Spanish
Mountain Gold Reports Results from Current Drill Program: 204.3 m grading
0.46 g/t Gold including 52.8 m grading 0.74 g/t Gold
Spanish Mountain Gold Ltd. ("the Company") (SPA-TSXV) is
pleased to announce preliminary results of the in-fill drilling program
within the Main and North Zones of its Spanish Mountain Gold Project (the
"Project") located in central British Columbia, Canada. These
results represent approximately 30% of the total planned drill holes that are
designed to upgrade mineralization from the Inferred to Measured and
Indicated categories, test for extensions to gold mineralization laterally
and at depth and to optimize the design of pit walls.
Highlights of Drilling Results
include:
- 204.3 metres
(m) grading 0.46 gram per tonne (g/t) gold
including 52.8m grading 0.74 g/t gold and including 20.4m grading
1.26g/t gold in hole 11-DDH-921.
- 62.5m grading 0.64g/t gold in
hole 11-DDH-925.
- 53.5m grading 0.65g/t gold
including 1.5m grading 15.25g/t gold in hole
11-DDH-927.
- 127.0m grading 0.51g/t gold
in hole 11-DDH-931.
- 74.8m grading 0.52g/t gold
including 9.0m grading 1.72g/t gold in hole
11-DDH-939.
- 59.8m grading 0.57g/t gold
including 4.8m grading 1.43g/t gold in hole
11-DDH-937.
Significant assay results are
contained in Table 1 appended to this news release.
Discussion of Results and Project Update
Drilling to date has confirmed the presence of the mineralized
argillite-siltstone sedimentary horizon throughout the North Zone. The
drilling has also encountered two new zones of mineralized argillite that the
Company expects to better define by drilling, the results from which will be
included in an updated resource estimate.
In addition to the in-fill drilling, the current program includes exploration
holes designed to test for extensions to mineralization intersected along
horizons extending both to the southeast and west and at depth.
The current program within the Main and North Zones is expected to be
completed within a month at which time the Company will commence exploration
drilling in the Cedar Creek area of the Spanish Mountain Property. Historical
work in this area, including geological mapping, airborne geophysics and
intensive soil surveys has revealed the presence of interbedded
sequences of graphitic argillite-bearing sediments and mafic
volcanic rocks supporting soils anomalous in a number of elements including
gold and copper.
In addition to the in-fill and exploration drilling being conducted, the
Company is preparing to begin a Preliminary Feasibility Study for the
Project, based on the positive results contained within the Preliminary
Economic Assessment completed in 2010 (see News Release dated November 23,
2010).
Judy Stoeterau, P.Geo., the Company's
Vice-President of Geology and the qualified person as defined under National
Instrument 43-101, has reviewed the contents of this news release. All core
samples are assayed at ALS Chemex Laboratory in
Vancouver, BC.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd is focused on the responsible development of its
flagship Spanish Mountain gold project in southern central British Columbia,
Canada. The Company has no debt and owns 100% of four gold properties located
in British Columbia. Additional information about the Company is available on
its website: www.spanishmountaingold.com
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD
Brian Groves,
President and CEO
Contact:
Brian Groves
(604) 601-3651
or
B&D Capital Partners
(604) 685-6465
info@spanishmountaingold.com
www.spanishmountaingold.com
This News
Release contains forward-looking statements. Forward looking statements are
statements which relate to future events. In some cases, you can identify
forward-looking statements by terminology such as "may",
"should", "expects", "plans",
"anticipates", believes", "estimates",
"predicts", "potential", or "continue" or the
negative of these terms or other comparable terminology. These statements are
only predictions and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, level of activity, performance or
achievements to be materially different from any future results, levels of
activity, performance, or achievements expressed or implied by these
forward-looking-statements. Management has assumed that these will be our
major projects going forward. Risks include that we are unable to satisfy
environmental or other regulators, that we determine that our resources are
not commercially viable, or that we have difficulties due to unavailability
of labour or equipment.
While these
forward-looking statements, and any assumptions upon which they are based,
are made in good faith and reflect our current judgment regarding the
direction of our business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or
other future performance suggests herein. Except as required by applicable
law the Company does not intend to update any forward-looking statements to
conform these statements to actual results.
The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of this release.
Table 1: Significant
Assay Results
Hole
|
From
|
To
|
Length
(m)
|
Au Grade (g/t)
|
11-DDH-919
|
5.5
|
215.5
|
210.0
|
0.38
|
including
|
5.5
|
63.5
|
58.0
|
0.53
|
and
|
164.2
|
205.5
|
41.3
|
0.46
|
11-DDH-920
|
17.0
|
116.5
|
99.5
|
0.31
|
including
|
70.5
|
72.2
|
1.7
|
2.09
|
and
|
97.0
|
116.5
|
19.5
|
0.51
|
11-DDH-921
|
3.7
|
208.0
|
204.3
|
0.46
|
including
|
3.7
|
56.4
|
52.8
|
0.74
|
and
|
36.0
|
56.4
|
20.4
|
1.26
|
and
|
92.0
|
145.0
|
53.0
|
0.52
|
11-DDH-922
|
20.0
|
151.0
|
131.0
|
0.41
|
including
|
20.0
|
38.0
|
18.0
|
0.98
|
11-DDH-923
|
21.0
|
127.0
|
106.0
|
0.38
|
including
|
81.5
|
127.0
|
45.5
|
0.54
|
11-DDH-925
|
92.0
|
154.5
|
62.5
|
0.64
|
including
|
95.0
|
110.0
|
15.0
|
1.14
|
and
|
140.0
|
140.8
|
0.8
|
3.99
|
11-DDH-926
|
130.5
|
165.5
|
35.0
|
0.50
|
11-DDH-927
|
17.5
|
71.0
|
53.5
|
0.65
|
including
|
28.8
|
30.3
|
1.5
|
15.25
|
11-DDH-928
|
27.5
|
239.9
|
212.4
|
0.37
|
including
|
125.5
|
174.5
|
49.0
|
0.71
|
and
|
164.0
|
171.5
|
7.5
|
1.21
|
11-DDH-930
|
6.5
|
42.5
|
36.0
|
0.55
|
including
|
27.3
|
29.0
|
1.8
|
2.06
|
and
|
39.5
|
41.0
|
1.5
|
3.64
|
11-DDH-931
|
21.5
|
148.5
|
127.0
|
0.51
|
including
|
49.5
|
54.0
|
4.5
|
1.53
|
and
|
129.5
|
139.3
|
9.8
|
1.06
|
11-DDH-932
|
17.0
|
63.5
|
46.5
|
0.41
|
including
|
18.5
|
21.5
|
3.0
|
1.46
|
and
|
44.0
|
45.5
|
1.5
|
1.82
|
11-DDH-935
|
4.6
|
49.5
|
44.9
|
0.53
|
including
|
4.6
|
9.5
|
4.9
|
1.15
|
11-DDH-934
|
3.7
|
16.6
|
12.9
|
0.53
|
and
|
31.5
|
33.0
|
1.5
|
2.10
|
11-DDH-936
|
5.5
|
31.0
|
25.5
|
0.48
|
including
|
23.5
|
25.0
|
1.5
|
1.44
|
11-DDH-937
|
4.6
|
266.7
|
262.1
|
0.33
|
including
|
22.7
|
82.5
|
59.8
|
0.57
|
and
|
22.7
|
27.5
|
4.8
|
1.43
|
and
|
104.5
|
133.2
|
28.7
|
0.68
|
11-DDH-938
|
3.7
|
23.0
|
19.3
|
0.52
|
11-DDH-939
|
41.5
|
116.3
|
74.8
|
0.52
|
including
|
59.5
|
68.5
|
9.0
|
1.72
|
|