Vancouver — Partners
The 170-claim property has been explored over the past 70 years and is believed to be the source of some of the richest placer deposits in the history of the Cariboo region. Over the past five years, exploration has focused on the property’s potential for hosting a large, bulk-tonnage gold deposit. In 2000, a 1,908-tonne bulk sample from a “test pit” averaged 3.02 grams gold.
The latest assay results are from the last six holes of a 16-hole program. Five of the six were drilled in the Northeast portion of the target, which was also tested by several previous holes. The partners note that seven recent holes drilled to test this target returned an average mineralized intercept of 67.7 metres with a weight-averaged grade of 1.52 grams gold per tonne. Most of the holes ended in mineralization.
The recently drilled area of interest, dubbed the Northeast Panel, has a north-south dimension of 450 metres and an east-west dimension of more than 200 metres. Mineralization in this area remains open to the north, east and west, and to depth. One of the best holes from this target returned 53.3 metres grading 2.05 grams gold per tonne, from 36.6 to 89.9 metres.
The Spanish Mountain project is held 30% by Wildrose and 70% by Skygold. Wildrose owns 700,000 shares of Skygold.
The partners note that gold mineralization at Spanish Mountain has characteristics of both structural and stratigraphic processes. Some geologists believe the region encompassing Spanish Mountain is prospective for Carlin-type gold deposits. Others believe the project is similar to Brazil’s Paracatu deposit. Paracatu is part of a metamorphic gold system with finely disseminated mineralization in an original bedded sedimentary host (phyllites).
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