Spanish Mountain Gold confirms extensive near-surface gold mineralization at Phoenix Target
Published: 09:07 02 Jun 2025 EDT
Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) said on Monday it has confirmed extensive near-surface gold mineralization at the Phoenix Target, part of its flagship Spanish Mountain Gold project in British Columbia.
The company said drilling results define a mineralized zone around 1,450 metres long, 450 metres wide and up to 320 metres deep and open in all directions.
The results come from a 10,000-metre winter diamond drilling program with 31 holes drilled overall, including 14 at the Phoenix Target.
Drill highlights from the Phoenix Target include broad mineralized zones such as 62 metres grading 1.47 g/t gold (including 4 metres at 17.28 g/t), 188.2 metres at 0.31 g/t (including 62 metres at 0.48 g/t), and 153.64 metres at 0.37 g/t (including 116 metres at 0.40 g/t).
The company said the drilling confirmed broad zones of mineralization consistently grading around 0.4 g/t gold, with higher-grade intervals ranging from 1 to over 20 g/t, substantially increasing the potential for a resource expansion.
Spanish Mountain Gold has engaged Equity Exploration to complete a maiden resource estimate for the Phoenix Target, expected in the second quarter of 2025. The estimate will be included in an updated preliminary economic assessment (PEA) for the overall project.
"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," said CEO Peter Mah. “Phoenix is intriguing our team in what appears to be an emerging new geological host setting for gold.”
Phoenix is located about 1.4 kilometers west of the main deposit and was first identified in 2011. Spanish Mountain said recent drilling has expanded on that earlier discovery and suggests the presence of mineralization in nearby areas, such as the K Zone and Outcropping Tuff targets.
