Dec 11
7
Spanish Mountain Gold has just announced the discovery of a new Gold Zone within the Cedar Creek region of the property. The company is calling it the “Phoenix Zone” and it currently extends over 1km in strike length located approximately 2km west of the main pit zone.
The Phoenix zone lies along the boundary of the proposed tailings facility which appears to be great news as it means the company should not have to find an alternative location for the facility. Although it is too early to say the company believes that the mineralization of the Phoenix zone resembles that of the North Pit Zone, early indications suggest it is comparable in size to the existing mainzone. The company expects to embark on a drill program in the new year to determine the overall potential and economics of this new zone.
It is important to note that the new drilling should not affect the timing of the Pre Feasibility Study scheduled for completion in April. It’s the company’s intention to complete the Phoenix Zone drilling for inclusion in the Feasibility study scheduled for late 2012.
Moving forward into the new year Spanish Mountain anticipates a host of new news starting with results from the infill program followed by the Pre-Feasibility study in April and then the Phoenix results thereafter.
Brian Groves and his management had a very successful year. In the last few months they have not only managed to secure the distinguished Don Coxe to the board but also managed to increase their resource calculation in all categories before announcing the discovery of a new Gold Zone on the property. Lets hope 2012 can be as prosperous for this Canadian junior mining company.
