Announcement • Mar 10
Spanish Mountain Gold Ltd. Reports Additional Assay Results from Exploration Drill Holes for the Spanish Mountain Gold Project
Spanish Mountain Gold Ltd. reported additional assay results from five exploration drill holes within the Orca Fault target trend that were completed as part of its 2025 Fall Diamond Drill program (“2025 Fall Drill Program”) for the Spanish Mountain Gold (“SMG”) project, which is located in the Cariboo Gold Corridor, British Columbia, Canada. The company has completed approximately 15,034 metres (“m”), surpassing the original estimate of drilling of 9,000 to 10,000 m of exploration drilling planned under the 2025 Fall Drill Program, now continuing into 2026. Assays and geochemistry are pending receipt from the laboratory and or reporting from seven additional drill holes completed within the Orca Fault target area. 26-DH-1337 intersected a 282.50 m thick, higher-grade intercept grading 0.70 g/t gold from 91.50 m that includes 116.80 m of 1.20 g/t gold with a high-grade subset of 12.20 m of 2.46 g/t gold. 26-DH-1334 intersected a very broad, 298.00 m interval of gold mineralization from 6.00 m, grading 0.31 g/t gold, however, it also included three higher-grade subintervals: 19.00 m of 1.19 g/t gold from 112.50 m; 18.50 m of 0.61 g/t gold from 191.50 m; and 23.00 m of 0.72 g/t gold from 234.50 m. 26-DH-1335 intersected a wide intercept of 220.64 m grading 0.44 g/t gold from 3.00 m that includes 143.64 m of 0.60 g/t gold with a high-grade subset of 20.50 m of 1.49 g/t gold; and 26-DH-1336 intersected a wide intercept of 200.20 m grading 0.53 g/t gold from 4.80 m that includes 86.00 m of 0.91 g/t gold with a high-grade subset of 9.00 m of 1.93 g/t gold. Current exploration drilling assay results continue to intersect significant higher-grade gold mineralization over 530 m in strike length in the Orca Fault target area trend and the continuity can now be traced across multiple parallel, adjacent drill sections over 200 m in width. Five additional drill holes were collared and successfully completed in the Orca Fault target area, 26-DH-1333, 26-DH-1334, 26-DH-1335, 26-DH-1336, and 26-DH-1337. These drill holes continue to confirm and lend confidence to the extent of the Orca Fault target area over 530 m strike length, northwest to southeast, and its geological and structural interpretation within the constraining open pit for the MRE. The continued intersection of broad zones of higher-grade gold mineralization, such as the thick intersection of gold mineralization in drill hole 26-DH-1337 reinforces the opportunities for not only enhancing the Orca Fault target understanding but developing favorable structures outward into other areas of the Main deposit while exploring for higher-grade gold mineralization in the near surface, open pit environment, as defined in the recent MRE. Drill hole 26-DH-1337 intersected one of the thickest higher-grade intercepts on the property, grading 0.70 g/t gold from 91.50 m that includes 116.80 m of 1.20 g/t gold with a high-grade subset of 12.20 m of 2.46 g/t gold. All results to date continue to reinforce that tighter exploration drill spacing is unlocking additional mineral potential in the Main deposit as drilling systematically works outward from the Orca Fault target, tracking the higher-grade gold mineralization. These exploration drill holes are presented on drill sections that shows the alignment of the higher-grade gold mineralization. The integration of assay results from these five exploration drill holes strengthens the overall continuity for the new Orca Fault target and the association of higher-grade mineralization over a strike length of 530 m, northwest to southeast. Stronger continuity is also now being developed spanning multiple, parallel, adjacent drill sections ranging over 200 m, northeast to southwest, at the widest point along the 530 m, main Orca Fault target trend. Drill collar location coordinates are summarized for the 2025 Fall Drill Program in Table 6 at the end of this news release. Julian Manco, M.Sc., P.Geo., Director of Exploration with Spanish Mountain Gold, is the Qualified Person as defined under National Instrument 43-101 who has reviewed the technical information in this news release and has approved the content for dissemination. Once received from the drill and processed, all drill core samples were sawn in half, labeled, and bagged. The remaining half of the drill core was securely stored on-site. Numbered security tags were applied to sample shipments to ensure chain of custody compliance. The Company inserts quality assurance and quality control (QAQC) samples at regular intervals, including blanks and reference materials, for all sample shipments to monitor laboratory performance. Standards and blanks account for a minimum of 20% of the samples in addition to the laboratory’s internal quality assurance programs. The QAQC program was overseen by the Company’s Qualified Person, Julian Manco, P.Geo, Director of Exploration (as described below). The data verification process involved a multi-step approach to ensure accuracy and integrity. This included a detailed quality control (QC) analysis of the data, which was performed using both internal and external platforms, such as the MxDeposit™ software. These QC checks involved the analysis of certified reference materials (CRMs), blanks, and duplicates to confirm the reliability of the assay results. In addition, a field inspection of the specific drill intervals mentioned in this release has been conducted to directly observe the geological features and verified the nature of the results presented. Drill core samples were submitted to MSALABS’s analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssayTM analysis. The MSALABS facilities are accredited to the International Standards ISO/IEC 17025 and ISO 9001 standard for gold and multi-element assays, with all analytical methods incorporating quality control materials at defined frequencies and established data acceptance criteria. MSALABS Inc. is independent of the Company. The PhotonAssayTM method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssayTM instrument (PA1408X). This non-destructive, fully automated technique offers high accuracy for analyzing ores and pulps. Sample preparation begins with drying and crushing up to 1 kg of material to achieve at least 70% passing through a 2-millimetre (mm) sieve. The sample is then riffle split to obtain a suitable aliquot for 2 testing cycles (MSALABS Method CPA-Au1). The PhotonAssayTM instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing.
