Spanish Mountain Gold: Unlocking Value Through Exploration and Strategic Moves
Wednesday, Sep 11, 2024 9:21 pm ET
2min read Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) has recently provided an update on its 2024 Exploration Program and Project at its Spanish Mountain Gold Project near Likely, British Columbia. The company has made significant progress in its drilling campaign and has awarded a new Preliminary Economic Assessment (PEA) contract, positioning itself for future growth.
The 2024 Exploration Program aims to drill a total of nine NQ-sized diamond drill holes along the northwestern edge of the deposit. As of the last update, the company has completed over 90% of the planned 5,000 meters of drilling, with 4,478 meters drilled in 7 of the 9 planned holes. The company anticipates results to be available in the fourth quarter of 2024.
The Program has been designed to maximize information and improve ore body knowledge, mineralization controls, and potentially reduce waste strip. Each drill hole targets the potential extension(s) of multiple newly identified zones of mineralization within and/or near the pit-constrained resource. The company's commitment to gathering new information could potentially increase the scale of the Project and enhance its economic viability.
Peter Mah, Spanish Mountain Gold's President, CEO, and Director, commented on the progress, stating, "We are excited to announce that once the summer fire restrictions were lifted in the region in early August, our team safely mobilized and, to date, achieved the drill plan on budget and schedule. In addition, the Company in collaboration with Hard Rock Diamond Drilling proudly achieved a carbon footprint reduction of approximately 70-80% utilizing renewable diesel to fuel the drills and equipment. Core logging and sampling have kept pace with the drills, and the company anticipates receiving assay results from the Program through Q3 and Q4."
In addition to the progress on the 2024 Exploration Program, Spanish Mountain Gold has awarded Ausenco with the contract as the lead for its PEA assessment of the Spanish Mountain Gold Project. The team will work directly with Spanish Mountain Gold to complete a PEA and combined NI 43-101 technical report, which is expected to be completed by the first quarter of 2025. This PEA aims to define a low-cost, low-initial capital staged production strategy, further solidifying the company's commitment to maximizing shareholder value.
The company is also pleased to announce the addition of Julian Manco as Director of Exploration, effective September 5, 2024. Mr. Manco brings a wealth of experience and will lead the Company's exploration efforts at its Spanish Mountain Gold Project. His expertise will be invaluable in driving the exploration program forward and maximizing the project's potential.
Spanish Mountain Gold's recent updates demonstrate the company's commitment to unlocking the value of its Spanish Mountain Gold Project. Through strategic exploration initiatives and partnerships, the company is well-positioned to capitalize on the project's potential and create value for shareholders. As the company continues to make progress in its drilling campaign and awaits assay results, investors should keep a close eye on Spanish Mountain Gold as it works towards realizing the project's full potential.
The 2024 Exploration Program aims to drill a total of nine NQ-sized diamond drill holes along the northwestern edge of the deposit. As of the last update, the company has completed over 90% of the planned 5,000 meters of drilling, with 4,478 meters drilled in 7 of the 9 planned holes. The company anticipates results to be available in the fourth quarter of 2024.
The Program has been designed to maximize information and improve ore body knowledge, mineralization controls, and potentially reduce waste strip. Each drill hole targets the potential extension(s) of multiple newly identified zones of mineralization within and/or near the pit-constrained resource. The company's commitment to gathering new information could potentially increase the scale of the Project and enhance its economic viability.
Peter Mah, Spanish Mountain Gold's President, CEO, and Director, commented on the progress, stating, "We are excited to announce that once the summer fire restrictions were lifted in the region in early August, our team safely mobilized and, to date, achieved the drill plan on budget and schedule. In addition, the Company in collaboration with Hard Rock Diamond Drilling proudly achieved a carbon footprint reduction of approximately 70-80% utilizing renewable diesel to fuel the drills and equipment. Core logging and sampling have kept pace with the drills, and the company anticipates receiving assay results from the Program through Q3 and Q4."
In addition to the progress on the 2024 Exploration Program, Spanish Mountain Gold has awarded Ausenco with the contract as the lead for its PEA assessment of the Spanish Mountain Gold Project. The team will work directly with Spanish Mountain Gold to complete a PEA and combined NI 43-101 technical report, which is expected to be completed by the first quarter of 2025. This PEA aims to define a low-cost, low-initial capital staged production strategy, further solidifying the company's commitment to maximizing shareholder value.
The company is also pleased to announce the addition of Julian Manco as Director of Exploration, effective September 5, 2024. Mr. Manco brings a wealth of experience and will lead the Company's exploration efforts at its Spanish Mountain Gold Project. His expertise will be invaluable in driving the exploration program forward and maximizing the project's potential.
Spanish Mountain Gold's recent updates demonstrate the company's commitment to unlocking the value of its Spanish Mountain Gold Project. Through strategic exploration initiatives and partnerships, the company is well-positioned to capitalize on the project's potential and create value for shareholders. As the company continues to make progress in its drilling campaign and awaits assay results, investors should keep a close eye on Spanish Mountain Gold as it works towards realizing the project's full potential.
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