Vancouver, BC – Spanish Mountain Gold Ltd. (the “Company”) (TSX-V:SPA) is pleased to announce the completion and filing of the National Instrument 43-101 Independent Technical Report (the “Report”) for the Company’s Spanish Mountain Gold Project (the “Project”) located in British Columbia, Canada. The Report provides detailed information on the Project and affirms the technical and economic results of the Pre-Feasibility Study (PFS) as announced in a news release dated May 11, 2021.
The Report has been filed on SEDAR under the profile of the Company and can be viewed or downloaded at www.sedar.com or the Company’s website.
In accordance with the guidelines of NI 43-101 and Form 43-101F1 issued by the Canadian Securities Administrators, the Report was prepared by Moose Mountain Technical Services under the direction of Marc Schulte, P. Eng., a Qualified Person, with contributions from a team of expert consultants. Mr. Schulte is independent of the Company and has reviewed and approved this news release.
Resource Drilling Results
The Company expects to receive all assay results for the latest resource drilling program within the coming weeks and will announce as soon as the tabulation is completed. The drilling program was part of the ongoing campaign to expand the Project’s multi-million ounce gold Mineral Resource. A total of 28 holes covering four prospective areas adjacent to the boundary of the current resource were drilled. The results are also expected to provide tangible targets for the next phase of drilling.
Environmental Assessment
The Company resumed environmental field work in the autumn of 2020 and has intensified the data gathering activities covering both aquatic and terrestrial studies. The exploration camp near Likely was opened in May to facilitate a team of technicians and experts with their extensive field surveys. Management is in the process of preparing comprehensive environmental information for presentation and submission to the First Nations, communities and regulators in the coming months.
Project Optimization
In addition to demonstrating the Project’s potential to be a mining operation with a robust production profile and profitability, the PFS has detailed several tangible optimization targets. The Company intends to conduct a series of programs to quantify these opportunities in order to capture the full benefit in the Definitive Feasibility Study in due course. The timeline for delivering major project milestones is not expected to be affected by these value-added exercises. Management will announce the details once the plans are formalized.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain gold project in southern central British Columbia. The Company is simultaneously pursuing the dual objectives of delivering critical project milestones for the multi-million ounce Mineral Reserve and further expanding the overall Mineral Resource. The Pre-Feasibility Study (2021) demonstrates the Project’s potential to be a mining operation with a robust production profile (>150,000 oz per year) and profitability (AISC $801 per oz) over a mine life of 14 years. Details on the Project and the Company are available on www.sedar.com and on the Company’s website: www.spanishmountaingold.com
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Larry Yau,
Chief Executive Officer
Inquiries:
SPANISH MOUNTAIN GOLD LTD.
Phone: (604) 601-3651
E-mail: info@spanishmountaingold.com
Website: www.spanishmountaingold.com
