Spanish Mountain Gold Provides Additional 2024 Drill Program Results
Spanish Mountain Gold Ltd.
910-1111 Melville Street
Vancouver, British Columbia, V6E 3V6
Tel: 604.601.3651
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Spanish Mountain Gold Provides Additional 2024 Drill Program Results
Vancouver, B.C., December 5, 2024 - Spanish Mountain Gold Ltd. (the " Company" or "Spanish
Mountain Gold") (TSX-V: SPA) (FSE: S3Y) (OTC: SPAZF) is pleased to provide additional results
from the 2024 drill program for the Spanish Mountain Gold project located in the Cariboo Gold
Corridor, British Columbia, Canada.
Highlights:
• Hole 24-DH-1265 intersected 49.00 m grading 0.58 g/t Au (from 115.00 m to 164.00 m),
including 9.00 m grading 2.09 g/t Au, and including 1.50 m grading 11.95 g/t Au.
• Hole 24-DH-1265 also intersected 35.62 m grading 0.46 g/t Au, including 4.62 m grading
1.40 g/t Au, and 127.00 m grading 0.3 0 g/t Au (from 410.50 m to 537.50 m), including
4.50 m grading 1.58 g/t Au.
• Hole 24-DH-1266 intersected 56.70 m grading 0.40 g/t Au (from 287.30 m to 344.00 m),
including 7.50 m grading 1.09 g/t Au.
• Hole 24-DH-1264 intersected 46.50 m grading 0.22 g/t Au (from 157.25 m to 203.75 m).
• See Plan View & Long Section, 2024 Drill Program (Figure 1)
These results are important for three reasons:
1) Extended near surface mineralization within to the northwest of the 2021 resource pit, which
has the potential to lower the st rip ratio and expand resources (refer to press release dated
October 16, 2024, for previously reported drill hole 24-DH-1267).
2) Three holes in this series ended in strong mineralization indicating the deposit is potentially
open at depth and not cut off by Fault 2 , with mineralization extending an average of 40 m
beyond the fault.
3) All holes intersected mineralization proximal to Fault 1 and exhibited high-grade intercepts
near faults and lithological contacts associated with pyrite, quartz veining, and silica alteration.
Peter Mah, Spanish Mountain Gold’s President & CEO commented, “These results are
encouraging indications of mineral endowment growth opportuni ties that reinforce the 2023
decisions to halt the EA process, re-interpret the geology and drill test the potential for
mineralization extensions that could support a larger ultimate project scale . The Company is
focused on updating a mineral resource estimate and PEA in the first half of 2025. We will utilize
this new information to plan our 2025 exploration program to support growth opportunities, and
the potential for near-surface staged production alternatives.”
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Figure 1 – Plan View & Long Section, 2024 Drilling (dated 04Dec2024)
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2024 Drill Program
The 2024 drill program consisted of 11 NQ-sized diamond drill holes for a total of 5,590 m to target
newly identified zones of mineralization within and/or near the 2021 pit constrained resource
(refer to the Spanish Mountain Gold Project - Prefeasibility Study (PFS) and Mineral Resource
Estimate, and associated NI 43-101 Technical Report, effective date May 10, 2023 , available on
the Company’s website or under the Company’s profile on Sedarplus.ca.)
The program included downhole surveying, oriented core and X-ray fluorescent ( “XRF”) data,
which aimed to maximize information, improve ore body knowledge and better understand the
mineralization controls and their orientation.
Main and Slipper Zone Extensions
Four step-out holes (which includes the previously reported drill hole 24-DH-1267) were collared
within the 2021 resource pit boundary to test for mineralized extensions and continuity to the
northwest near and within the Slipper Zone, Main Zone, Fault 1 and Fault 2. Initial drilling shows
mineralization continues to trend northwest towards the Satellite Pit (see Figure 1 – Satellite Pit
as identified in the 2021 PFS, see above) and remains open at depth.
Each of the holes intersected gold mineralization within multiple, newly interpreted geological
units. Below describes the results from holes 24-DH-1264; 65; and 66.
Hole 24-DH-1264 intersected two key intervals of 46.50 m grading 0.22 g/t Au (starting at a depth
of 157.25 m) and 26.50 m grading 0.2 6 g/t Au (starting at a depth of 265.00 m), where ‘blebby’
pyrite mineralization is stratigraphically controlled between the Volcanic Tuff and Greywacke
units contact (see Figure 1 – Long Section View).
Hole 24-DH-1265 demonstrated continuity in the Slipper Zone, intersecting 49.00 m grading 0.58
g/t Au, including 9.00 m grading 2.09 g/t Au, and including a high-grade interval of 1.50 m grading
11.95 g/t Au , affirming the potential for higher -grade intercepts within the deposit . This hole
expands the Slipper Zone mineralization 50 m deeper and 40 m further to the west compared to
the 2021 resource block model. The bottom of the hole ended in mineralization intercepting 0.32
g/t Au over 127.00 m, including 4.60 m grading 1.58 g/t Au.
Hole 24-DH-1266 extended mineralization along Fault 1 returning 56.70 m grading 0.40 g/t Au,
and Fault 2 returning 46.00 m grading 0.19 g/t Au.
The results of the four step-out holes substantiate the potential structural controls along the
north-south faults, new geological model and expansion potential to the northwest.
Julian Manco, Spanish Mountain Gold’s Director, Exploration commented , “The 2024 drill
program targets were selected according to a new, improved geological interpretation based on
extensive core relogging, a new 3D structural model and geochemical information. This has led to
an improved 3D regional geological model which we anticipate will provide new insights for future
exploration targets on what is emerging as an unconstrained larger gold endowment.”
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Table 1: 2024 Drill Program – Gold Assay Results
Drillhole ID From To True Width
(m)
Gold Grade
(g/t Au)
24-DH-1264 27.00 33.00 6.00 0.44
24-DH-1264 37.50 39.00 1.50 0.33
24-DH-1264 138.25 140.00 1.75 0.56
24-DH-1264 157.25 203.75 46.50 0.22
24-DH-1264 265.00 291.50 26.50 0.26
24-DH-1264 358.50 363.75 5.25 0.56
24-DH-1264 436.00 440.00 4.00 0.28
24-DH-1264 558.00 562.50 4.50 0.36
24-DH-1265 56.50 62.50 6.00 0.19
24-DH-1265 73.00 83.50 10.50 0.18
24-DH-1265 115.00 164.00 49.00 0.58
including 115.00 133.00 9.00 2.09
including 131.50 133.00 1.50 11.95
24-DH-1265 275.00 278.00 3.00 0.27
24-DH-1265 285.38 321.00 35.62 0.46
including 285.38 290.00 4.62 1.40
24-DH-1265 329.54 332.50 2.96 0.27
24-DH-1265 340.00 341.50 1.50 0.38
24-DH-1265 346.00 356.50 10.50 0.46
24-DH-1265 388.00 395.00 7.00 0.31
24-DH-1265 410.50 537.50 127.00 0.3
including 499.00 503.50 4.50 1.58
24-DH-1266 44.50 47.50 3.00 0.33
24-DH-1266 80.50 94.00 13.50 0.21
24-DH-1266 127.50 129.00 1.50 0.34
24-DH-1266 206.00 212.50 6.50 0.24
24-DH-1266 265.50 276.00 10.50 0.19
24-DH-1266 287.30 344.00 56.70 0.4
including 310.00 317.50 7.50 1.09
24-DH-1266 356.00 360.50 4.50 0.28
24-DH-1266 395.00 411.00 16.00 0.4
24-DH-1266 446.00 450.50 4.50 0.44
24-DH-1266 483.00 484.50 1.50 0.56
24-DH-1266 512.50 558.50 46.00 0.16
Notes:
1) Intersections are calculated above 0.15 g/t Au cut-off.
2) The Company is unaware of any drilling, sampling or recovery factors that could materially affect the
accuracy or reliability of the data presented above.
3) The complete assay table is available on the Company’s website
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Table 2: Drill Hole Location
HOLE-ID LOCATION X LOCATION Y LOCATION Z Azimuth Dip LENGTH
24-DH-1264 603928.32 5828193.718 1072.499 120 -70 584.00
24-DH-1265 603857.003 5828239.571 1075.001 120 -70 537.50
24-DH-1266 603781.925 5828262.461 1065.138 120 -70 558.00
24-DH-1267 603699.827 5828270.035 1067.569 120 -70 653.80
Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QA/QC)
Once received from the drill and processed, all drill core samples are sawn in half, labeled, and bagged.
The remaining half of the drill core is securely stored on -site. Numbered security tags are applied to
sample shipments to ensure chain of custody com pliance. The Company inserts quality control (QC)
samples at regular intervals, including blanks and reference materials, with all sample shipments to
monitor laboratory performance. The QA/QC program is overseen by the Company’s Qualified Person,
Julian Manco, P.Geo, Director of Exploration (as described below).
Drill core samples are submitted to ALS Geochemistry's analytical facility in Kamloops, British
Columbia, for preparation with analysis performed in Vancouver. The ALS facility is accredited to the
ISO/IEC 17025 standard for gold assays, with all analytical methods incorporating quality control
materials at defined frequencies and established data acceptance criteria.
Each entire sample is crushed, and a 1 kg portion is pulverized. Gold analysis is conducted using a 30 g
fire assay fusion with an atomic absorption (AAS) finish, with detection limits ranging from 0.005 ppm
to 10 ppm. Also, Au Screen 30 g FA, 1 kg, 100 - 106 µm method is used with detection limits ranging
from 0.05 ppm to 10%. Overlimit gold values are analyzed by fire assay with a gravimetric finish.
The samples are also subjected to a 34-element geochemical analysis using a 4-acid digestion, followed
by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP -AES). Results are reviewed by
Spanish Mountain’s geologist s using ALS's QCPro ™ software to ensure quality assurance before
disclosure. ALS is independent of the Company.
Julian Manco, M.Sc., P.Geo., has verified the data disclosed in this news release. The data verification
process involved a multi -step approach to ensure accuracy and integrity. This included a detailed
quality control (QC) analysis of the data, which was performed using both inter nal and external
platforms, such as the QCPro™ software. These QC checks involved the analysis of certified reference
materials (CRMs), blanks, and duplicates to confirm the reliability of the assay results. In addition,
Julian conducted a field inspection of the specific drill intervals mentioned in this release to directly
observe the geological features and verify the nature of the results presented.
Qualified Person
Julian Manco, M.Sc., P.Geo., Director of Exploration with Spanish Mountain Gold, is the Qualified
Person as defined under National Instrument 43-101 who has reviewed and approved the contents of
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 identify the highest potential value -add
improvements while increasing the understanding of the high-grade geologic controls and associated
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drill targets that could upgrade and expand the gold resource. We are striving to be a leader in
community and Indigenous 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 mean ingful
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,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Suzette N Ramcharan
(604) 601-3651
Neither the 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 INFORMATION:
Certain of the statements and information in this press release constitute "forward -looking information".
Any statements or information that express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always,
using words or phrases such as "expect s", "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 considered
forward-looking information. The Company's forward -looking information is based on the assumptions,
beliefs, expectations and opinions of management as of the date of this press release and include but are
not limited to information with respect to, the pending holes from this drill program and the timing and
results thereof; the potential to lower the strip ratio within the near surface environment; and the delivery
of an updated mineral resource estimate and Preliminary Econom ic Assessment (PEA), and the timing and
results thereof. Other than as required by applicable securities laws, the Company does not assume any
obligation to update forward -looking information if circumstances or management's assumptions, beliefs,
expectations or opinions should change, or change s in any other events affecting such statements or
information. For the reasons set forth above, investors should not place undue reliance on forward -looking
information.