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Spanish Mountain Gold Provides 2024 Drill Program Update with Initial Results that Confirm Mineralization Extensions

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Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) has provided an update on its 2024 drill program at the Spanish Mountain Gold project in British Columbia, Canada. The company completed 11 NQ-sized diamond drill holes totaling 5,590 meters. Results from the first reported hole, 24-DH-1267, confirmed near-surface mineralization and provided information on mineralization extensions on three horizons.

Highlights include:

  • Upper Intercept: 80.00 m grading 0.44 g/t Au, including 22.50 m grading 0.74 g/t Au
  • Middle Intercept: 91.50 m grading 0.22 g/t Au
  • Lower Intercept: 8.50 m grading 0.67 g/t Au and 41.00 m grading 0.19 g/t Au

The drill program aimed to validate the new geological model and explore potential mineralization extensions. The results provide insights into structural controls on mineralization and suggest further potential within various host lithologies.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) ha fornito un aggiornamento sul suo programma di perforazione 2024 presso il progetto Spanish Mountain Gold in Columbia Britannica, Canada. L'azienda ha completato 11 fori di perforazione in diamante di dimensioni NQ per un totale di 5.590 metri. I risultati del primo foro riportato, 24-DH-1267, hanno confermato la mineralizzazione prossimale alla superficie e fornito informazioni sulle estensioni mineralizzate su tre orizzonti.

I punti salienti includono:

  • Intercettazione Superiore: 80,00 m con un grado di 0,44 g/t Au, inclusi 22,50 m con un grado di 0,74 g/t Au
  • Intercettazione Centrale: 91,50 m con un grado di 0,22 g/t Au
  • Intercettazione Inferiore: 8,50 m con un grado di 0,67 g/t Au e 41,00 m con un grado di 0,19 g/t Au

Il programma di perforazione mirava a convalidare il nuovo modello geologico ed esplorare potenziali estensioni mineralizzate. I risultati offrono spunti sui controlli strutturali sulla mineralizzazione e suggeriscono ulteriori potenzialità all'interno di varie litologie ospitanti.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) ha proporcionado una actualización sobre su programa de perforación 2024 en el proyecto Spanish Mountain Gold en Columbia Británica, Canadá. La compañía completó 11 perforaciones de diamante de tamaño NQ que suman un total de 5,590 metros. Los resultados del primer agujero informado, 24-DH-1267, confirmaron la mineralización cerca de la superficie y brindaron información sobre las extensiones de mineralización en tres horizontes.

Los aspectos destacados incluyen:

  • Intercepción Superior: 80,00 m con una ley de 0,44 g/t Au, incluyendo 22,50 m con una ley de 0,74 g/t Au
  • Intercepción Media: 91,50 m con una ley de 0,22 g/t Au
  • Intercepción Inferior: 8,50 m con una ley de 0,67 g/t Au y 41,00 m con una ley de 0,19 g/t Au

El programa de perforación tenía como objetivo validar el nuevo modelo geológico y explorar posibles extensiones de mineralización. Los resultados proporcionan información sobre los controles estructurales de la mineralización y sugieren un mayor potencial dentro de varias litologías hospedadoras.

스페인 마운틴 골드(Spanish Mountain Gold) (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF)는 캐나다 브리티시 컬럼비아에 위치한 스페인 마운틴 골드 프로젝트에서 2024년 드릴 프로그램에 대한 업데이트를 제공했습니다. 이 회사는 총 5,590미터에 달하는 11개의 NQ 크기 다이아몬드 드릴 홀을 완료했습니다. 첫 번째 보고된 홀인 24-DH-1267의 결과는 지표 근처의 광물화를 확인하고 세 가지 지층에서의 광물화 연장에 대한 정보를 제공했습니다.

주요 내용은 다음과 같습니다:

  • 상부 관통: 80.00m에서 0.44g/t Au, 22.50m에서 0.74g/t Au 포함
  • 중간 관통: 91.50m에서 0.22g/t Au
  • 하부 관통: 8.50m에서 0.67g/t Au 및 41.00m에서 0.19g/t Au

이번 드릴 프로그램은 새로운 지질 모델을 검증하고 잠재적인 광물화 확장을 탐색하는 것을 목표로 했습니다. 결과는 광물화에 대한 구조적 제어에 대한 통찰력을 제공하고 다양한 숙주 암석 내에서 추가적인 잠재성을 암시합니다.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) a fourni une mise à jour sur son programme de forage 2024 au projet Spanish Mountain Gold en Colombie-Britannique, Canada. L'entreprise a complété 11 forages diamantés de taille NQ totalisant 5 590 mètres. Les résultats du premier trou rapporté, le 24-DH-1267, ont confirmé une minéralisation près de la surface et fourni des informations sur les extensions de minéralisation sur trois horizons.

Les points saillants incluent:

  • Intersection Supérieure: 80,00 m avec une teneur de 0,44 g/t Au, dont 22,50 m avec une teneur de 0,74 g/t Au
  • Intersection Moyenne: 91,50 m avec une teneur de 0,22 g/t Au
  • Intersection Inférieure: 8,50 m avec une teneur de 0,67 g/t Au et 41,00 m avec une teneur de 0,19 g/t Au

Le programme de forage visait à valider le nouveau modèle géologique et à explorer les extensions potentielles de minéralisation. Les résultats fournissent des informations sur les contrôles structurels de la minéralisation et suggèrent un potentiel supplémentaire au sein de diverses lithologies hôtes.

Spanish Mountain Gold (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) hat ein Update zu seinem Bohrprogramm 2024 im Spanish Mountain Gold-Projekt in British Columbia, Kanada, bereitgestellt. Das Unternehmen hat 11 NQ-Diamantbohrlöcher mit einer Gesamtlänge von 5.590 Metern abgeschlossen. Die Ergebnisse aus dem ersten berichteten Loch, 24-DH-1267, bestätigten die mineralische Fundstelle in der Nähe der Oberfläche und lieferten Informationen über die mineralischen Erweiterungen in drei Horizonten.

Höhepunkte sind:

  • Obere Interzeption: 80,00 m mit einem Grad von 0,44 g/t Au, einschließlich 22,50 m mit einem Grad von 0,74 g/t Au
  • Mittlere Interzeption: 91,50 m mit einem Grad von 0,22 g/t Au
  • Unterere Interzeption: 8,50 m mit einem Grad von 0,67 g/t Au und 41,00 m mit einem Grad von 0,19 g/t Au

Das Bohrprogramm zielt darauf ab, das neue geologische Modell zu validieren und potenzielle mineralische Erweiterungen zu erkunden. Die Ergebnisse geben Einblicke in die strukturellen Kontrollen der Mineralisierung und deuten auf weiteres Potenzial innerhalb verschiedener Wirtsgesteine hin.

Positive
  • Confirmation of near-surface mineralization in hole 24-DH-1267
  • Successful interception of targeted NS-Fault 1, validating new geological interpretation
  • Discovery of new mineralization at depth, opening up potential for resource expansion
  • Identification of potential for Critical Elements such as Manganese, Magnesium, Nickel, and Titanium
Negative
  • None.

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Spanish Mountain Gold Ltd.  (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) (the "Company" or "Spanish Mountain Gold") is pleased to provide an update on its 2024 drill program at the Spanish Mountain Gold project located in the Cariboo Gold Corridor, British Columbia, Canada (see Figure 1 - Project Location Map). The Company completed 11 NQ-sized diamond drill holes for a total of 5,590 metres ("m") of drilling, positioned along the northwestern edge of the deposit. Results from the first reported hole in this program, 24-DH-1267, successfully intercepted its intended targets, confirming near surface mineralization and providing valuable information to improve the understanding of mineralization extensions on three horizons and their associated controls.

Highlights:

  • Upper Intercept - Hole 24-DH-1267 intersected 80.00 m grading 0.44 g/t Au (from 53.00 m to 133.00 m), including 22.50 m grading 0.74 g/t Au (from 110.50 m to 133.00 m).

  • Middle Intercept - Hole 24-DH-1267 intersected 91.50 m grading 0.22 g/t Au (from 284.50 m to 376.00 m).

  • Lower Intercept - Hole 24-DH-1267 intersected 8.50 m grading 0.67 g/t Au (from 518.00 m to 526.50 m), and 41.00 m grading 0.19 g/t Au (from 567.50 m to 608.50 m), within sericite-altered rocks bearing pyrite and quartz veins in proximity to a NS- trending fault.

  • Hole 24-DH-1267 ended in mineralization at a depth of 652.50 m, with preliminary results of 14.35 m grading 0.23 g/t Au (from 638.15m to 652.50 m).

  • See Figure 2 - Plan View and Long Section, 2024 Drill Program

Julian Manco, Spanish Mountain Gold's Director, Exploration, commented, "These early results provide valuable insights that help further validate the new geological model of the deposit and its potential for extended mineralization to the northwest. Notably, the presence of gold associated disseminated blebby pyrite in quartz-bearing cataclastic argillite in the upper zone appears to be a promising indicator of newly interpreted mineralization in this upper part of the deposit.

In the middle intervals, the findings align with the new 3D structural interpretation, which highlights a strong spatial relationship between mineralization and west-dipping, north-south-oriented faults (e.g., Fault 1, see Fig. 2). Furthermore, a newly identified mineralized zone at depth shows a similar relationship with another NS-oriented fault (e.g., Fault 2, see Fig. 2), coupled with local intense sericite alteration and quartz veining in the tuffaceous rock. These characteristics have similarity to high-grade gold intervals elsewhere in the deposit, suggesting further mineralization potential within several host lithologies.

We anticipate continued progress with additional results to further validate these key structural controls on mineralization and potential orientation(s) for higher grade mineralization."

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Figure 1 - Project Location Map

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Figure 2 - Plan View & Long Section, 2024 Drill Program

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2024 Drill Program

The Company demonstrated its commitment to the pursuit for better gold during its 2024 drill program which was completed safely, on budget, and used renewable diesel for the drills, heavy equipment and light vehicles that reduced the program's carbon footprint by approximately 72% compared to a standard diesel operation. A special thank you to Hard Rock Diamond Drilling in partnership with the Williams Lake First Nation and SkyWest Environmental in partnership with Xatsull First Nation for pulling together to overcome scheduling challenges to complete the program after the wildfire work restrictions were lifted.

The 2024 drill program consisted of 11 NQ-sized diamond drill holes for a total of 5,590 m of drilling positioned along the northwestern edge of the deposit. Initially, the program consisted of 9 holes (refer to press release dated September 11, 2024) however, with encouraging mineralization identified during core logging in the first 9 holes, and good weather, the program was expanded. An additional 2 holes 24-DH-1273 and 24-DH-1274 were completed on the northwest extension of the newly modelled K Zone which occurs at surface (see Figure 2 - Plan View & Long Section, 2024 Drill Program).

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. Each hole targeted newly identified zones of mineralization within and/or near the 2021 pit constrained resource (refer to the Spanish Mountain Gold Project - Prefeasibility Study and associated Mineral Resource 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.

Drill hole 24-DH-1267 intersected three mineralized zones of importance achieving the goals of this drill program on all three fronts by, intersecting shallow mineralization; targeting the north-south Hanging Wall Fault zone ("NS-Fault 1") interpreted to be a strong control on mineralization; and encountering new deeper mineralization in an area with limited drill data, which has now opened the deposit up at depth (see Figure 2 - Plan View & Long Section, 2024 Drill Program).

Upper Intercept (Slipper Zone)

Hole 24-DH-1267 was collared in an area with validated historic RC drill data but with very limited diamond drill core data. The hole intersected strong mineralization over a broad interval of 80.00 m grading 0.44 g/t Au, including 22.50 m grading 0.74 g/t Au. Assays are pending for three (3) additional holes (24-DH-1266, 65, and 64) which tested the potential for the southeastern extension of the newly interpreted Slipper Zone and upper stratigraphic sequence at approximately 80 m spacing (results will be reported as they become available). The oriented drill core data will be utilized to improve the understanding of the Slipper Zone mineralization controls, model, and potential to expand this zone near surface which has an expected lower strip ratio and higher margin compared to deeper mineralization in the deposit. This intercept is a key initial result in support of the company's new strategy to identify mineralization that is near term, close to surface and attractive for a staged production development strategy.

Middle Intercept

Drilling successfully intercepted the targeted NS-Fault 1 intersecting 91.50 m grading 0.22 g/t Au. The successful interception of NS-Fault 1 (believed to be an extension of existing zones in this area), further validates the new geological interpretation.

This fault zone is a strong and prevalent feature in the existing resource and this intersection confirms its potential to be a relevant conduit for deeper mineralization.

Lower Intercept

Hole 24-DD-1267 intersected 8.50 m grading 0.67 g/t Au (from 518.00 m to 526.50 m) and encountered significant mineralization at depth intersecting 41.00 m grading 0.19 g/t Au, which was not considered in previous interpretations. The hole ended in mineralization (intersecting 14.35 m grading 0.23 g/t Au, the results of which are preliminary in nature) and remains open at depth. This newly intersected mineralization is closely related to the interpreted NS fault (NS-Fault 2), and sericite-altered tuffs with quartz veining. This is particularly promising due to the association with high-grade gold (>100 g/t), where tuffs and siltstone exhibit intense sericite alteration near high-angle quartz and carbonate veins. This could be an opportunity for additional growth and will be followed up on in the 2025 drill program.

The pending results from the remaining 2024 drill program will provide further insights into the continuity and potential expansion of the mineralized zones, along with the potential for resource additions.

Potential for Critical Minerals (Elements)

Portable XRF was run on all holes in the 2024 drill program, and can non-destructively quantify or qualify nearly any element, from Magnesium to Uranium. The XRF data has identified the potential for Critical Elements such as Manganese (Mn), Magnesium (Mg), Nickel (Ni) and Titanium (Ti). The company is analyzing the preliminary results and anticipates further investigation may be required as part of the 2025 Exploration Program.

Table 1: 2024 Drill Program - Preliminary Gold Results

Drillhole IDFromToTrue Width (m)Gold Grade
(g/t Au)
Horizon
24-DH-126737.5047.359.850.19Upper
24-DH-126753.00133.0080.000.44
including110.50133.0022.500.74
24-DH-1267262.00266.504.500.17
24-DH-1267284.50376.0091.500.22Middle
24-DH-1267383.50387.003.500.15
24-DH-1267388.50393.004.500.22
24-DH-1267397.50400.503.000.38
24-DH-1267420.00423.003.00.55
24-DH-1267518.00526.508.500.67
24-DH-1267521.00525.004.001.10
24-DH-1267567.50608.5041.000.19Lower
24-DH-12672638.15652.5014.350.23

 

Notes:

  1. Intersections are calculated above 0.15 g/t Au cut-off.
  2. The reported interval from 638.15 m to 652.50 m is based on preliminary data and has not yet been fully validated.
  3. The Company is unaware of any drilling, sampling or recovery factors that that could materially affect the accuracy or reliability of the data presented above.
  4. The complete assay table is available on the Company's website.

Table 2: Drill Hole Location

HOLE-IDLOCATION XLOCATION YLOCATION ZAzimuthDipLENGTH
24-DH-1267603699.8275828270.0351067.569120-70653.8

 

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 compliance. 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 geologists using ALS's QCPro™ software to ensure quality assurance before disclosure. ALS is independent of the Company.

Julian Manco, M.Sc., P.Geo., has thoroughly 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 internal 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.

Options Issuance

The Company announces it has granted 150,000 stock options exercisable at $0.16 per share to Suzette N. Ramcharan, Vice President, Investor Relations and Corporate Development of the Company under the terms of her employment agreement and the Company's stock option plan.

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 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 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,

"Peter Mah"
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.

For more information, contact:
Suzette N Ramcharan
(604) 601-3651
info@spanishmountaingold.com

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 "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 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 of this drill program 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 changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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FAQ

What were the key findings from Spanish Mountain Gold's 2024 drill program?

The 2024 drill program confirmed near-surface mineralization and provided information on mineralization extensions on three horizons. The first reported hole, 24-DH-1267, intersected significant gold grades, including 80.00 m grading 0.44 g/t Au in the upper intercept, 91.50 m grading 0.22 g/t Au in the middle intercept, and new mineralization at depth.

How many drill holes did Spanish Mountain Gold complete in its 2024 program?

Spanish Mountain Gold completed 11 NQ-sized diamond drill holes for a total of 5,590 meters in its 2024 drill program at the Spanish Mountain Gold project.

What is the significance of the NS-Fault 1 interception in Spanish Mountain Gold's drilling results?

The successful interception of NS-Fault 1 validates the new geological interpretation and confirms its potential as a relevant conduit for deeper mineralization. This fault zone is considered a strong and prevalent feature in the existing resource.

Has Spanish Mountain Gold (SPAZF) identified any potential for critical minerals in its recent drilling?

Yes, Spanish Mountain Gold has identified potential for Critical Elements such as Manganese (Mn), Magnesium (Mg), Nickel (Ni), and Titanium (Ti) through portable XRF analysis conducted on all holes in the 2024 drill program.

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