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Posted On: 09/19/2025 12:01:44 AM
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1) Introduction to Spanish Mountain Gold .................................................
and historical drilling programs.
The Spanish Mountain gold project is located about 70 kilometers northeast of the city of Williams Lake and 6 kilometers southeast of the village of Likely, in the Cariboo region of central British Columbia. It has all weather road access throughout the entire year, power to the property and close to a substation for power upgrade during production. The Cariboo Region is located to the southeast of the prolific Golden Triangle of British Columbia, the region was a hot spot during the Gold Rush of 1800's and has produced in excess of 3.8 million ounces of gold, the region is still a hot spot for increasing number of emerging gold producers and base metal producers.
.
Mineral potentials in the Cariboo region, BC
https://www.investcom.com/moneyshow/gold_cariboo.htm
Google map
https://www.google.ca/maps/place/Spanish+Moun...FQAw%3D%3D
Spanish Mountain Gold - Future open pit gold mining project
https://www.mining-technology.com/projects/sp...a/?cf-view
The company's primary asset includes the 100% owned Spanish Mountain gold project that comprises approximately 53 contiguous mineral claims and 15 placer claims covering an area of approximately 13,598 hectares (135 square kilometers) located in the Cariboo region of central British Columbia. The head office is located in Vancouver.
Spanish Mountain Gold was incorporated in the TSX Exchange in 1996 as Skygold Ventures Ltd. In January 2010 Skygold changed its name to Spanish Mountain Gold Ltd. while retaining its founding year of 1996. It is an exploration and development stage company, engages in the acquisition, exploration, and development of mineral properties in Canada.
In 2003 Skygold optioned the Main project from Wildrose Resources. Exploration on the Spanish Mountain property started in 2003 when Skygold funded a soil geochemical and geophysical program. The 2003 work included establishing 30 kilometers of grid, collecting and analyzing 1479 soil samples, completing 23 kilometers of induced polarization survey and brushing out the extensive overgrown road system. This work was conducted by Mincord Exploration Consultants Ltd. The soil sampling revealed large areas of anomalous gold-in-soil, which were associated with anomalous arsenic and molybdenum values.
In 2004 an extensive exploration program funded by Skygold was conducted by Mincord, it involved excavator trenching, reverse circulation drilling and mapping. A total of 30 trenches were dug, to a total length of 2419 meters, the samples revealed gold mineralization in quartz veins.
In October and November of 2004, a reverse circulation drilling program was conducted on the property to follow up on the trench results, 34 holes were drilled for a total of 2503 meter with 55 intersections greater than 1 g/t gold as far as 1 kilometer from the CPW claim. The most important result from the drilling was the discovery of a northern extension to the LE Pit mineralization in holes 04SPRC-216, 221 and 229. Each of these holes returned long intersections of consistent 1-2 grams g/t gold in unaltered argillite and siltstones. This area is presently called the Central Main Zone. The 2004 drilling also discovered new zones of mineralization far from the previously known zones. Hole 04SPRC-210, collared 700 meters west of the LE Pit, returned 10.67 meters of 1.05 g/t gold, while 04SPRC-212, 300 meters further west, returned 4.56 meters of 1.16 g/t gold.
In 2005, Mincord conducted two programs of reverse circulation drilling on new targets away from the new known mineralization. The most significant discovery was in hole 05SPRC-250, which intersected 56.39 meters of 1.17 g/t gold, 320 meters north of the LE Pit. The second reverse circulation drill program of the year produced a result of 137.77 meters of 1.16 g/t gold from hole 05SPRC-310, which was located near Spanish Creek, 780 meters north of the LE Pit, in what is now referred to as the North Main Zone. In the autumn of 2005, the Don claims area south of Spanish Creek was mapped and sampled. Skygold Ventures carried out diamond drilling in the LE Pit area (now referred to as the Main Zone) and to the north, confirming the continuity of the mineralization there. 30 holes, totaling 7746.25 meters were drilled between July and November.
In 2006 and 2007, drilling intersected high grade gold over an area of 0.72 square kilometers, approximately 1.2 kilometers by 0.6 kilometer in the Main zone, including:.
Hole 07-DDH-588: 241 g/t over 1.50 meters
Hole 06-DDH-286: 125 g/t over 0.75 meters
Also in 2006, 24 diamond drill holes were conducted on the North Main zone, located approximately 800 meters north of the Main zone, intercepting long intervals of gold:
Hole 06-DDH-504 0.57 g/t over 227.50 meters
Hole 06-DDH-506: 0.56 g/t gold over 86.00 meters
Hole 06-DDH-512: 0.65 g/t gold over 69.08 meters
Hole 06-DDH-509 0.86 g/t over 86.60 meters
Hole 06-DDH-522: 1.02 g/t over 36.00 meters
Hole 06-DDH-524: 0.75 g/t gold over 40.43 meters
Hole 06-DDH-529: 1.54 g/t gold over 2.00 meters
Hole 06-DDH-535: 0.72 g/t gold over 72.22 meters
This work indicated the North Main zone may be steeply dipping and structurally overlies the Main zone.
From 2005 to 2008 a total of 323 diamond-drill holes, totaling 74,797 meters was completed.
March 2009 mineral resource estimate:
Measured + Indicated: 102.3 million tonnes 0.785 g/t gold
Inferred: 11.65 million tonnes 0.787 g/t gold
both based on a 0.50 g/t gold cut-off grade
(Press Release Stockwatch March 18, 2009).
Later in 2009, Spanish Mountain Gold completed a program of geological mapping, rock sampling and diamond drilling with 33 drill holes, totaling 4671 meters, being completed on the Main zone and 21 drill holes, totaling 6849 meters, on other exploration targets including the North Main, ROG (MINIFLE 093A 327), Cedar Creek, Black Bear Mountain and Placer zones. The drilling intersected new areas of mineralization on the property, including northwest of the North Main zone resource, where mineralized intersections 63.0 meters of 0.75 g/t gold. Anomalous gold values were also intersected in drill holes to the southeast and north of the North Main zone and in the Placer zone area, immediately west of the Main Zone (AGP Mining Consultants Inc. (2010-12-20): NI 43-101 Technical Report Preliminary Economic Assessment for the Spanish Mountain Project).
During 2010 and 2011, Spanish Mountain Gold completed further programs diamond drilling, soil sampling and an airborne geophysical survey on the Spanish Mountain property with a total of 51 drill holes, totaling 15,703 meters. In 2011, drilling to test mineralization at depth on the Main zone intercepted:
0.58 g/t gold over 23.5 meters at a depth of 484.5 meters
1.32 g/t gold over 9.0 meters at a depth of 489.0 meters
(Giroux, G.H., Koffyberg, A. (2014-04-25): Technical Report on an Updated Mineral Resource Estimate on the Spanish Mountain Gold Deposit).
In 2012, Spanish Mountain Gold completed 144 drill holes, totaling 24,290 meters, on the Main and North Main zones. Several holes from an ongoing infill drilling program returned gold values around 1 g/t including
Hole 12-DH-1042: 7.58 g/t gold over 3 meters
(V STOCKWATCH, May 1, 2012).
In 2013, a further 56 reverse circulation drill holes, totaling 9,226 meters, were completed on the Main zone.
2014 resource estimate:
Measured + Indicated: 237.83 million tonnes grading 0.46 g/t gold, 0.69 g/t silver
Inferred: 310.97 million tonnes grading 0.35 g/t gold, 0.63 g/t silver
using a cut-off grade of 0.20 g/t gold
(Giroux, G.H., Koffyberg, A. (2014-04-25): Technical Report on an Updated Mineral Resource Estimate on the Spanish Mountain Gold Deposit).
October 2016 resource estimate:
Measured + Indicated: 270.14 million tonnes 0.40 g/t gold, 0.67 g/t silver
Inferred: 181.352 million tonne 0.31 g/t gold, 0.65 g/t silver
using a 0.15 g/t gold cut-off
(Schulte, M. (2019-02-11): NI 43-101 Preliminary Economic Assessment for the Spanish Mountain Gold Property).
In 2018, Spanish Mountain Gold completed 6 diamond drill holes, totaling 1061 meters, and 11 reverse-circulation drill holes, totaling 1091 meters, on the Main and Phoenix zones.
October 2019 mineral resource estimate:
Measured + Indicated: 273.2 million tonnes 0.47 g/t gold, 0.71 g/t silver
Inferred: 52.4 million tonnes 0.37 g/t gold, 0.67 g/t silver
using a 0.15 g/t gold cut-off grade
(Shulte, M., Gilmour, W. [2019-12-02]: Spanish Mountain Gold NI 43-101 Technical Report based on 2019 Preliminary Economic Assessment).
In 2020, Spanish Mountain Gold completed 28 reverse-circulation drill holes, totaling 4490 meters, on the Main and North zones of the Spanish Mountain Gold property. 6 diamond drill holes totaling 527 meters were also completed in the area of the proposed tailings storage facility to the southeast of the property.
March 2021 mineral reserve estimate:
Proven + Probable: 95.9 million tonnes grading 0.76 g/t gold, 0.71 g/t silver
using a 0.30 g/t gold cut-off grade
(Moose Mountain Technical Services [2021-05-31]: Spanish Mountain Gold Project Prefeasibility Study NI 43-101 Technical Report).
On July 3 2025 Spanish Mountain Gold released a Preliminary Economic Assessment (PEA) and mineral reserve estimate:
https://investorshangout.com/images/MYImages/...timate.png
The 2025 PEA outlines a 26,000 tonnes per day (tpd) milling throughput for a 24.5-year mining operation The PEA also estimates the All-in-Sustaining-Cost (AISC) to be US$1,024/oz for the first five years of the 24-year mine life. Having filed a de-risked and optimized Preliminary Economic Assessment positions the company to make a construction decision by 2027, aiming to establish a leading, sustainable gold mining operation in Canada.
Atrium Research has upgraded Spanish Mountain Gold (CVE:SPA) to a "strong-buy" rating, indicating strong confidence in the company's prospects.
and historical drilling programs.
The Spanish Mountain gold project is located about 70 kilometers northeast of the city of Williams Lake and 6 kilometers southeast of the village of Likely, in the Cariboo region of central British Columbia. It has all weather road access throughout the entire year, power to the property and close to a substation for power upgrade during production. The Cariboo Region is located to the southeast of the prolific Golden Triangle of British Columbia, the region was a hot spot during the Gold Rush of 1800's and has produced in excess of 3.8 million ounces of gold, the region is still a hot spot for increasing number of emerging gold producers and base metal producers.
.
Mineral potentials in the Cariboo region, BC
https://www.investcom.com/moneyshow/gold_cariboo.htm
Google map
https://www.google.ca/maps/place/Spanish+Moun...FQAw%3D%3D
Spanish Mountain Gold - Future open pit gold mining project
https://www.mining-technology.com/projects/sp...a/?cf-view
The company's primary asset includes the 100% owned Spanish Mountain gold project that comprises approximately 53 contiguous mineral claims and 15 placer claims covering an area of approximately 13,598 hectares (135 square kilometers) located in the Cariboo region of central British Columbia. The head office is located in Vancouver.
Spanish Mountain Gold was incorporated in the TSX Exchange in 1996 as Skygold Ventures Ltd. In January 2010 Skygold changed its name to Spanish Mountain Gold Ltd. while retaining its founding year of 1996. It is an exploration and development stage company, engages in the acquisition, exploration, and development of mineral properties in Canada.
In 2003 Skygold optioned the Main project from Wildrose Resources. Exploration on the Spanish Mountain property started in 2003 when Skygold funded a soil geochemical and geophysical program. The 2003 work included establishing 30 kilometers of grid, collecting and analyzing 1479 soil samples, completing 23 kilometers of induced polarization survey and brushing out the extensive overgrown road system. This work was conducted by Mincord Exploration Consultants Ltd. The soil sampling revealed large areas of anomalous gold-in-soil, which were associated with anomalous arsenic and molybdenum values.
In 2004 an extensive exploration program funded by Skygold was conducted by Mincord, it involved excavator trenching, reverse circulation drilling and mapping. A total of 30 trenches were dug, to a total length of 2419 meters, the samples revealed gold mineralization in quartz veins.
In October and November of 2004, a reverse circulation drilling program was conducted on the property to follow up on the trench results, 34 holes were drilled for a total of 2503 meter with 55 intersections greater than 1 g/t gold as far as 1 kilometer from the CPW claim. The most important result from the drilling was the discovery of a northern extension to the LE Pit mineralization in holes 04SPRC-216, 221 and 229. Each of these holes returned long intersections of consistent 1-2 grams g/t gold in unaltered argillite and siltstones. This area is presently called the Central Main Zone. The 2004 drilling also discovered new zones of mineralization far from the previously known zones. Hole 04SPRC-210, collared 700 meters west of the LE Pit, returned 10.67 meters of 1.05 g/t gold, while 04SPRC-212, 300 meters further west, returned 4.56 meters of 1.16 g/t gold.
In 2005, Mincord conducted two programs of reverse circulation drilling on new targets away from the new known mineralization. The most significant discovery was in hole 05SPRC-250, which intersected 56.39 meters of 1.17 g/t gold, 320 meters north of the LE Pit. The second reverse circulation drill program of the year produced a result of 137.77 meters of 1.16 g/t gold from hole 05SPRC-310, which was located near Spanish Creek, 780 meters north of the LE Pit, in what is now referred to as the North Main Zone. In the autumn of 2005, the Don claims area south of Spanish Creek was mapped and sampled. Skygold Ventures carried out diamond drilling in the LE Pit area (now referred to as the Main Zone) and to the north, confirming the continuity of the mineralization there. 30 holes, totaling 7746.25 meters were drilled between July and November.
In 2006 and 2007, drilling intersected high grade gold over an area of 0.72 square kilometers, approximately 1.2 kilometers by 0.6 kilometer in the Main zone, including:.
Hole 07-DDH-588: 241 g/t over 1.50 meters
Hole 06-DDH-286: 125 g/t over 0.75 meters
Also in 2006, 24 diamond drill holes were conducted on the North Main zone, located approximately 800 meters north of the Main zone, intercepting long intervals of gold:
Hole 06-DDH-504 0.57 g/t over 227.50 meters
Hole 06-DDH-506: 0.56 g/t gold over 86.00 meters
Hole 06-DDH-512: 0.65 g/t gold over 69.08 meters
Hole 06-DDH-509 0.86 g/t over 86.60 meters
Hole 06-DDH-522: 1.02 g/t over 36.00 meters
Hole 06-DDH-524: 0.75 g/t gold over 40.43 meters
Hole 06-DDH-529: 1.54 g/t gold over 2.00 meters
Hole 06-DDH-535: 0.72 g/t gold over 72.22 meters
This work indicated the North Main zone may be steeply dipping and structurally overlies the Main zone.
From 2005 to 2008 a total of 323 diamond-drill holes, totaling 74,797 meters was completed.
March 2009 mineral resource estimate:
Measured + Indicated: 102.3 million tonnes 0.785 g/t gold
Inferred: 11.65 million tonnes 0.787 g/t gold
both based on a 0.50 g/t gold cut-off grade
(Press Release Stockwatch March 18, 2009).
Later in 2009, Spanish Mountain Gold completed a program of geological mapping, rock sampling and diamond drilling with 33 drill holes, totaling 4671 meters, being completed on the Main zone and 21 drill holes, totaling 6849 meters, on other exploration targets including the North Main, ROG (MINIFLE 093A 327), Cedar Creek, Black Bear Mountain and Placer zones. The drilling intersected new areas of mineralization on the property, including northwest of the North Main zone resource, where mineralized intersections 63.0 meters of 0.75 g/t gold. Anomalous gold values were also intersected in drill holes to the southeast and north of the North Main zone and in the Placer zone area, immediately west of the Main Zone (AGP Mining Consultants Inc. (2010-12-20): NI 43-101 Technical Report Preliminary Economic Assessment for the Spanish Mountain Project).
During 2010 and 2011, Spanish Mountain Gold completed further programs diamond drilling, soil sampling and an airborne geophysical survey on the Spanish Mountain property with a total of 51 drill holes, totaling 15,703 meters. In 2011, drilling to test mineralization at depth on the Main zone intercepted:
0.58 g/t gold over 23.5 meters at a depth of 484.5 meters
1.32 g/t gold over 9.0 meters at a depth of 489.0 meters
(Giroux, G.H., Koffyberg, A. (2014-04-25): Technical Report on an Updated Mineral Resource Estimate on the Spanish Mountain Gold Deposit).
In 2012, Spanish Mountain Gold completed 144 drill holes, totaling 24,290 meters, on the Main and North Main zones. Several holes from an ongoing infill drilling program returned gold values around 1 g/t including
Hole 12-DH-1042: 7.58 g/t gold over 3 meters
(V STOCKWATCH, May 1, 2012).
In 2013, a further 56 reverse circulation drill holes, totaling 9,226 meters, were completed on the Main zone.
2014 resource estimate:
Measured + Indicated: 237.83 million tonnes grading 0.46 g/t gold, 0.69 g/t silver
Inferred: 310.97 million tonnes grading 0.35 g/t gold, 0.63 g/t silver
using a cut-off grade of 0.20 g/t gold
(Giroux, G.H., Koffyberg, A. (2014-04-25): Technical Report on an Updated Mineral Resource Estimate on the Spanish Mountain Gold Deposit).
October 2016 resource estimate:
Measured + Indicated: 270.14 million tonnes 0.40 g/t gold, 0.67 g/t silver
Inferred: 181.352 million tonne 0.31 g/t gold, 0.65 g/t silver
using a 0.15 g/t gold cut-off
(Schulte, M. (2019-02-11): NI 43-101 Preliminary Economic Assessment for the Spanish Mountain Gold Property).
In 2018, Spanish Mountain Gold completed 6 diamond drill holes, totaling 1061 meters, and 11 reverse-circulation drill holes, totaling 1091 meters, on the Main and Phoenix zones.
October 2019 mineral resource estimate:
Measured + Indicated: 273.2 million tonnes 0.47 g/t gold, 0.71 g/t silver
Inferred: 52.4 million tonnes 0.37 g/t gold, 0.67 g/t silver
using a 0.15 g/t gold cut-off grade
(Shulte, M., Gilmour, W. [2019-12-02]: Spanish Mountain Gold NI 43-101 Technical Report based on 2019 Preliminary Economic Assessment).
In 2020, Spanish Mountain Gold completed 28 reverse-circulation drill holes, totaling 4490 meters, on the Main and North zones of the Spanish Mountain Gold property. 6 diamond drill holes totaling 527 meters were also completed in the area of the proposed tailings storage facility to the southeast of the property.
March 2021 mineral reserve estimate:
Proven + Probable: 95.9 million tonnes grading 0.76 g/t gold, 0.71 g/t silver
using a 0.30 g/t gold cut-off grade
(Moose Mountain Technical Services [2021-05-31]: Spanish Mountain Gold Project Prefeasibility Study NI 43-101 Technical Report).
On July 3 2025 Spanish Mountain Gold released a Preliminary Economic Assessment (PEA) and mineral reserve estimate:
https://investorshangout.com/images/MYImages/...timate.png
The 2025 PEA outlines a 26,000 tonnes per day (tpd) milling throughput for a 24.5-year mining operation The PEA also estimates the All-in-Sustaining-Cost (AISC) to be US$1,024/oz for the first five years of the 24-year mine life. Having filed a de-risked and optimized Preliminary Economic Assessment positions the company to make a construction decision by 2027, aiming to establish a leading, sustainable gold mining operation in Canada.
Atrium Research has upgraded Spanish Mountain Gold (CVE:SPA) to a "strong-buy" rating, indicating strong confidence in the company's prospects.
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