Spanish Mountain Gold Announces Metallurgical Test Program and Drill Results
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910-1111 Melville Street
Vancouver, British Columbia, V6E 3V6
Tel: 604.601.3651
Spanish Mountain Gold Announces Metallurgical Test Program
and Drill Results
Vancouver, B.C., January 24, 2024 - Spanish Mountain Gold Ltd. (the "Company" or " Spanish
Mountain Gold") (TSX-V: SPA) is pleased to announce a new metallurgical test program and assay
results from the 2022 metallurgical drill program for its Spanish Mountain Gold Project (“Project”)
located in the Cariboo Gold Corridor near Likely, British Columbia, Canada.
A new metallurgical test program has been scoped and tendered to assess the potential benefits
and flowsheet improvements using coarse ore floatation. The Company anticipates to award and
begin testing later in Q1 2024. The program will include using the 2022 metallurgical diamond
drill hole samples. The results of the test program will provide inputs for the Whittle Enterprise
Optimization.
Peter Mah, Spanish Mountain Gold’s President, CEO and Director comments, “ We are excited
about this new program which may show that a coarser grind decreases power consumption,
improves downstream processes such as tailings and water management, and favourably impacts
costs and production.”
Metallurgical Drill Result Highlights
• 0.77 grams per tonne (“g/t”) gold (“Au”) over 56.6 metres (“m”) from 119.4 m in drill
hole 22-DH-1259
• 0.59 g/t Au over 99.5 m from 3.0 m, in drill hole 22-DH-1261
• 1.03 g/t Au over 101.5 m from 15.0 m in drill hole 22-DH-1262
• 0.79 g/t Au over 76.0 m from 20.0 m in drill hole 22-DH-1263
Drill Program Summary
The drill program consisted of five (5) HQ2 diamond drill holes totaling 1,026 m. The drill holes
were collared at specific locations within the 2021 Prefeasibility Study Report (“PFS”) defined pit
Main Zone area designed to maximize the mineralized intercepts within the major
geometallurgical domains to provide optimal samples for the metallurgical test work. The
mineralized intervals were calculated on downhole weighted gold assay results using parameters
from the PFS mineral resource estimate including a cut-off grade of 0.15 g/t Au and a minimum
five (5) m width.
Drill hole collar locations are shown in Figure 1 and the details are provided in Table 1. Significant
mineralized interval assay results are summarized in Table 2.
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Figure 1: Drill hole location
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Table 1: Drill Hole Collar Details
Hole_ID NAD83z10 East
(m)
NAD83z10 North
(m)
Elevation
(m)
Dip
(°)
Azimuth
(°)
Final Depth
(m)
22-DH-1259 604304.04 5827733.04 1178.19 -82 000 176
22-DH-1260 604518.57 5827597.24 1193.77 -64 270 221
22-DH-1261 604394.83 5827798.92 1147.70 -90 000 244
22-DH-1262 604556.30 5827811.76 1126.09 -85 270 191
22-DH-1263 604501.73 5827729.33 1158.60 -85 270 194
Table 2: Summary of Significant Assay Results
Hole From To Interval Au (g/t) Ag (g/t)
22-DH-1259 13.50 19.50 6.00 0.31 0.25
22-DH-1259 51.50 58.00 6.50 0.92 0.32
Including 56.00 57.00 1.00 4.74 0.25
22-DH-1259 65.00 70.40 5.40 0.23 0.33
22-DH-1259 85.65 93.00 7.35 0.15 0.29
22-DH-1259 100.50 105.50 5.00 0.41 0.50
Including 104.50 105.50 1.00 1.66 0.80
22-DH-1259 119.40 176.00 56.60 0.77 0.91
Including 123.50 124.50 1.00 1.03 1.30
and 130.50 145.00 14.50 1.44 1.32
and 163.00 164.00 1.00 2.53 2.40
and 172.00 176.00 4.00 1.83 1.10
22-DH-1260 8.00 24.50 16.50 0.54 0.69
Including 8.00 9.00 1.00 1.71 1.20
22-DH-1260 49.00 54.00 5.00 0.62 0.65
Including 51.00 52.00 1.00 1.09 1.10
22-DH-1260 76.00 83.00 7.00 0.44 0.76
Including 77.00 78.00 1.00 1.12 1.30
22-DH-1260 98.00 104.00 6.00 1.11 0.60
Including 101.00 103.00 2.00 2.11 1.08
22-DH-1260 109.00 126.00 17.00 0.21 0.49
Including 115.00 116.00 1.00 1.33 0.70
22-DH-1260 204.00 217.00 13.00 0.23 0.77
22-DH-1261 3.00 102.50 99.50 0.59 0.57
Including 12.00 13.00 1.00 1.49 0.25
and 25.00 35.00 10.00 1.03 0.51
and 48.00 50.00 2.00 1.06 0.65
and 62.00 64.00 2.00 1.65 1.00
and 70.00 73.00 3.00 1.26 0.33
and 78.00 83.33 5.33 1.13 0.72
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Hole From To Interval Au (g/t) Ag (g/t)
and 92.50 97.00 4.50 1.69 1.01
22-DH-1261 114.00 130.00 16.00 0.32 0.68
Including 127.00 128.00 1.00 1.16 1.10
22-DH-1261 139.00 153.50 14.50 0.62 0.51
Including 143.00 144.00 1.00 1.78 0.25
and 149.00 153.50 4.50 1.13 0.95
22-DH-1261 158.50 165.50 7.00 0.65 0.34
Including 162.50 163.50 1.00 2.55 0.50
22-DH-1261 179.00 188.00 9.00 0.49 0.75
Including 179.00 180.00 1.00 1.12 0.80
and 182.00 183.00 1.00 1.49 1.90
22-DH-1261 199.00 242.00 43.00 0.47 0.72
Including 206.00 210.00 4.00 1.92 2.10
and 234.00 238.00 4.00 1.07 1.00
22-DH-1262 15.00 116.50 101.50 1.03 1.02
Including 35.80 37.00 1.20 32.2 2.60
and 37.00 38.00 1.00 1.30 1.00
and 55.00 61.00 6.00 2.66 0.93
and 70.00 72.00 2.00 1.58 0.75
and 83.00 101.00 18.00 1.63 1.31
22-DH-1262 143.00 152.00 9.00 0.56 0.64
Including 144.00 146.00 2.00 1.20 0.90
and 147.00 148.00 1.00 1.12 1.10
22-DH-1262 159.00 189.00 30.00 0.42 0.56
Including 167.00 168.00 1.00 3.40 1.30
22-DH-1263 3.00 13.00 10.00 0.22 2.08
22-DH-1263 20.00 96.00 76.00 0.79 0.63
Including 24.00 26.00 2.00 2.89 1.25
and 38.00 40.00 2.00 2.88 2.70
and 55.00 75.05 20.05 1.62 0.92
22-DH-1263 103.00 129.00 26.00 0.85 0.68
Including 114.00 125.00 11.00 1.42 0.80
22-DH-1263 135.00 140.50 5.50 0.88 0.86
Including 137.00 138.00 1.00 3.96 2.40
For a table of all assay results, click HERE.
Drill Core Processing and Quality Assurance – Quality Control Program
Atlas Drilling Ltd. of Kamloops, BC were contracted to undertake the drill program. Drill core was
emptied into core boxes directly from the core tube at the drill site for every three (3) m run and
the core boxes securely delivered to the Spanish Mountain Gold core shack facility at the end of
every shift. The core is measured for recove ry and this information is logged along with other
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geotechnical data. Any discrepancies with the drill shift report are noted and rectified. The
Company is not aware of any drilling, recovery or other factors that could materially affect the
accuracy or reliability of the data referred to in this new release.
The drill core processing was conducted by Discovery Consultants of Vernon, BC under the
supervision of the Company’s Exploration Manager. The drill core was geologically logged to
identify lithologies, structure and the gold mineralized zones. Sample intervals of nominally one
(1) m were selected based on the geological logging and are allocated unique sample number
tickets and marked for cutting. The geological and sample logging data was collated and verified
by the Company.
The sample intervals are cut in halves using a purpose -built diamond blade rock saw. Half core
samples were collected in labelled bags and the other half remains in the original core box stored
on site. Quality control (QC) samples including certified reference material standards, blanks and
duplicates are inserted into the sample sequence at regular intervals on a rotating basis to
monitor laboratory performance and provide quality assurance (QA) of the assay results. Sample
bags are securely shipped to the lab labelled with Company and lab contact information to ensure
sample security and chain of custody during transport.
The samples were submitted to the ALS Geochemistry lab in Vancouver, BC for preparation and
assaying. The entire sample is crushed to 70% passing -2 millimeters and a 1,000 gram aliquot is
split and pulverized to 85% passing -75 microns. Analysis for gold was by metallic screen fire assay
and Atomic Absorption (AA) finish. A suite of 30 other elements were analyzed by four acid digest
digestion Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). ALS Canada Ltd. is
accredited by the Standards Council of Canada and is an ISO/IEC 9001:2015 and 17025:2017
certified analytical laboratory in North America. ALS Geochemistry is independent of the
Company.
When the assay lab certificate of analysis were received, the QA / QC data was assessed for
accuracy and precision of the results and, if found to be within certain parameters, the assay data
was accepted as final and merged with the other down hole drill hole logging data for further
interpretation.
Qualified Person
Troy Gill, MAIG, Vice President Exploration for Spanish Mountain Gold Ltd., is the Qualified Person
as defined under National Instrument 43 -101 who reviewed and approved the contents, and
verified the data disclosed in this news release.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold is advancing it’s 100% owned Spanish Mountain Gold project towards
construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. Our immediate
focus is to conduct an integrated Whittle Enterprise Optimization to i dentify highest potential
value-add improvements while increasing the understanding of the high-grade geologic controls
and associated drill targets that could upgrade and expand the gold resource. We are striving to
be a leader in community and indigenous relations and will add to this leadership position by
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leveraging technology and innovation to build the 'greenest' gold mine in Canada. Our goal for
the Spanish Mountain Gold project is to reset the bar for lowering open pit gold mining carbon
intensity and greenhouse gas emissions while contributing to the circular economies of the region.
Details on the Company are available on www.sedarplus.ca and on the Company's website:
www.spanishmountaingold.com.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Investor Relations
(604) 601-3651
www.spanishmountaingold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS:
Certain of the statements and information in this press release constitute "forward -looking statements" or
"forward-looking information" Any statements or information that express or involve discussions with
respect to predictions, expectations, beliefs, p lans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes",
"plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potenti al" or variations
thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of
historical fact and may be forward -looking statements or information. The Company's forward -looking
statements and information are based on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as required by a pplicable securities laws,
the Company does not assume any obligation to update forward -looking statements and information if
circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes
in any other events affecti ng such statements or information. For the reasons set forth above, investors
should not place undue reliance on forward looking statements and information.