Spanish Mountain Gold (TSXV:SPA) has released an update on its 2024 drilling program at its project in the Cariboo Gold Corridor in British Columbia. The latest drill results confirm the extension of mineralized zones, adding valuable data for the company’s exploration plans. The drill program involved 11 NQ-sized diamond drill holes, totaling 5,590 meters. These were positioned along the northwestern edge of the deposit, aimed at extending and deepening known mineralized areas.
The first drill hole, 24-DH-1267, achieved its intended goals by intercepting three zones of mineralization, confirming the presence of gold both near the surface and at greater depths. The results highlight three mineralized horizons and provide insight into the geological controls of the area.
Details of the 2024 Drill Program
The company’s drill program this year aimed to enhance understanding of the site’s geology and improve the resource model. The initial plan involved nine holes, but due to encouraging early results, the company expanded the program to include two additional holes. These extra holes were drilled in the newly modeled K Zone, which is located at surface level. Spanish Mountain Gold aimed to gather more comprehensive data through methods such as downhole surveying, oriented core analysis, and X-ray fluorescence (XRF) testing. The company hopes this approach will refine the resource model and improve understanding of mineralization control.
In its efforts to minimize environmental impact, Spanish Mountain Gold used renewable diesel, reducing its carbon footprint by 72% compared to conventional diesel use. This aligns with the company’s focus on sustainability. The drill program’s success is credited to Hard Rock Diamond Drilling, the Williams Lake First Nation, and SkyWest Environmental, who all worked together to navigate challenges, including wildfire restrictions.
Intercept Details of Hole 24-DH-1267
Hole 24-DH-1267 intersected three notable mineralized zones, confirming the presence of gold and adding new data on mineralization patterns.
•Upper Intercept (Slipper Zone): The drill intersected 80.00 meters of mineralization, grading 0.44 grams per tonne (g/t) of gold, which included a higher-grade section of 22.50 meters at 0.74 g/t. This area was previously evaluated only with limited reverse circulation (RC) drilling. The Slipper Zone is now considered a promising near-surface area that could support the company’s strategy for staged production. Additional assays from other holes in this area are pending.
•Middle Intercept (NS-Fault 1): The drilling also targeted a north-south fault zone known as NS-Fault 1, which is associated with mineralization in the area. The drill intercepted 91.50 meters at 0.22 g/t gold, confirming the fault’s potential as a significant feature of the resource. The presence of NS-Fault 1 reinforces the company’s new geological interpretation of the deposit.
•Lower Intercept: At depth, the drill intersected 8.50 meters grading 0.67 g/t of gold and a deeper section of 41.00 meters at 0.19 g/t. This result suggests that the mineralization extends further than previously thought, opening the deposit up for potential future exploration at greater depths. The lower intercept aligns with the company’s new model that incorporates deep mineralized zones linked to a second north-south fault, NS-Fault 2.
Portable XRF analysis across all drill holes detected the presence of critical elements such as manganese, magnesium, nickel, and titanium. While these elements were not the primary focus of this drill program, they have attracted the company’s interest. Spanish Mountain Gold plans to investigate these elements further as part of its 2025 exploration program.
Spanish Mountain Gold awaits results from additional drill holes that are expected to provide further insight into the mineralized zones’ continuity and expansion potential. The company will consider these findings in planning the 2025 drill program, where it expects to explore the new depths identified and potentially expand the known mineralization.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.
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