Spanish Mountain Gold Ltd. is a junior natural resource mining company. The operations of Spanish Mountain Gold include the identification, evaluation, acquisition, exploration, advancement, and development of mineral assets across Canada.
Spanish Mountain Gold is publicly listed on the TSXV, trading under the ticker symbol SPA. The Vancouver-based mineral explorer owns a 100 per cent stake in the Spanish Mountain gold project, which is also its flagship project.
The Spanish Mountain project is situated at some six kilometers in distance from Likely, a village in the Cariboo region, British Columbia. Following the CIM 2019 Best Practices Guidelines, the mineral reserves onsite are estimated as follows:
• The total proven and probable category includes 95.9 mt of resources at 0.76 g/t (gold grade) and a silver grade of 0.71 g/t.
• The total measured and indicated category includes 294 mt of resources at a gold grade of 0.50 g/t and a silver grade of 0.72 g/t.
In June 3, Spanish Mountain Gold filed the NI 43-101 Technical Report for the Pre- Feasibility Study (PFS) and provided updates regarding its flagship project.
The PFS report indicated a total production potential of 2.1 million ounces of Au with an operational mine life of 14 years, including:
• Average annual production of more than 180,000 ounces for the first six years at an average total cost of $707 per ounce
• Average annual production of more than 150 thousand ounces for the remaining mine life (of gold) at an average total cost of $801 per ounce
• The project is equipped with proper infrastructure facilities with an initial capital of CAD $607 million to construct a processing plant with a throughput of 20,000 tons per day.
Currently, Spanish Mountain Gold is directing the advancement of mineral reserves onsite towards production. The company is also trying to expand the resource estimates through exploration and drilling operations at the project site.