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Spanish Mountain Gold Ltd.
Summary
| Project: | Spanish Mountain | |
|---|---|---|
| Deposit: | Spanish Mountain | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 12/4/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-12-2018: Spanish Mountain Gold Ltd. announces an Exploration/Drilling Update report for its Spanish Mountain deposit at the Spanish Mountain project. Drilling results incl. 67.06m @ 0.82g/t Au from 4.57m. Vancouver, British Columbia--(Newsfile Corp. - D | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Judy Stoeterau (Internal) | |
| ABSTRACT: | Vancouver, British Columbia--(Newsfile Corp. - December 4, 2018) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to announce the assay results from its strategic 2018 drilling program for the Spanish MountainGold Project (the "Project") located in British Columbia, Canada. The highly selective program targeted areas within the high-grade, near-surface First Zone of the Project's multi-million ounce gold resource as described in the news release dated April 10, 2017. The objective of the program is to increase the total number of gold ounces captured in a possible future mine plan by reclassifying certain Inferred Resources to the Measured & Indicated categories. By design, the 2017 Preliminary Economic Assessment only incorporated M&Iresources in the mine plan and thereby treated the extracted Inferred Resources as "waste", which had the effect of artificially inflating the Project's strip ratio and operating cost. If the current drilling program is successful in upgrading the targeted ounces in a future resource estimate, it is expected to further improve the Project's robust economics as it effectively converts mined "waste" into mill feed and production ounces. The results of all six holes included in this first set of assays clearly indicate additional higher grade gold mineralization at shallow depths, most of which is at less than 100 metres from the surface. The holes are all located in areas that are proposed to be mined during the early years (Phase I) under the mine plan developed in the 2017 PEA. As announced in the news release dated September 13, 2018, the Company has executed a number of work programs during the year in order to actively advance the Project in multiple technical areas. These programs were designed to fulfil the objectives of achieving higher feed grades, lower capital cost and a more robust resource than those assumed in the 2017 PEA. The initial results appear to support the distinct and welcome possibility for further scaling down from the 2017 mill throughput, which is expected to potentially reduce the initial capital cost significantly while maintaining the robust economics. In contrast with the previously assumed (2012 PEA) throughput of 40,000 tonnes per day for the Project, the 2017 PEA presented a 20,000 tpd scenario focused exclusively on mining the high-grade/ near-surface First Zone resulting in a reduction of initial capital by $257 million. The lower throughput case has materially improved all the economic metrics for the Project in spite of a significantly lower gold price assumption (US $1,250 vs. US $1,462). Please refer to the Company's website for a detailed comparison of these two scenarios at: www.spanishmountaingold.com/project/2017-pea-vs-2012-pea/ | |
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