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Spanish Mountain Gold Ltd.

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Summary

Project:

Spanish Mountain

Deposit:Spanish Mountain
Location:Canada
Commodities:Gold-Silver
Date:10/23/2019
Report Code:NI43-101
Report Type:PEA
Project Stage:Pursuing Resource Increase/Upgrade
Report details:23-10-2019: Spanish Mountain Gold Ltd. announces a PEA report for its Spanish Mountain deposit at the Spanish Mountain project. PEA results for Phase 1 project of Spanish Mountain. Vancouver, B.C. ‐ Spanish Mountain Gold Ltd. (the “Company”) (TSX‐V:SPA) i
Resources:(Resource, M+I): 273.2Mt @ 0.47g/t Au, 0.71g/t Ag
CP/QP:[Resources]: Sue Bird (Moose Mountain Technical Services)
ABSTRACT:Vancouver, B.C. ‐ Spanish Mountain Gold Ltd. (the “Company”) (TSX‐V:SPA) is pleased to announce the results of the Preliminary Economic Assessment (the “PEA”) for the high priority near‐surface Phase 1 Project of the 100% owned Spanish Mountain gold project (the “Project”) located in central British Columbia, Canada. The PEA, the commencement of which was announced in a news release dated September 10, 2019, has been prepared in accordance with NI 43‐101 Standards of Disclosure for Mineral Projects. As disclosed in the September 10, 2019 news release, the PEA is based on a 10,000 tonnes per day (tpd) mill rate to process the near‐surface Measured and Indicated Resources within an open pit focussed on the central higher‐grade resources within the deposit. As a stand‐alone operation spanning more than a decade, the PEA envisages a low‐cost, owner‐operated open pit mine processing 39 million tonnes of material at an average diluted grade of 1.00 gram/tonne gold (g/t Au). The process involves a three‐stage crushing circuit followed by a ball mill to produce a relatively coarse grind of 180 micron which is then concentrated by flotation to produce a concentrate for fine grinding and cyanidation at an overall gold recovery of 91%.

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