Spanish Mountain Gold Provides 2024 Exploration Program & Project Update
TSX-V: SPA | OTC: S3Y | FRA: SPAZF
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Spanish Mountain Gold Provides 2024 Exploration Program & Project Update
Highlights
Spanish Mountain Gold announces it has: (1) completed over 90% of the 5,000 m of planned drilling for its
2024 Exploration Program; assays are pending and (2) awarded a new Preliminary Economic Assessment
with accompanying Mineral Resource Estimate that aims to define a low cost, low initial capital staged
production strategy.
September 11, 2024
Vancouver, B.C. - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA | FSE: S3Y
| OTC: SPAZF ) is pleased to provide an update on its 2024 Exploration Program ( the “ Program”) at its Spanish
Mountain Gold Project (the “Project”) near Likely, British Columbia.
The Program will drill a total of nine (9) NQ sized diamond drill holes positioned along the northwestern edge of the
deposit. It will include down the hole surveying, oriented core and XRF analyser results which aim to maximize
information to improve ore body knowledge an d mineralization controls. The Program has achieved 4,478 metres
drilled in 7 of 9 completed diamond drill holes since the last update on August 9, 2024 (Please see Figure 1) . The
Company anticipates results to be available in Q4, 2024.
TSX-V: SPA | OTC: S3Y | FRA: SPAZF
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Figure 1 – Drill locations and potential new mineralization domain extensions
TSX-V: SPA | OTC: S3Y | FRA: SPAZF
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The Company is on course to achiev e its goal of completing drilling before the end of September 2024. With each
hole targeting the potential extension(s) of multiple newly identified zones of mineralization within and/or near the
pit constrained resource, the Company diligently continues to gather new information that could potentially reduce
waste strip, define high-grade geological controls and increase the scale of the Project.
Peter Mah, Spanish Mountain Gold’s President, CEO and Director comments, “We are excited to announce that once
the summer fire restrictions were lifted in the region in early August, our team safely mobilized and, to date, achieved
the drill plan on budget and schedule. In addition, the Company in collaboration with Hard Rock Diamond Drilling
proudly achieved a carbon footprint reduction of approximately 70-80% utilizing renewable diesel to fuel the drills
and equipment. Core logging and sampling has kept pace with the drills . The company anticipates receiving assay
results from the Program through Q3 and Q4.”
Preliminary Economic Assessment (“PEA”) Contract Award
The Company is pleased to announce it has awarded Ausenco with the contract as the lead for its PEA assessment
of the Spanish Mountain Gold Project. The team will work directly with Spanish Mountain Gold to complete a PEA
and combined NI 43-101 technical report which is expected to be completed by Q1 2025.
Director of Exploration
Spanish Mountain is pleased to announce the addition of Julian Manco as Director of Exploration , effective
September 5, 2024. Mr. Manco brings a wealth of experience and will lead the Company’s exploration efforts at its
Spanish Mountain Gold Project.
Peter Mah, Spanish Mountain Gold's President and CEO, comments, "Julian brings a high level of varied precious
metals work experience and a fresh view to our team. He has contributed to major discoveries, and we look forward
to his leadership for similar contributions at Spanish Mountain Gold!”
Troy Gill, formerly Vice President, Exploration departed from the Company for personal reasons . Mr. Manco will
assume the leadership of the geology and exploration functions.
Additional Updates
The Company is also pleased to announce the following updates:
- Approximately 175 km of core has been relogged for the Project.
- Relogging and sampl ing of all the outstanding 35 geotechnical sonic holes that were drilled for the
prefeasibility infrastructure footprint but were not sampled has been completed. All precious metal assays
and total element analysis for these holes are expected by early Q4. A portion of these holes are located
over top of and near the Phoenix Zone.
- Work on developing a new geological model covering the Project and potential mineralization extensions
to the northwest progressed. The new model will be included in the technical report for the new Mineral
Resource Estimate by Q1 2025.
- Phase 1 & 2 structural geology review , analysis and 3D modelling has been completed with a draft report
that is under review. The findings from this information are expected to be used to improve the controls
and mineral resource modelling.
TSX-V: SPA | OTC: S3Y | FRA: SPAZF
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- The initial Andritz simulations of the optimal power, grind and recover y options for 10 to 60 ktpd plant
throughput and associated comminution circuits have been completed . This work will assist with the
Whittle Enterprise Optimization models and ultimately the potential for staged production in the PEA.
Andritz is currently working in collaboration with several coarse ore flotation OEMs to complete the
remaining simulations.
- Phase 1 & 2 coarse ore flotation metallurgical test work and associated flowsheet analysis has been
completed and the Company expects a report to support new flowsheet options for the Project by early
Q4. Coarse ore flotation is also expected to open up new and potentially lower cost options for tailings and
water management solutions for the Project.
- The Company is pleased to announce it has received the approval for load attraction funding assistance
from BC Hydro to advance a new power line to its Project from the Stage 2 Facility Conceptual Design phase
through execution. Transitioning to green energy at our proposed mining facility is a significant step forward
in our commitment to sustainability and communities. By utilizing BC Hydro grid power, we can harness
clean, renewable electricity to power our operations, reduce carbon footprint , reduce noise and minimize
environmental impact.
Options Issuance
The Company announces it has granted 400,000 stock options exercisable at $0.17 per share to Mark Ruus, Chief
Financial Officer of the Company under the terms of his employment agreement and the Company’s stock option
plan.
Qualified Persons
Julian Manco, MSc., P. Geo, Director of Exploration for Spanish Mountain Gold Ltd. and Peter Mah, B.A.Sc. M.A.Sc.,
P.Eng are 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 Ltd. is focused on advancing its 100% -owned Spanish Mountain Gold Project towards
construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. We are conducting an integrated
Whittle Enterprise Optimization to id entify the 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 indigen ous relations by leveraging technology and
innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new
ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful
sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's
website: www.spanishmountaingold.com.
On Behalf of the Board
TSX-V: SPA | OTC: S3Y | FRA: SPAZF
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“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact
Investor Relations
(604) 398-4377
@SpMtnGold
Spanish Mountain Gold
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
expectations, beliefs, plans, 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", "potential" 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, including the statements of the number
of meters planned and objectives of drilling under Program, 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 appli cable securities
laws, the Company.