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 is located in Mohave County in 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. They have also announced a management change this August 9. The former president, Michael G. Allen, has officially stepped down from his position and was replaced by the former Chief Operating Officer, Tim Swenseid.
Management change at Elevation Gold Mining
With the recent management change at Elevation Gold, the Board of Directors welcomed their new president, Mr. Swenseid. Tim has been in the industry for a long time. He has worked in 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 was the COO of the company, and he has shown incredible leadership skills that helped the Moss Mine develop further, especially with 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 are estimated to contain at least 184,500 ounces of gold and 2.2 million ounces of silver. The mine plan was released in October 2021 and it is expected to last until 2025 while mining 11,000 tons on a daily basis. All relevant research and testing has been done before starting the operation including the preliminary economic assessment.
The Hercules Project is located 25 miles southeast of Reno on the Walker Lane Gold Trend. It is currently under exploration and aims to extract gold and silver. It can be accessed through state highways and paved roads. The location of the project is a large collapsed volcanic center and has low sulfidation epithermal-style alteration. The mineralization of gold and silver appears to be associated with an extensive volcanic center-related hydrothermal system.
The exploration includes geological mapping, satellite hyperspectral alteration mapping, surface rock chip geochemical sampling, phytogeochemical vegetation sampling, ground and airborne geophysical surveys, compilation of historic geological, geochemical, and drilling data into a cohesive and comprehensive property geological database. There are 14 exploration target areas across the property that have yet to be explored by experts. Once everything has been settled and improved, the organization will launch drillhole locations for optimal drilling of the east-dipping curviplanar structures.
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According to David Splett, CFO, the goal is to produce 30,000-plus ounces/year. The projects are expected to sustain themselves with positive operating cash flow. Growing the resources and minimizing shareholder dilution are additional targets. For now, the organization will focus more on developing mineral properties in the United States and Canada that will operate through a single segment – Acquisition, Exploration and Future Development of Mineral Properties. The organization is not yet picturing a cross-continental expansion.
On August 18, 2022, Elevation Gold announced its Annual General Meeting (AGM) results. Over 36,024,003 common shares were represented by shareholders in person or by a proxy. The shareholders elected the Board of Directors, re-appointed PricewaterhouseCoopers LLP, Chartered Professional Accountants, and approved the company’s new 10% rolling equity incentive plan. A total of $6 million has been arranged for a revolving credit facility. The detailed results of the voting are on Elevation Gold’s website.
Inaugural drilling at the Florence hill exploration target
In May 2022, in Vancouver, Elevation Gold announced that they were able to secure a diamond core drill rig. Exploration is expected to include at least 3,800 meters of precious metal. They 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, the possibility exists that the Moss and Oatman District low sulphidation epithermal vein systems were driven by a heat source located beneath Florence Hill. Geological similarities to the El Peñon Mine operated by Yamana Gold in Chile and the recently discovered AngloGold Ashanti Silicon deposit in Nevada are being used to guide our exploration efforts at Florence Hill. Three other target areas along the caldera margin exhibiting similar size and geological features to Florence Hill are currently being evaluated,” said Warwick S., Vice President.
The Florence Hill exploration is located 4.5 kilometers to the southeast of the Moss Mine. It consists of a 1.75 kilometer long and 1 km wide zone of intensely advanced argillic altered lava dome dacite and rhyolite intrusive and volcaniclastic rocks. This exploration aims to discover new gold and it is expected to produce two million ounces of high-grade gold. There are three other targets along the caldera margin; they have similar sizes and geological features to Florence Hill. These targets are currently being evaluated and examined by experts.