WestMountain Gold, the junior precious metals explorer focused on their massive flagship Terra Project (344 claims in an area covering 85 square miles) just 180 miles west of Anchorage in the Revelation Mountains, happily reported results from their latest NI 43-101 today, showing significant expansion of the overall gold and silver resource.
President and CEO of WMTN, Greg Schifrin, pointed to the solid jump in tonnage (up 100%), inferred ounces (up 150%), and gold grade (up 25%) made evident by the report, contrasting the data sharply with the previous report from 2010. Schifrin was proud of the portrait that has emerged for their flagship site and explained confidence is indeed high over at WMTN that they are sitting on a 1M plus ounce gold producer over the life of the mine, with the potential to go multi-million ounce before all is said and done.
Made evident by this latest report is the truly high-grade nature of the Terra deposit. With some 49.81k oz Au at 13.25 g/t using a 5.00 g/t cutoff indicated and an inferred resource of just under 370k ounces at 15.63 g/t (and over 653k oz Ag at 27.63 g/t), we are talking around 419k oz Au in the total resource. That is a huge asset essentially in hand for WMTN and the upwardly revised data further underscores the underlying long-term potential at Terra, where initial production-scale bulk sampling work in late 2012 that followed the data collection for today's report resulted in 75 oz Au and another 28 oz Ag.
WMTN is on-track for an extremely aggressive 2013 field season according to Schifrin, and the company has budgeted some $4.2M to handle a larger bulk sample program utilizing the 40 tonnes/day upgraded pilot mill, as well as for some additional drilling aimed at unlocking the obvious further mineral potential at Terra. Investors should take special note here as this exceptional data burst from WMTN comes fast on the heels of yesterday's announcement that the company has signed a LOI to acquire JV partner Corvus Gold's remaining interest in the Terra Project.
This move would make WMTN and its Terra Gold Corp. subsidiary large and in charge, with 100% ownership of this hot property and the company forking over a modest $6M over the term of the deal, in addition to 750k shares of common stock as compensation. This is an unmistakable move by WMTN and the company is clearly tipping its hand to markets here with the LOI move that they have a high-quality bonanza gold vein deposit on their hands with huge silver secondary metrics.
For more information on WestMountain Gold, or to get a closer look at this latest NI 43-101 report on the Terra Project, visit WestMountainGold.com
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