Mining Explorers 2013: WestMountain Gold Inc.
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Last updated 11/3/2013 at Noon
WMTN: OTC QB
President and CEO: Gregory Schifrin
Chief operations officer: James Baughman
Since optioning the Terra Project from Corvus Gold Inc. in 2010, WestMountain Gold Inc. has been focused on the exploration and development of this high-grade gold project in Southwest Alaska.
After completing the set-up of a pilot plant in 2012, WestMountain fed 23 metric tons of material through the two-metric-ton-per-hour mill at the end of the 2012 mining season.
This sample of two vein-systems, Ben and Fish Creek, produced 75 ounces of gold and 23 ounces of silver.
With a head grade of roughly 5.5 ounces of gold and 10 ounces of silver per metric ton, the gravity circuit recovered about 60 percent of the gold and 15 percent of the silver contained in the test material processed in 2012.
Upgrades made to the mill in early in 2013 aimed at improving the recovery.
In September, WestMountain reported that the mill upgrades were complete and ore is being processed.
Ben Vein open-cut levels 1338, 1336 and 1334 have been mined and the material moved to the bulk sample mill for processing.
Assays reflecting the weighted average over the width of samples taken from the1338 level of the Ben Vein returned 236.68 grams per metric ton (7.61 ounces) per ton gold and 520.17 g/t (16.72 oz/t silver); and similar assays from the 1336 level returned 335.7 g/t (10.79 oz/t) gold and 623.41 g/t (20.04 oz/t) silver.
WestMountain is preparing the Ben Vein for the construction of an underground mine portal
According to a technical report published in February, the Ben Vein at Terra has an indicated resource of 428,000 metric tons averaging 12.2 g/t (168,000 ounces) gold and 23.1 g/t (318,000 ounces) silver.
Geologic modeling of the drill-tested portion of Ben vein shows the high-grade vein is open-ended to the north and at depth.
To continue the expansion of the Ben resource and test other high-grade veins cropping out of the mountains at Terra, WestMountain completed some 3,000 meters of drilling during the 2013 season.
Outcropping veins have been discovered in four other zones - EH, SD, Fish and Ice - along a five-mile (eight kilometers) region of the Terra property.
The Ice vein, located some 2.5 miles (four kilometers) south of the Ben resource is of particular interest.
While the high-grade veins are the focus of the current drilling, WestMountain geologist are zeroing on a nearby bulk-tonnage target.
Soil sampling carried out roughly a mile (1.5 kilometers) southeast of Ben Vein has identified a gold anomaly in an area known as Camp Creek.
A traverse of soil samples taken at 30-meter spacing returned values averaging 401 parts-per-billion gold with a high of 3.19 g/t gold over a 460-meter-long surface exposure.
Elevated lead, molybdenum and bismuth values in rock samples collected from this area suggest that a large porphyry system may be lying in wait.
In addition to its exploration and bulk sampling program at Terra, WestMountain is upgrading the infrastructure at Terra.
To improve the efficiency of delivering the equipment and supplies needed at the remote and rugged Alaska site, the airstrip at Terra has been expanded to a size capable of landing a C-130 aircraft. A road linking the camp to the Ben and Fish Creek veins was also established in 2013.
Cash and cash equivalents: US$40,777
(July 31, 2013)
Working capital: US$5 million, deficit
(July 31, 2013)
Market capitalization: US$23.3 million
(Sept. 27, 2013)
401 - 120 East Lake St.
Sandpoint, ID 83864
Tel: 208-265-1717
Fax: 208-906-8621
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