- Elevation Gold Mining Corp. (ELVT) it has secured a drill rig and expects to initiate work at its Moss Mine Florence Hill target by mid-June
- The project will have 3,800 metres of drilling focused on the Florence Hill target
- Features on the target show signs of the uppermost parts of a prospective system
- There may be additional drill testing of the Silver Creek Springs and West Oatman targets
- The company also granted $1.2 million worth of stock options
- Elevation Gold Mining Corp. (ELVT) is down 2.27 per cent trading at $0.21 per share as of 4:14 p.m. ET.
Elevation Gold Mining (ELVT) has secured a drill rig and expects to begin work at its Moss Mine Florence Hill exploration gold target by mid-June.
The company stated its exploration drilling program on the project will include 3,800 metres of drilling focused on the Florence Hill target.
The target has intrusive rocks along the margin of the Silver Creek crater. Northwest trending structures, including those hosting the West Oatman and Silver Creek Springs exploration targets and the nearby Gold Road Mine, appear to intersect the crater structure in the Florence Hill area.
Elevation Gold interprets the various geological features noted in the Florence Hill exploration target as indicative of the uppermost parts of a fully preserved large-scale prospective system.
“We are excited to be the first company to drill test the Florence Hill exploration target, especially considering its location between the historic Oatman District, from which over two million ounces of high-grade gold were produced, and the currently producing Moss vein system… Our evaluation of the target has led us to believe that there is the potential for a significant new gold discovery,” Michael G. Allen, President of Elevation Gold, said.
Additional drill testing of the Silver Creek Springs and West Oatman targets might be included in this program, depending on the company’s information and results from the main Florence Hill exploration target drilling.
The company has granted $1.2 million worth of stock options to certain Elevation Gold directors, officers, and employees. The option holders can purchase up to an aggregate of 4.02 million common shares at a price of $0.30 per share for five years.
Elevation Gold Mining Corp. (ELVT) is down 2.27 per cent trading at $0.21 per share as of 4:14 p.m. ET.