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Spanish Mountain Gold Reports Assay Results from Resource Expansion Program: Multiple Long Intercepts in All Four Tested Areas

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Spanish Mountain Gold Reports Assay Results from Resource Expansion Program: Multiple Long Intercepts in All Four Tested Areas

 

 

 

 

 

Spanish Mountain Gold Ltd. (TSX-V: SPA) is pleased to announce the assay results from the latest resource expansion program for the Spanish Mountain Gold Project located in British Columbia, Canada.

 

In addition to the objective of advancing the Project’s multi-million ounce Mineral Reserve, which was delineated in a Pre-Feasibility Study filed in June 2021, the Company has an ongoing campaign for resource expansion. The latest drill program, comprised of 28 holes over 4,485 metres (m), tested four broad areas of the deposit (see Figure 1) in which there had been relatively limited drilling in the past. A majority of the drill holes were selected in the proximity of the previous resource pit boundary where management believes additional drilling may lead to increases in the strike lengths of the Mineral Resource. The Company expects the program to potentially increase ounces in the next reserve/ resource estimate update as well as provide additional targets for the next round of resource drilling.

 

Drill Results

 

Notably, the assay results report long intercepts (up to 68.58 m in length) in all four tested areas with grades higher than the economic cut-off established in the latest resource estimate (published along with the PFS). Gold occurs as fine disseminations within argillite, the mineralized unit with the highest economic value in the deposit. The findings suggest the deposit displays potential in all four areas. Particularly encouraging are the results near the northern boundary of the resource pit (Area 1) where eight out of a total of nine drill holes return intercepts longer than 10 m with the farthest west drill hole (20SMRC-1257) reporting intercepts up to 32 m in length. It appears that this entire northern area of the deposit with a strike length over 1,000 m shows potential both along strike and at depth.

 

Highlights of assay results are as follows:

 

  • 13.72m grading 1.04 g/t, including 3.05m grading 2.10 g/t gold in hole 20SMRC-1256
  • 21.34m grading 0.54 g/t, including 10.67m grading 0.82 g/t gold in hole 20SMRC-1253
  • 32.00m grading 0.39 g/t gold in hole 20SMRC-1257
  • 54.86m grading 0.31 g/t, including 9.14m grading 0.72 g/t gold in hole 20SMRC-1231
  • 50.29m grading 0.41 g/t, including 1.52m grading 3.68g/t gold in hole 20SMRC-1233
  • 18.29m grading 0.51 g/t, including 4.57m grading 0.83 g/t gold in hole 20SMRC-1240
  • 30.48m grading 0.47 g/t, including 1.52m grading 2.42 g/t and 67.06m grading 0.36 g/t including 18.29m grading 0.54 g/t; 1.52m grading 3.58 g/t gold in hole 20SMRC-1245

 

Significant assay results are summarized in Table 1 appended to this news release.

 

Larry Yau, Chief Executive Officer, commented: “We are very encouraged by the results from the first drill program of our resource expansion campaign and look forward to continuing our decade-long track record of resource expansion. Our geological team will build on the success of the latest drill program and has already identified additional prospective targets for the next round of drilling.”

 

“While the PFS has demonstrated the robust value of our Project’s multi-million ounce gold Reserve, our ongoing resource expansion campaign clearly highlights the additional potential of our large and growing Resource.”

 

Judy Stoeterau, P.Geo., the Company’s Vice-President of Geology and the Qualified Person as defined under National Instrument 43-101, has reviewed the contents of this news release. All samples were assayed at ALS Global Ltd. in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.

 

About Spanish Mountain Gold

 

Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain gold project in southern central British Columbia. The Company is simultaneously pursuing the dual objectives of delivering critical project milestones for the multi-million ounce Mineral Reserve and further expanding the overall Mineral Resource. The Pre-Feasibility Study (2021) demonstrates the Project’s potential to be a mining operation with a robust production profile (>150,000 oz per year) and profitability (AISC $801 per oz) over a mine life of 14 years.

 

Figure 1: Drill Hole Locations

 

Table 1: Summary of Significant Assay Results

 


Area

Hole ID

From (m)

To (m)

Length (m)
Gold Grade
( g/t)
1 20-SMRC-1250 33.53 38.10 4.57 0.17
20-SMRC-1250 64.01 67.06 3.05 0.80
including 64.01 65.53 1.52 1.17
1 20-SMRC-1251 9.14 10.67 1.52 0.31
20-SMRC-1251 35.05 38.10 3.05 0.24
20-SMRC-1251 70.10 71.63 1.52 0.86
20-SMRC-1251 158.50 170.69 12.19 0.21
1 20-SMRC-1252 164.59 181.36 16.76 0.45
20-SMRC-1252 199.64 205.74 6.10 0.52
including 201.17 204.22 3.05 0.70
1 20-SMRC-1253 4.57 12.19 7.62 0.39
20-SMRC-1253 68.58 80.77 12.19 0.40
including 70.10 71.63 1.52 1.15
20-SMRC-1253 91.44 112.78 21.34 0.54
including 97.54 108.20 10.67 0.82
and 105.16 108.20 3.05 1.26
1 20-SMRC-1254 21.34 30.48 9.14 0.31
including 28.96 30.48 1.52 0.93
20-SMRC-1254 124.97 126.49 1.52 0.85
20-SMRC-1254 175.26 178.31 3.05 0.29
20-SMRC-1254 188.98 202.69 13.72 0.30
1 20-SMRC-1255 16.76 32.00 15.24 0.24
including 22.86 32.00 9.14 0.32
20-SMRC-1255 42.67 51.82 9.14 0.38
including 42.67 44.20 1.52 1.10
20-SMRC-1255 68.58 71.63 3.05 0.36
20-SMRC-1255 100.58 102.11 1.52 1.15
20-SMRC-1255 143.26 144.78 1.52 0.21
1 20-SMRC-1256 59.44 60.96 1.52 0.24
20-SMRC-1256 82.30 83.82 1.52 4.02
20-SMRC-1256 96.01 97.54 1.52 0.21
20-SMRC-1256 100.58 102.11 1.52 0.27
20-SMRC-1256 120.40 121.92 1.52 0.29
20-SMRC-1256 134.11 155.45 21.34 0.27
including 140.21 143.26 3.05 0.40
including 152.40 155.45 3.05 1.02
20-SMRC-1256 167.64 181.36 13.72 1.04
including 173.74 176.78 3.05 2.10
1 20-SMRC-1257 4.57 36.58 32.00 0.39
including 10.67 12.19 1.52 1.63
including 19.81 21.34 1.52 1.64
including 35.05 36.58 1.52 0.70
20-SMRC-1257 45.72 47.24 1.52 0.23
20-SMRC-1257 50.29 54.86 4.57 0.18
20-SMRC-1257 86.87 117.35 30.48 0.30
including 99.06 109.73 10.67 0.53
and 100.58 102.11 1.52 1.00
20-SMRC-1257 163.07 164.59 1.52 0.24
20-SMRC-1257 178.31 179.83 1.52 0.22
20-SMRC-1257 190.50 198.12 7.62 0.21
including 190.50 192.02 1.52 0.51
including 196.60 198.12 1.52 0.35
1 20-SMRC-1258 9.14 12.19 3.05 0.33
20-SMRC-1258 74.68 79.25 4.57 0.36
20-SMRC-1258 105.16 120.40 15.24 0.34
including 114.30 117.35 3.05 0.60
20-SMRC-1258 129.54 147.83 18.29 0.26
including 146.30 147.83 1.52 1.45
2 20-SMRC-1231 30.48 48.77 18.29 0.20
including 30.48 36.58 6.10 0.26
20-SMRC-1231 65.53 73.15 7.62 0.52
including 67.06 70.10 3.05 0.94
20-SMRC-1231 88.39 143.26 54.86 0.31
including 96.01 105.16 9.14 0.72
and 100.58 102.11 1.52 1.35
including 111.25 121.92 10.67 0.49
and 120.40 121.92 1.52 1.01
20-SMRC-1231 152.40 153.92 1.52 0.24
2 20-SMRC-1238 65.53 67.06 1.52 0.53
2 20-SMRC-1239 60.96 70.10 9.14 0.21
including 68.58 70.10 1.52 0.56
20-SMRC-1239 121.92 128.02 6.10 0.26
including 121.92 123.44 1.52 0.49
2 20-SMRC-1240 79.25 80.77 1.52 0.23
20-SMRC-1240 99.06 102.11 3.05 0.56
20-SMRC-1240 114.30 128.02 13.72 0.24
20-SMRC-1240 141.73 160.02 18.29 0.51
including 153.92 158.50 4.57 0.83
including 155.45 156.97 1.52 1.04
3 20-SMRC-1241 96.01 97.54 1.52 0.37
3 20-SMRC-1242 0.00 1.52 1.52 0.37
20-SMRC-1242 83.82 85.34 1.52 1.30
3 20-SMRC-1243 18.29 19.81 1.52 0.94
20-SMRC-1243 25.91 28.96 3.05 0.66
20-SMRC-1243 35.05 36.58 1.52 0.24
20-SMRC-1243 103.63 105.16 1.52 0.45
20-SMRC-1243 128.02 129.54 1.52 0.31
20-SMRC-1243 143.26 144.78 1.52 0.20
20-SMRC-1243 161.54 163.07 1.52 0.23
3 20-SMRC-1244 0.00 1.52 1.52 0.21
20-SMRC-1244 25.91 36.58 10.67 0.19
3 20-SMRC-1245 0.00 6.10 6.10 0.25
20-SMRC-1245 16.76 18.29 1.52 0.34
20-SMRC-1245 28.96 59.44 30.48 0.47
including 36.58 39.62 3.05 0.68
including 44.20 45.72 1.52 1.13
including 56.39 59.44 3.05 1.46
and 56.39 57.91 1.52 2.42
20-SMRC-1245 103.63 170.69 67.06 0.36
including 137.16 155.45 18.29 0.54
and 140.21 141.73 1.52 2.52
and 146.30 147.83 1.52 1.37
including 160.02 166.12 6.10 1.06
and 160.02 161.54 1.52 3.58
20-SMRC-1245 187.45 188.98 1.52 0.21
3 20-SMRC-1246 0.00 1.52 1.52 0.21
20-SMRC-1246 15.24 16.76 1.52 0.54
20-SMRC-1246 22.86 24.38 1.52 0.22
20-SMRC-1246 47.24 53.34 6.10 0.26
including 48.77 51.82 3.05 0.37
20-SMRC-1246 83.82 86.87 3.05 0.33
20-SMRC-1246 199.64 213.36 13.72 0.24
including 199.64 202.69 3.05 0.48
including 210.31 213.36 3.05 0.43
4 20-SMRC-1232 0.00 7.62 7.62 0.57
including 0.00 1.52 1.52 0.96
20-SMRC-1232 16.76 18.29 1.52 0.33
20-SMRC-1232 28.96 30.48 1.52 0.28
20-SMRC-1232 108.20 109.73 1.52 0.33
20-SMRC-1232 132.59 134.11 1.52 0.55
4 20-SMRC-1233 27.43 41.15 13.72 0.40
including 35.05 41.15 6.10 0.70
and 36.58 39.62 3.05 1.00
20-SMRC-1233 56.39 106.68 50.29 0.41
including 57.91 60.96 3.05 0.99
including 64.01 65.53 1.52 1.57
including 68.58 70.10 1.52 3.68
20-SMRC-1233 117.35 118.87 1.52 1.09
4 20-SMRC-1234 27.43 39.62 12.19 0.33
including 35.05 39.62 4.57 0.55
20-SMRC-1234 54.86 60.96 6.10 0.99
including 56.39 60.96 4.57 1.20
20-SMRC-1234 85.34 88.39 3.05 0.52
20-SMRC-1234 100.58 102.11 1.52 0.26
20-SMRC-1234 109.73 111.25 1.52 0.23
20-SMRC-1234 121.92 123.44 1.52 1.18
4 20-SMRC-1235 54.86 85.34 30.48 0.38
including 59.44 60.96 1.52 1.36
including 67.06 71.63 4.57 0.58
4 20-SMRC-1236 0.00 21.34 21.34 0.33
including 4.57 10.67 6.10 0.57
including 15.24 21.34 6.10 0.45
20-SMRC-1236 15.24 18.29 3.05 0.73
20-SMRC-1236 56.39 70.10 13.72 0.26
including 56.39 57.91 1.52 0.77
including 60.96 64.01 3.05 0.58
20-SMRC-1236 134.09 141.73 7.64 0.29
including 138.67 141.73 3.07 0.47
20-SMRC-1236 152.40 158.50 6.10 0.35
including 153.92 156.97 3.05 0.53
4 20-SMRC-1237 0.00 15.24 15.24 0.60
including 0.00 4.57 4.57 1.48
and 1.52 3.05 1.52 3.42
20-SMRC-1237 39.62 41.15 1.52 0.62
20-SMRC-1237 103.63 105.16 1.52 2.82
4 20-SMRC-1247 6.10 10.67 4.57 0.34
20-SMRC-1247 18.29 19.81 1.52 0.21
20-SMRC-1247 33.53 35.05 1.52 0.81
20-SMRC-1247 44.20 45.72 1.52 0.24
20-SMRC-1247 50.29 53.34 3.05 0.23
4 20-SMRC-1248 1.52 33.53 32.00 0.18
including 9.14 12.19 3.05 0.34
including 19.81 21.34 1.52 0.69
including 30.48 33.53 3.05 0.32
4 20-SMRC-1249 3.05 10.67 7.62 1.01
including 7.62 9.14 1.52 3.79
20-SMRC-1249 21.34 59.44 38.10 0.38
including 32.00 36.58 4.57 0.55
including 47.24 50.29 3.05 1.24
including 53.34 54.86 1.52 2.09
20-SMRC-1249 76.20 144.78 68.58 0.27
including 111.25 121.92 10.67 0.64
and 114.30 118.87 4.57 1.08

 

 

Posted July 6, 2021

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