Latest news with #CaribooGoldCorridor
National Post
a day ago
- Business
- National Post
Spanish Mountain Gold Announces Grant of Stock Options
Article content VANCOUVER, British Columbia — Spanish Mountain Gold Ltd. (the ' Company ' or ' Spanish Mountain Gold ') (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) announces that it has granted 2,860,500 stock options to officers and directors of the Company and 221,500 stock options to employees and consultants pursuant to the terms of the Company's stock option plan. Each option entitles the holder to acquire one Common Share at an exercise price of $0.175 per Common Share for ten years. Article content About Spanish Mountain Gold Ltd. Article content Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. The Company expects to release at the end of Q2, 2025, the results for the Project's newly de-risked and optimized Preliminary Economic Assessment (PEA) with an updated Mineral Resource Estimate (MRE). Upon receipt of the new PEA and updated MRE, the company will decide the next steps to advance the Project to position the company to make a construction decision in or before 2027. 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 Article content Article content and on the Company's website: Article content . Article content On Behalf of the Board, Article content 'Peter Mah' Article content Spanish Mountain Gold Ltd. Article content Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Article content FORWARD-LOOKING INFORMATION: Article content 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 potential to extend mineralization within the near-surface environment; the potential to expand resources and to find higher-grade mineralization at depth; the timing, size and budget of a winter drill program, and the results thereof; and the delivery of a maiden resource for the Phoenix Target, 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 information. Article content Article content Article content Article content For more information, contact: Article content Article content Article content Article content
National Post
02-06-2025
- Business
- National Post
Spanish Mountain Gold Intercepts Extensive Near Surface Gold Mineralization at the Phoenix Target
Article content VANCOUVER, British Columbia — Spanish Mountain Gold Ltd. (the ' Company ' or ' Spanish Mountain Gold ') (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) confirms extensive, near surface gold mineralization intersected with overall approximate length, width and vertical depth of 1,450 m x 450 m x 60-320 m at the Phoenix Target, which is part of the Spanish Mountain Gold project, located in the Cariboo Gold Corridor, British Columbia, Canada. The Phoenix Target remains open in all directions. The 10,000 m 2025 winter diamond drilling program (the 'Program') has been completed with a total of 31 holes, including 14 holes drilled on the Phoenix Target. While some assays from the Program are still pending the Company now has the results for all the holes drilled on the Phoenix Target. Article content Article content Highlights: Article content Confirmed Extensive, near surface gold mineralization containing high grade intercepts in a potentially new geological setting – Phoenix Target (See Figures 1, 2, and Table 1): Article content Hole 25-CCR-062 intersected 62.00 m grading 1.47 g/t Au from 227.00 m including 4.00 m grading 17.28 g/t Au Hole 25-CCR-053 intersected 188.20 m grading 0.31 g/t Au from 63.00 m including 62.00 m grading 0.48 g/t Au. Also 74.00 m grading 0.29 g/t Au from 274.00 m including 0.85 m grading 6.55 g/t Au Hole 25-CCR-056 intersected 153.64 m grading 0.37 g/t Au from 42.36 m including 116.00 m grading 0.40 g/t Au from 80.00 m and 13.12 m grading 1.27 g/t Au Hole 25-CCR-057 intersected 58.56 m grading 0.42 g/t Au from 125.00 m including 7.80 m grading 1.31 g/t Au and 4.80 m grading 1.55 g/t Au Hole 25-CCR-058 intersected 57.00 m grading 0.41 g/t Au from 109.00 m including 20.00 m grading 0.58 g/t Au and 1.30 m grading 4.85 g/t Au Hole 25-CCR-059 intersected 37.60 m grading 0.43 g/t Au from 257.90 m including 1.01 m grading 3.20 g/t Au and 1.50 m grading 1.26 g/t Au Hole 25-CCR-060 intersected 68.00 m grading 0.24 g/t Au from 93.90 m including 2.00 m grading 2.50 g/t Au. Also 40.40 m grading 0.60 g/t Au from 197.15 m including 10.00 m grading 1.29 g/t Au Article content Drilling results continue to confirm the expansion of gold mineralization along the Phoenix Target over a strike length exceeding 1.4-kilometers, 450 m wide and with a consistent mineralization zone(s) with an estimated vertical depth ranging from approximately 60 – 320 meters. Containing broad intercepts of mineralization consistently grading 0.40 g/t Au and higher-grade intervals ranging from 1.0 to greater than 20.0 g/t Au substantially increases the potential for a significant addition to the Spanish Mountain Gold project's resource base. The Company has engaged Equity Exploration to establish a maiden resource estimate on the Phoenix Target (the ' Phoenix MRE ') anticipated to be completed in the second quarter of 2025. The Phoenix MRE will be included in the upcoming Preliminary Economic Assessment technical report for the Spanish Mountain Gold project expected to be released in the second quarter of 2025 (the ' Updated PEA '). Due to the expected timing of the Phoenix MRE, it is not anticipated that the Phoenix Target will be included in the economic analysis contained in the Updated PEA. Article content Peter Mah, Spanish Mountain Gold's President, CEO and Director commented, 'The recent drill success near surface at Phoenix further demonstrates the potential to expand the gold resource base and for value creation upside at the Spanish Mountain Gold project. The awakening Phoenix Target, dormant since 2011, is located 1.4 kilometers west of our main deposit. Phoenix is intriguing our team in what appears to be an emerging new geological host setting for gold that remains open in all directions and present in other nearby areas such as the K Zone and Outcropping Tuff targets.' Article content Phoenix Target Details: Article content Drill holes 25-CCR-052 to 25-CCR-062, were drilled to follow up on the large target discovered in 2011 (refer to press release dated December 7, 2011, 'Spanish Mountain Gold Announces Discovery of New Gold Zone') and recently expanded upon in our April 24, 2025, release 'Spanish Mountain Gold Reports Initial Drill Results Multiple Near Surface and High-grade Intercepts 2025 Winter Exploration Program.' Article content The results from these new holes continue to demonstrate the expanding footprint of gold mineralization in the Phoenix Target area, with consistent grades over significant widths. Article content Table 1: 2025 Winter Drill Program – Summarized Gold Assay Results Drillhole ID From To Width(m) Gold Grade (g/t Au) 25-CCR-052 44.00 63.00 19.00 0.36 including 44.00 46.00 2.00 1.98 25-CCR-053 63.00 251.20 188.20 0.31 including 63.00 125.00 62.00 0.48 including 69.30 98.00 28.70 0.73 25-CCR-053 274.00 348.00 74.00 0.29 including 274.00 290.00 16.00 0.68 including 274.00 274.85 0.85 6.55 including 340.00 343.75 3.75 1.06 25-CCR-056 42.36 196.00 153.64 0.37 including 80.00 196.00 116.00 0.40 including 115.00 131.00 16.00 0.50 including 153.90 168.00 14.10 0.66 including 182.88 196.00 13.12 1.27 including 185.00 188.00 3.00 3.59 25-CCR-057 125.00 183.56 58.56 0.42 including 138.20 146.00 7.80 1.31 including 138.20 143.00 4.80 1.55 25-CCR-057 194.23 196.00 1.77 0.34 25-CCR-057 207.89 215.90 8.01 0.42 25-CCR-057 276.00 279.65 3.65 0.43 25-CCR-058 109.00 166.00 57.00 0.41 25-CCR-058 124.70 170.00 45.30 0.49 including 124.70 126.00 1.30 4.85 including 146.00 166.00 20.00 0.58 including 160.18 166.00 5.82 1.01 25-CCR-059 257.90 295.50 37.60 0.43 including 270.75 271.76 1.01 3.20 including 291.00 292.50 1.50 1.26 25-CCR-060 93.90 161.90 68.00 0.24 including 93.90 95.00 1.10 1.16 including 159.00 161.00 2.00 2.50 25-CCR-060 197.15 237.55 40.40 0.60 25-CCR-060 203.00 259.23 56.23 0.47 including 203.00 213.00 10.00 1.29 including 230.00 234.00 4.00 2.24 25-CCR-061 62.00 137.00 75.00 0.21 including 127.79 130.00 2.21 1.14 25-CCR-061 161.00 196.00 35.00 0.32 including 193.29 196.00 2.71 2.31 25-CCR-061 204.00 206.00 2.00 0.49 25-CCR-062 122.00 161.00 39.00 0.23 including 143.00 147.73 4.73 0.82 25-CCR-062 227.00 289.00 62.00 1.47 including 227.00 229.00 2.00 2.19 including 283.00 287.00 4.00 17.28 including 285.00 287.00 2.00 23.03 Article content Notes: 1) Reported intersections are calculated using a 0.15 g/t Au cut-off grade. 2) The complete assay table is available on the Company's website. 3) The true thickness of mineralization is unknown. 4) Results from 10 of 11 drilled holes. One hole was abandoned due to hole conditions during drilling. Article content Table 2: Drill Hole Collar Location, hole depths, and core size HOLE-ID LOCATION 'X' LOCATION 'Y' LOCATION 'Z' LENGTH Azimuth Dip Core size Easting Northing Elevation 25-CCR-052 602218 5827525 1016 63 120 65 HQ 25-CCR-053 602264 5827755 1032 348 120 65 NQ 25-CCR-054 602327 5827906 1051 70 120 65 NQ 25-CCR-056 602222 5827527 1016 324 120 80 HQ 25-CCR-057 601898 5828454 1026 294 120 65 HQ 25-CCR-058 602055 5828157 1032 230 120 65 HQ 25-CCR-059 601876 5828576 1022 345 120 65 HQ 25-CCR-060 601970 5828299 1030 287 120 65 HQ 25-CCR-061 602121 5828326 1039 299 120 65 HQ 25-CCR-062 602323 5827907 1049 294 120 80 HQ Article content Abbreviations: metres = m, grams per tonne = g/t, gold = Au Article content Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC) Article content Once received from the drill and processed, all drill core samples were sawn in half, labeled, and bagged. The remaining half of the drill core was securely stored on-site. Numbered security tags were 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, for all sample shipments to monitor laboratory performance. Standards and blanks account for a minimum of 15% of the samples in addition to the laboratory's internal quality assurance programs. The QAQC program was overseen by the Company's Qualified Person, Julian Manco, Director of Exploration (as described below). Article content Drill core samples were submitted to MSALABS' analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssay TM analysis. The MSALABS facilities are accredited to the International Standards ISO/IEC 17025 and ISO 9001 standard for gold and multi-element assays, with all analytical methods incorporating quality control materials at defined frequencies and established data acceptance criteria. MSALABS Inc. is independent of the Company. Article content PhotonAssay TM Article content The PhotonAssay TM method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay TM instrument (PA1408X). This non-destructive, fully automated technique offers high accuracy for analyzing ores and pulps. Sample preparation begins with drying and crushing up to 1 kg of material to achieve at least 70% passing through a 2-millimetre (mm) sieve. The sample is then riffle split to obtain a suitable aliquot for 2 testing cycles (MSALABS Method CPA-Au1). Article content The PhotonAssay TM instrument bombards 400 – 600 gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing. The analysis is performed robotically, with results that integrate into existing laboratory management systems. Article content Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). Both the sample and reference disc undergo gamma ray exposure, with signals detected and analyzed to ensure accurate and reliable results. Article content The method offers a gold detection range from 0.015 parts per million (ppm – lower limit) to 10,000 ppm (upper limit). Quality control includes the use of reference materials and blanks, with all results reviewed by a competent person before reporting. Article content Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssay TM results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish). Article content QAQC Testing typically can include the following spot checks: 1) Pulverizing tests to evaluate variability in sample preparation, 2) Cross-analysis at external laboratories using screen metallic method, and 3) Four-cycle radiation testing to identify and calibrate potential variability in gold results with variable radiation intensity. Article content To effectively manage the nugget effect on high-grade gold samples MSALABS tested samples to 'extinction' (CPA-Au1E method). This approach divides samples into multiple splits, analyzes each separately using PhotonAssay TM, and then calculates a weighted average of the results. By testing various portions of the sample independently and combining their values proportionally, this method provides significantly more representative gold values than traditional single-split analysis for samples with a large nugget effect. Article content Multi-Elemental Analysis Article content For the 2025 drilling campaign Spanish Mountain Gold used IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis. Article content Key Process Steps: Article content Sample Preparation: Samples are dried and ground to specific criteria (85% passing 75 microns (μm) for rocks and drill core; 180μm for soils and sediments). A homogeneous 10-gram sample is required. Article content Digestion: Samples undergo sequential digestion with nitric, perchloric, hydrofluoric, and hydrochloric acids, followed by dilution with deionized water. Article content Analysis: The solution is analyzed via ICP-OES and ICP-MS for multi-element quantification. Article content Quality Control: The process includes reference materials, blanks, and duplicates, with corrections for spectral interferences and thorough review before final reporting. Article content Julian Manco, has 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 MxDeposit™ 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, Mr. Manco conducted a field inspection of the specific drill intervals mentioned in this release to directly observe the geological features and verified the nature of the results presented. Article content Qualified Person Article content Julian Manco, Director of Exploration with Spanish Mountain Gold, is the Qualified Person as defined under National Instrument 43-101 who has reviewed and has approved the contents of this news release. Article content About Spanish Mountain Gold Ltd. Article content 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 and on the Company's website: Article content On Behalf of the Board, Article content 'Peter Mah' President, Chief Executive Officer and Director Spanish Mountain Gold Ltd. Article content Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Article content 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 potential to extend mineralization within the near-surface environment; the potential to expand resources and to find higher-grade mineralization at depth; the timing, size and budget of a winter drill program, and the results thereof; and the delivery of a maiden resource for the Phoenix Target, 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 information. 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