2 million ounces of silver. The company released the mine plan in October 2021, and it’s expected to run until 2025 while mining 11,000 tons daily. The team completed all relevant research and testing, including the preliminary economic assessment, before starting operations.
Hercules Project
The Hercules Project sits 25 miles southeast of Reno on the Walker Lane Gold Trend. The company currently has it under exploration, aiming to extract gold and silver. You can access it through state highways and paved roads. The project sits within a large collapsed volcanic center and shows low sulfidation epithermal-style alteration. Gold and silver mineralization appears linked to an extensive volcanic center-related hydrothermal system.
The exploration includes geological mapping, satellite hyperspectral alteration mapping, surface rock chip geochemical sampling, phytogeochemical vegetation sampling, and ground and airborne geophysical surveys. The team is also compiling historic geological, geochemical, and drilling data into a cohesive, comprehensive property database. The property holds 14 exploration target areas that experts have yet to explore. Once the team settles and refines these findings, the organization will launch drillhole locations for optimal drilling of the east-dipping curviplanar structures.
Long-term plans
According to CFO David Splett, the company aims to produce over 30,000 ounces per year. He expects the projects to sustain themselves through positive operating cash flow. Growing resources and minimizing shareholder dilution rank among the additional targets. For now, the organization will focus more on developing mineral properties in the United States and Canada through a single segment: Acquisition, Exploration and Future Development of Mineral Properties. The organization isn’t picturing a cross-continental expansion yet.
AGM Results
On August 18, 2022, Elevation Gold announced its Annual General Meeting (AGM) results. Shareholders represented over 36,024,003 common shares in person or by proxy. They elected the Board of Directors, re-appointed PricewaterhouseCoopers LLP, Chartered Professional Accountants, and approved the company’s new 10% rolling equity incentive plan. The company also arranged a total of $6 million for a revolving credit facility. You can find detailed voting results on Elevation Gold’s website.
Inaugural drilling at the Florence Hill exploration target
In May 2022, in Vancouver, Elevation Gold announced that it had secured a diamond core drill rig. The company expects exploration to include at least 3,800 meters of precious metal. It will also conduct additional drill testing in nearby areas such as the fault-hosted Silver Creek Springs and West Oatman epithermal vein exploration.
“There are multiple different geological, geochemical, structural, geophysical, geographical, and alteration features coincident in the Florence Hill exploration target area. Our thesis is that the Florence Hill exploration target represents the upper steam-heated parts of a structurally controlled low to intermediate sulphidation epithermal system that was superimposed on intermediate to felsic composition lava dome host rocks at the junction between the Silver Creek caldera margin and Walker Lane structures.
Given the size of the alteration anomaly in the Florence Hill-Grapevine area and its coincidence with a major structural intersection, we believe a heat source beneath Florence Hill may have driven the Moss and Oatman District low sulphidation epithermal vein systems. We’re using geological similarities to the El Peñon Mine, operated by Yamana Gold in Chile, and the recently discovered AngloGold Ashanti Silicon deposit in Nevada to guide our exploration efforts at Florence Hill. We’re currently evaluating three other target areas along the caldera margin that share similar size and geological features,” said Warwick S., Vice President.
