TARGETING 1 MILLION OUNCES: Transformation From a Small-Scale Gold Asset to a Near-Term Producer!
Investing in junior miners has been among my most profitable ventures over the past decade. Even though the spot gold price doesn’t always rally, I’ve been able to profit from moves in carefully selected gold producers.
The current target business in my portfolio is Canada’s own Gold Mountain Mining Corp. (TSX.V: GMTN, OTCQB: GMTNF), which just started trading on the TSX.V Exchange in December of last year.
However, Gold Mountain’s history goes further back than that. In May of 2019, Gold Mountain (formerly Bayshore Minerals Inc.) acquired a large British Columbia mineral property from Equinox Gold Corp. for $10 million, with a $1 million deposit and a $9 million interest-free promissory note.
The asset, known as the Elk Gold project, already had 127,000 meters of historical drilling, was located on an all-season highway near Merritt, B.C., and had an M-199 mine permit in place.
Gold Mountain’s timing was strategic, and it worked out perfectly. When the Elk Gold project was mining high-grade ore in 2012, it ran into operational challenges and a soft gold market that led to the asset being put into care and maintenance.
With that, the Gold Mountain team seized the opportunity to leverage their strong B.C. mining operations experience. Confident in their ability to expand the mineral resource, Gold Mountain saw a chance to amend the mining permit and get the project back into production.
Since that time, Gold Mountain has achieved numerous milestones in a surprisingly short period of time:
⦁ Established cost certainty through its mining partnership with Nhwelmen-Lake LP, which establishes fixed costs for construction, mining, and highway haulage
⦁ Signed an Ore Purchase Agreement with New Gold Inc. to sell its ore to New Gold’s New Afton Mine located 133 kilometers from the Elk Gold project
⦁ February: closed a $10 million oversubscribed private placement with a lead order from Crescat Capital
⦁ Engaged JDS Energy & Mining Inc. to complete a pre-feasibility study that will validate the open-pit mine plan contemplated in years 1-3 and transition into an underground mining and open-pit hybrid scenario in year 4
⦁ Completed its Phase 1 8,700-meter drill program with grades reaching 124 g/t Au
⦁ Received its Notice of Departure from the Ministry of Energy, Mines, and Low Carbon Innovation to begin mine construction
⦁ Announced a 49% increase in the total mineral resources to 651,000 ounces grading 6.1 g/t Au in the measured and indicated categories and 159,000 ounces grading 4.8 g/t Au in the inferred category with an effective date of May 1, 2021.
⦁ Announced the conclusions of an updated Preliminary Economic Assessment with an after-tax NPV5% of CAD$231M and a 19,000-ounce annual production (years 1-3) expanding to 65,000 ounces of production (years 4-11)
⦁ Completed its $3 million property payment to Equinox, which was one of the largest perceived risks surrounding the project
⦁ Received its Draft Mining Permit from the Ministry of Energy, Mines, and Low Carbon Innovation to review the document’s terms and provide comments before receiving its final permit
⦁ Began mine construction with Nhwelmen Lake LP
While the company is understandably proud of its early achievements, there are many more upcoming milestones for Gold Mountain Mining Corp.
A near-term objective is to expand the contained mineral resources past 1,000,000 ounces, and at the current rate, this should not only be achievable but inevitable.
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On May twentieth twentieth twenty one, in connection with our agreement with Gold Mountain Mining Corp, we received a total of four hundred thousand dollars usd paid to to Gold Standard Media LLC. We contracted with Gold Mountain Mining Corp to provide advertising services for a period of twelve months. On September fifteenth twentieth twenty one, in connection with our agreement with Gold Mountain Mining Corp, we received a total of two hundred thousand dollars usd paid to Portfolio Wealth Global LLC. Wallace Hill Partners LTD has received one hundred and fifty thousand stock options issued on May thirty first twenty twenty one. Wallace Hill Partners received one hundred and fifty thousand RSUs on May thirty first twenty twenty one. Wallace Hill Partners received an additional one hundred and fifty thousand RSUs on October first twenty twenty one.