Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) has released additional results from its 2024 drill program at the Spanish Mountain Gold project in British Columbia, Canada.
Key intersections included 49 meters grading 0.58 grams per ton (g/t) gold, with a high-grade section of 9 meters (m) at 2.09 g/t gold, including 1.5 meters grading 11.95 g/t gold.
The same hole also intersected 35.62 m grading 0.46 g/t gold, including 4.62 m grading 1.4 g/t gold, and 127 m grading 0.3 g/t gold, including 4.5 m grading 1.58 g/t gold.
Another drill hole intersected 56.7 m grading 0.40 g/t gold, including 7.5 m grading 1.09 g/t gold and 46.5 m grading 0.22 g/t gold.
Spanish Mountain Gold said these results demonstrate the potential for extending near-surface mineralization to the northwest of the 2021 resource pit, a development that could reduce the strip ratio and increase resources.
Several drill holes ended in mineralization, indicating that the deposit remains open at depth beyond Fault 2, with mineralization extending an average of 40 meters past the fault.
All drill holes encountered mineralization near Fault 1, with high-grade intervals observed close to faults and lithological contacts characterized by pyrite, quartz veining, and silica alteration, the company also highlighted.
"These results are encouraging indications of mineral endowment growth opportunities 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,” Spanish Mountain Gold CEO Peter Mah said in a statement.
“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."