Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) told investors it has completed more than 90% of the 5,000 meters of drilling planned in its 2024 Exploration Program at its Spanish Mountain Gold Project in British Columbia, with assays pending.
Drilling targeted multiple newly identified mineralization zones in and/or near the pit-constrained resource, providing information that could allow the company to potentially reduce waste strip, define high-grade geological controls and increase the project’s scale.
Spanish Mountain Gold is on track to complete drilling by the end of September, with assays expected through Q3 and Q4.
"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,” CEO Peter Mah said in a statement.
“In addition, the company in collaboration with Hard Rock Diamond Drilling proudly achieved a carbon footprint reduction of approximately 70% to 80% utilizing renewable diesel to fuel the drills and equipment. Core logging and sampling has kept pace with the drills.”
It has completed the relogging of 175 kilometers of core and sampling 35 geotechnical sonic holes, with assay results expected by early Q4.
A new geological model covering the project, including potential mineralization extensions, is in progress and will be included in the Mineral Resource Estimate by Q1 2025.
Phase 1 and 2 structural geology reviews and 3D modeling are complete, with findings aimed at enhancing resource modeling.
Metallurgical test work, including coarse ore flotation, has concluded, with a report on new flowsheet options expected by early Q4.
The company also announced that it has appointed Ausenco to lead its Preliminary Economic Assessment (PEA) of the Spanish Mountain Gold Project.
The company said it expects the PEA and combined NI 43-101 technical report to be completed by the first quarter of 2025.
Further, it has appointed Julian Manco as Director of Exploration to lead its exploration efforts at the project.
Troy Gill, who held the position of Vice President, Exploration, has left the company for personal reasons.
"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!” Mah commented.