Spanish Mountain Gold Reports Increased Resources in Canada
Spanish Mountain Gold (SPA.TSXV) announced an updated National Instrument 43-101 compliant resource estimate for the Main Zone at its wholly owned Spanish Mountain Gold Project in central British Columbia, Canada. This resource estimate is an update to the previous estimate disclosed Spanish Mountain Gold in November 2011. The updated resource was based on all drill data, including data from the 24,000 meter (142 drill holes) in-fill drilling program completed by the Company within the Main Zone during the first half of 2012.
Highlights:
* The latest infill drilling program has been successful in increasing the Project’s resource in the Measured and Indicated categories at a gold cut-off grade of 0.2 grams per tonne (g/t) of gold by 46% when compared to the previous resource estimate
* An increase of 69% in contained gold ounces within the Measured category
* An increase of 40% in contained gold ounces within the Indicated category
* The completion of a Pre-Feasibility Study for the Main Zone is expected to be completed in October of this year
Brian Groves, President and CEO of Spanish Mountain Gold:
“We are very pleased by the success of the infill drilling in yielding such an increase in the Measured and Indicated resource categories for the Main Zone. The Company will now focus completely on the timely completion of a Pre-Feasibility Study for this zone.”
Paul Dietrich, Foxhall Capital Management:
“This Canadian gold mining development company… has, by my calculations, some of the cheapest in-the-ground gold in the world that is located in a politically stable country.”
Source:
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