Spanish Mountain Gold Provides 2024 Exploration Program & Project Update

Highlights

Spanish Mountain Gold announces it has: (1) completed over 90% of the 5,000 m of planned drilling for its 2024 Exploration Program; assays are pending and (2) awarded a new Preliminary Economic Assessment with accompanying Mineral Resource Estimate that aims to define a low cost, low initial capital staged production strategy.

Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) (the "Company" or "Spanish Mountain Gold") is pleased to provide an update on its 2024 Exploration Program (the "Program") at its Spanish Mountain Gold Project (the "Project") near Likely, British Columbia.

The Program will drill a total of nine (9) NQ sized diamond drill holes positioned along the northwestern edge of the deposit. It will include down the hole surveying, oriented core and XRF analyser results which aim to maximize information to improve ore body knowledge and mineralization controls. The Program has achieved 4,478 metres drilled in 7 of 9 completed diamond drill holes since the last update on August 9, 2024 (Please see Figure 1). The Company anticipates results to be available in Q4, 2024.

Figure 1 - Drill locations and potential new mineralization domain extensions

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5231/223076_d0269b2404ab6869_001 ...

The Company is on course to achieve its goal of completing drilling before the end of September 2024. With each hole targeting the potential extension(s) of multiple newly identified zones of mineralization within and/or near the pit constrained resource, the Company diligently continues to gather new information that could potentially reduce waste strip, define high-grade geological controls and increase the scale of the Project.

Peter Mah, Spanish Mountain Gold's President, CEO and Director, comments, "We are excited to announce that once the summer fire restrictions were lifted in the region in early August, our team safely mobilized and, to date, achieved the drill plan on budget and schedule. In addition, the Company in collaboration with Hard Rock Diamond Drilling proudly achieved a carbon footprint reduction of approximately 70-80% utilizing renewable diesel to fuel the drills and equipment. Core logging and sampling has kept pace with the drills. The company anticipates receiving assay results from the Program through Q3 and Q4."