Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) has reported initial results from its 2024 drill program at the Spanish Mountain Gold project in British Columbia, confirming extensions of mineralization.
The company drilled 11 NQ-sized holes totaling 5,590 meters, focusing on the northwestern edge of the deposit.
The first reported hole intersected multiple significant mineralized zones, with an upper intercept of 80 meters grading 0.44 grams per ton (g/t) gold (Au), including 22.5 meters at 0.74 g/t Au, a middle intercept of 91.5 meters grading 0.22 g/t Au, and a lower intercept with 8.5 meters grading 0.67 g/t Au and 41 meters at 0.19 g/t Au.
The hole ended in mineralization, further indicating the presence of gold in the deposit.
Pending assays from additional holes are expected to provide further insights into the continuity and potential expansion of the mineralized zones.
“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,” Spanish Mountain Gold director, exploration Julian Manco said in a statement.
“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.”
Manco added that, in the middle intervals, the findings align with a new 3D structural interpretation highlighting a strong spatial relationship between mineralization and west-dippping, north-south-oriented faults.
Manco highlighted the discovery of a newly identified mineralized zone at depth, which shares a similar relationship with a north-south oriented fault and is associated with intense sericite alteration and quartz veining in tuffaceous rock, indicating potential for further mineralization.
“These characteristics have similarity to high-grade gold intervals elsewhere in the deposit, suggesting further mineralization potential within several host lithologies," Manco explained.
Additional results are expected to further confirm key structural controls on mineralization and identify potential orientations for higher-grade mineralization, Manco added.