VANCOUVER, Feb. 4, 2014 /CNW/ - Spanish Mountain Gold Ltd. (the "Company") (TSX-V:SPA) is pleased to announce the final assay results from the reverse circulation drilling program completed in 2013 within the Main Zone of its Spanish Mountain Gold Project (the "Project") located in central British Columbia, Canada.
Highlights of Drilling Results:
- 12.19 metres (m) grading 1.91 grams per tonne (g/t) gold in hole 13SMRC-1194
- 56.39m grading 1.27 g/t gold in hole 13SMRC-1194
- 141.73m grading 1.07 g/t gold in hole 13SMRC-1195
- 13.72m grading 1.62 g/t gold in hole 13SMRC-1196
- 41.15m grading 1.00 g/t and12.19m grading 2.36 g/t gold in hole 13SMRC-1197
- 47.24m grading 1.20 g/t gold in hole 13SMRC-1199
Significant assay results are contained in Table 1 appended to this news release. The drilling was carried out in the central portion (Phase 1) of the potential open pit as outlined in the Preliminary Economic Assessment (the "PEA") announced on November 14, 2012. A map showing the location of the reported drill holes is shown in Figure 1 appended to this news release.
Dr. Morris Beattie, Chief Executive Officer, commented, "The drilling program was completed early in December 2013. These final assay results are consistent with the results that we have observed throughout this program with the intervals of above-average grade becoming longer as the drilling progressed from south to north. We are now planning our work program for the current year and will re-assess how these encouraging results can be utilized most effectively within the high grade Phase 1 PEA pit."
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 samples were assayed at ALS Chemex Laboratory in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.
About Spanish Mountain Gold Ltd.
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 the Spanish Mountain gold property.
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Chief Executive Officer
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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Table 1: Significant Assay Results
SOURCE: Spanish Mountain Gold Ltd.
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