Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) has reported its highest-grade gold intercepts to date at the K-Zone of its Spanish Mountain Gold project in British Columbia’s Cariboo Gold Corridor.
The results come from the company’s ongoing 10,000-meter winter drill campaign, which is now 73% complete and focused on expanding near-surface mineralization.
One hole returned a standout intercept of 139 meters grading 4.18 grams per ton (g/t) gold starting at 56 meters deep, including 0.75 meters of 719.26 g/t gold and 3.5 meters of 156.8 g/t gold.
Another hole intersected 55.7 meters of 0.41 g/t gold from 126 meters, including 9.7 meters of 1.83 g/t and 1 meter of 12.13 g/t gold.
A third hole intersected 39 meters of 0.99 g/t gold from 113 meters, including 1 meter of 34.59 g/t gold.
Visible gold was noted in several holes, supporting the presence of high-grade mineralization at the K-Zone.
"These exceptional results validate our new geological model, extend mineralization and highlight the significant potential for more high-grade mineralization within our project area,” Spanish Mountain Gold director of exploration Julian Manco said in a statement.
Marco called the high grades "truly remarkable," telling shareholders that the results demonstrate "extraordinary upside potential."
Peter Mah, Spanish Mountain Gold CEO, added: "We are thrilled to take a major leap forward unlocking near surface high-grade gold intercepts that support the growing understanding of our high-quality deposit and signal exciting new possibilities for high grade open pit gold discovery within 200 m of surface.”
Spanish Mountain Gold’s Canadian-listed shares added 15.4% on the update.