Business
Spanish Mountain Gold Announces Start of Drilling Progamme
VANCOUVER , Aug. 22, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the " Company ") (TSX-V:...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"\n\n\nVANCOUVER, Aug. 22, 2013 /CNW/ - Spanish Mountain Gold Ltd. (the \"Company\") (TSX-V: SPA) announces that it has commenced a Reverse Circulation (\"RC\") drilling programme at the Company's flagship Spanish Mountain Project\n (the \"Project\") in central British Columbia, Canada.\n\n\nThe RC drilling programme will be within an area (the \"test block\") of the Main Zone of gold mineralization on the Project. The Company\n has planned the current drilling programme to ascertain the potential\n for grade improvement, if any, from data collected by RC drilling\n compared to data from the existing diamond drill holes (\"DDH\") in the test block.\n\n\nThe current resource estimate for the Main Zone was prepared using the\n data from 670 DDH and is set out in the NI 43-101 technical report (the\n \"Resource Estimate Report\") entitled \"Updated Mineral Resource Estimate on the Spanish Mountain\n Gold Deposit\" dated August 31, 2012, which was prepared by G.H. Giroux\n and A. Koffyberg, both independent qualified persons within the meaning\n of NI 43-101.\n\n\nAs set out in the Resource Estimate Report, using a gold cut-off grade\n of 0.2 g/t, the resource estimate is as follows:\n\n\n\n\n \n\n\nTonnes\n\n\nAu, g/t\n\n\nAg, g/t\n\n\nOunces Au\n\n\nOunces Ag\n\n\nMeasured\n\n\n29,360,000\n\n\n0.60\n\n\n0.67\n\n\n560,000\n\n\n630,000\n\n\nIndicated\n\n\n186,870,000\n\n\n0.44\n\n\n0.69\n\n\n2,620,000\n\n\n4,150,000\n\n\nM+I\n\n\n216,220,000\n\n\n0.46\n\n\n0.68\n\n\n3,180,000\n\n\n4,730,000\n\n\nInferred\n\n\n316,740,000\n\n\n0.36\n\n\n0.65\n\n\n3,650,000\n\n\n6,620,000\n\n\n\n\nThe RC drilling programme will be in two phases:\n\n\nThe current phase of approximately 10,000 metres of drilling will be\n confined to the test block area of the Main Zone that is classified as\n being within an Indicated category of gold mineralization. Drill holes\n will be spaced to ensure that data collected from these holes will fall\n also within an Indicated category using only RC data.\n\n\nA second phase is expected to immediately follow to expand beyond the\n area of the test block and will conform as closely as possible to the\n initial phases of potential pit development proposed in the NI 43-101\n technical report (\"PEA\") entitled \"Technical Report and Preliminary Economic Assessment of the\n Spanish Mountain Gold Project, Likely, BC\" ...