Announcement • Jul 06
Spanish Mountain Gold Ltd. Provides Assay Results from Seven Diamond Drill Holes on Spanish Mountain Gold Project, Located in Cariboo Gold Corridor, British Columbia, Canada
Spanish Mountain Gold Ltd. provided assay results from seven diamond drill holes on the Spanish Mountain Gold project, located in the Cariboo Gold Corridor, British Columbia, Canada. The assay results from these drill holes are part of the 2026 Feasibility Drill Program, which was initiated in March 2026 with the objective of increasing resource confidence (infill drilling) and expanding on the current mineral resource. Approximately 16,083 metres (“m”) of a planned 60,000 m drilling program has been completed to date. This news release presents results for holes 26-DH-1367 to 26-DH-1373. Assay results are pending for 20 additional drill holes. Main Deposit Overview: The Main Deposit exhibits two mineralization styles. Early-stage mineralization is strata bound mineralization hosted primarily within carbonaceous argillite units, particularly at or near the contact with tuff and greywacke units. This mineralization strikes northwest and dips shallowly to the northeast with gold mineralization commonly associated with fine-grained disseminated and vein pyrite. Late-stage mineralization consists of quartz veins containing visible gold associated with galena, sphalerite and pyrite. The late-stage mineralization is associated with a structural zone known as the Orca Fault Corridor and typically strikes northeast and dips moderately to steeply west. Late-stage mineralization is best developed in the tuff/greywacke unit; however, it occurs in all stratigraphic units and crosscuts the early-stage mineralization. The current drilling is designed to test both styles of mineralization with a preferred drill orientation of azimuth 120° and a dip of -60° (drilling toward the southeast). Historic holes oriented vertically or drilled to the northeast or southwest were not the optimal drill orientation to intersect the late-stage mineralization. Key Findings - 7 Drill Holes: Results from the easternmost holes (26-DH-1367, 26-DH-1369, 26-DH-1371, and 26-DH-1373 on Section A-A’) confirm near-surface continuity of Orca-style structures between Fault 2 and Fault 3. This block remains open along strike and is significantly under drilled. Hole 26-DH-1373 also intersected a deeper zone of gold mineralization at 214.70 m, interpreted to be associated with a lower structure ‘F fault’ in the Orca area (Section A-A’). This structural zone remains largely untested and represents a new exploration target. 26-DH-1370, 26-DH-1368, and 26-DH-1372 (Section B-B’) were collared to test the continuity of the Orca Fault Corridor between Fault 1 and Fault 2, an area corresponding to Years 5 through 10 of the life-of-mine plan defined in the 2025 Preliminary Economic Assessment (see news release from July 3, 2025). Results confirm the down-dip continuity of the Orca fault trend that remains open at depth. High-grade subsets up to 22.39 g/t over 0.65 m from 82.50 m (26-DH-1370), 3.01 g/t over 3.60 m from 35.05 m (26-DH-1371) and 2.31 g/t over 10.25 m from 92.75 m (26-DH-1373), together with 2.05 g/t over 14.85 m from 101.00 m (26-DH-1367), are consistent with Orca-style vein clusters and reinforce the structural model for the Fault 2 - Fault 3 block. Abbreviations: metres = m, grams per tonne = g/t, gold = Au, mineral resource estimate = MRE, Spanish Mountain Gold = SMG. Drill Results: Section A-A’ - Drill Holes 26-DH-1367, 26-DH-1369, 26-DH-1371, and 26-DH-137326-DH-1367, 26-DH-1369, 26-DH-1371, and 26-DH-1373 were collared in the easternmost area of the 2025-2026 drill program to test Orca-style structures between Fault 2 and Fault 3 and to evaluate the structural controls identified through systematic work in the Orca area, including the F fault. The results confirm near-surface grade continuity and identify higher-grade vein clusters consistent with the Orca Fault Corridor structural model. 26-DH-1367 is the standout hole of this section, returning 69.2 m of 0.74 g/t gold from 53.8 m, including 56.85 m of 0.83 g/t gold from 59.0 m, 36.0 m of 1.05 g/t gold from 87.0 m, and a higher-grade interval of 14.85 m of 2.05 g/t gold from 101.0 m. 26-DH-1371 intersected 77.85 m of 0.70 g/t gold from 35.05 m, including a near-surface higher-grade cluster of 3.6 m of 3.01 g/t gold from 35.05 m, within a broader interval of 134.1 m of 0.46 g/t gold from 5.8 m. 26-DH-1373 returned 193.0 m of 0.41 g/t gold from 60.0 m, including 48.75 m of 0.77 g/t gold from 60.0 m, a higher-grade subset of 10.25 m of 2.31 g/t gold from 92.75 m, and a deeper zone of 38.3 m of 0.84 g/t gold from 214.7 m with a higher-grade interval of 8.0 m of 1.87 g/t gold from 241.0 m. 26-DH-1369 returned a series of narrower isolated intervals confirming structural complexity within this block. 26-DH-1370, 26-DH-1368, and 26-DH-1372 were collared to test the continuity of the Orca Fault Corridor between Fault 1 and Fault 2, a zone of lower-grade mineralization as a result of limited drilling and corresponding to Years 5 through 10 in the 2025 PEA life of mine plan. 26-DH-1370, collared 100 m northwest of 26-DH-1366, which returned 339.0 m of 0.51 g/t gold from 26.0 m including 138.8 m of 0.79 g/t gold and 41.9 m of 1.09 g/t gold from 160.1 m. 26-DH-1370 intersected a broader interval of 236.0 m of 0.40 g/t gold from 50.0 m, with a well-defined zone of 82.22 m of 0.56 g/t gold from 203.78 m, including 42.48 m of 0.74 g/t gold from 234.44 m and a higher-grade interval of 4.2 m of 1.26 g/t gold from 203.78 m. The narrow 0.65 m interval of 22.39 g/t gold at 82.5 m reflects a higher-grade Orca-style veining, consistent with late-stage mineralization. Mineralization is open at depth and to the southwest. 26-DH-1368 intersected a broad interval of 332.0 m of 0.29 g/t gold from 36.0 m, with a higher-grade zone of 23.5 m of 1.03 g/t gold from 150.8 m within a 71.8 m sub-interval at 0.54 g/t from 109.00 m. 26-DH-1372 returned 270.0 m of 0.31 g/t gold from 6.0 m, including 12.5 m of 1.37 g/t gold from 6.0 m near surface and 4.1 m of 1.20 g/t gold from 271.9 m at depth.
