Spanish Mountain Gold (TSX-V: SPA; OTCQB: SPAUF) has actively intersected extensive, near-surface gold mineralization at the Phoenix Target, measuring about 1,450 metres in length, 450 metres in width, and a vertical depth ranging from 60 to 320 metres. Situated in the Cariboo Gold Corridor in British Columbia, the Phoenix Target remains open in all directions. The company has completed its 2025 winter diamond drilling program, spanning 10,000 metres across 31 holes, with 14 specifically targeting the Phoenix Target. While awaiting some assay results, Spanish Mountain Gold has already received findings for all Phoenix Target drill holes.
The drilling results reveal that gold mineralization has expanded along the Phoenix Target, covering a strike length of over 1.4 km and a width of 450 metres. The mineralization zone exhibits vertical depths of 60 to 320 metres, with broad intercepts consistently grading 0.40 g/t gold and higher-grade intervals ranging from 1.0 to over 20.0 g/t gold. These findings significantly bolster the potential for a considerable addition to the Spanish Mountain gold project’s resource base.
Spanish Mountain Gold has engaged Equity Exploration to produce a maiden resource estimate for the Phoenix Target, with an expected completion in the second quarter of 2025. The company plans to incorporate this estimate into the preliminary economic assessment technical report for the Spanish Mountain gold project, scheduled for release in the same quarter. However, due to the timing of the Phoenix MRE, Spanish Mountain Gold does not plan to include the Phoenix Target in the economic analysis of the updated PEA.
Peter Mah, Spanish Mountain Gold’s President, CEO and Director commented, “The recent drill success near surface at Phoenix further demonstrates the potential to expand the gold resource base and for value creation upside at the Spanish Mountain gold project. The awakening Phoenix Target, dormant since 2011, is located 1.4 km west of our main deposit. Phoenix is intriguing our team in what appears to be an emerging new geological host setting for gold that remains open in all directions and present in other nearby areas such as the K Zone and Outcropping Tuff targets.”
More information is posted on www.SpanishMountainGold.com.
