2025 Q1 Winter drill program and assays results ..
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2025 Q1 Winter drill program and assays results ....................................
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February 10, 2025 - Spanish Mountain Gold Commences 2025 Winter Exploration Drill Program
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Vancouver, B.C., February 10, 2025 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold"
(TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAZF) is pleased to announce the commencement of its 2025 winter exploration diamond drill program (the “2025 Winter Drill Program”), at its Spanish Mountain Gold Project (“SMG Project”), located in the Cariboo Gold Corridor, British Columbia, Canada.
Peter Mah, Spanish Mountain Gold’s President & CEO commented, “We are looking for game changers, both in terms of potential high-grade and growth of the mineral endowment that could significantly impact the project’s future value. Drilling conducted will also facilitate locating the project infrastructure away from potential mineralized gold endowment as the company advances towards a fast-tracked build decision by 2027.”
The 2025 Winter Drill Program will focus on extending mineralization outcropping at and near surface along strike, as well as testing deeper high-grade intercepts discovered in the 2024 exploration drill program. Approximately 10,000 meters (“m”) of drilling with 25 NQ and HQ sized diamond drill holes, ranging from 350 m to 700 m long, are planned on the following targets (refer to Figure 1 in press release dated January 21, 2025, “Spanish Mountain Gold Provides Project Update and Announces 2025 Exploration Drill Program”):
Slipper and K Zones
Near-surface extensions of these zones with potential for low waste strip ratio open pit mining.
Deep New Cataclastic Argillite Horizon
Drilling on this target will follow up on the high-grade intercepts encountered in drill hole 24-DH-1268 (refer to press release dated December 18, 2024, “Spanish Mountain Gold Intercepts Continuous Mineralization”) with potential to extend near pit mineralization deeper and to the northwest.
This program will also test the depth extents of this high-grade mineralization near drill hole 24-DH-1268 relative to its potential for underground mining.
Drilling on this target has started.
Outcropping Tuff Target
There are three main reasons to drill this target:
First, the area is located approximately 1,350 m northwest of the 2021 pit constrained resource (refer to the Spanish Mountain Gold Project - Prefeasibility Study (PFS) and Mineral Resource Estimate, and associated NI 43-101 Technical Report, effective date May 10, 2023, available on the Company’s website or under the Company’s profile on Sedarplus.ca.), and it has the potential to extend near surface, low strip ratio, high-grade open pit mining for the project;
Second, historical drilling in the target area intercepted high-grade quartz structures from 60 m to 188 m of vertical depth. No historical drilling below this depth exists in this area; and
Third, there are indications that the stratigraphic sequence was uplifted in this area, potentially bringing the high-grade gold hosted Cataclastic Argillite Horizon (mentioned above) closer to surface.
Drilling on this target has started.
Phoenix Target
The Phoenix Target area was previously identified by historical drilling that encountered significant gold intercepts associated with quartz veining (refer to press release dated December 7, 2011, “Spanish Mountain Gold Announces Discovery of New Gold Zone”).
In 2024, as part of the core relogging campaign, a new geological model containing the Phoenix Target was developed. It modelled potential gold mineralization over approximately 1700 m wide by 350 m long by 100 m thick. Due to the high-grade intersections and a sizeable potential near-surface mineralized gold endowment volume, follow-up drilling is warranted to determine the extents of potential gold mineralization for open pit mining and its potential impact to the overall project footprint.
A winter road has been cleared to the drill site areas and drilling is expected to commence within the first quarter of 2025.
The Company has engaged Hardrock Diamond Drilling, in partnership with the Williams Lake First Nation and SkyWest Environmental, in partnership with the Xatsull First Nation to execute the 2025 Winter Drill Program. The Program will employ 25 local and regional workers benefiting British Columbia (BC) based families and economy.
To reduce assay result turnaround times and the carbon footprint, the Company has engaged MSALABS to utilize PhotonAssayTM, an innovative technology, for the drill program results.
Qualified Person
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 and approved the contents of this news release.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. We are conducting an integrated Whittle Enterprise Optimization to identify the highest potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Suzette N Ramcharan
(604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...l-program/
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Assays results for the 2025 Q1 Winter drill program
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April 24, 2025 news - Spanish Mountain Gold Reports Near Surface High Grade Gold Intercepts in the K - Zone
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Vancouver, B.C., April 24, 2025 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold" (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to report high grade gold intercepts and the highest grade encountered to date in exploration history at the Spanish Mountain Gold project, which is located in the Cariboo Gold Corridor, British Columbia, Canada. The 10,000 m, 2025 winter exploration diamond drill program ("2025 Winter Drill Program" is comprised of 31 holes and 73% complete.
Highlights:
High-Grade Gold Intercepts – K Zone (See Figures 1, 2, and Table 1):
Hole 25-DH-1286 intersected 139.00 m grading 4.18 g/t Au from 56.00 m including, from 163.00 m, grades of 719.26 g/t Au over 0.75 m, and from 165.10 m, 156.80 g/t Au over 3.50 m
Hole 25-DH-1284 intersected 55.70 m grading 0.41 g/t Au from 126.00 m including, from 172.00 m, 9.70 m grading 1.83 g/t Au and 1.00 m grading 12.13 g/t Au
Hole 25-DH-1285 intersected 39.00 m grading 0.99 g/t Au from 113.00 m including 1.00 m grading 34.59 g/t Au
Visible gold (VG) was observed in multiple drill holes, confirming the high-grade nature of the K Zone Target (See Figure 3)
Julian Manco, Spanish Mountain Gold's Director of Exploration commented, "These exceptional results validate our new geological model, extend mineralization and highlight the significant potential for more high-grade mineralization within our project area. The high grades encountered in hole 25-DH-1286 are truly remarkable and demonstrate an extraordinary upside potential for the Spanish Mountain Gold project."
Peter Mah, Spanish Mountain Gold's President, CEO and Director commented, "We are thrilled to take a major leap forward unlocking near surface high-grade gold intercepts that support the growing understanding of our high-quality deposit and signal exciting new possibilities for high grade open pit gold discovery within 200 m of surface"
Figure 1 – Plan View, K-Zone - 2025 Winter Drill Program
Figure 2 – Long Section showing the K-Zone.
Figure 3 – Representative specimens of the visible gold VG found in the K-Zone Target. Inset A and a. 25-DH-1286 Drill core photo of quartz + VG vein
hosted in sericite-altered tuff. Inset B. 25-DH-1285 Drill core photo of quartz + VG hosted in mafic tuff.
Table 1: 2025 Winter Drill Program – Summarized Gold Assay Results
Notes:
1. Reported intersections are calculated using a 0.15 g/t Au cut-off grade.
2. The complete assay table is available on the Company’s website
3. True thickness of mineralization is unknown
Table 2: Drill Hole Collar Location and hole depths
Abbreviations: metres = m, grams per tonne = g/t, gold = Au
Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC)
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 control (QC) 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 15% 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).
Drill core samples were submitted to MSALABS’ 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.
PhotonAssayTM
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 - 600 gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing. The analysis is performed robotically, with results that integrate into existing laboratory management systems.
Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). Both the sample and reference disc undergo gamma ray exposure, with signals detected and analyzed to ensure accurate and reliable results.
The method offers a gold detection range from 0.015 parts per million (ppm - lower limit) to 10,000 ppm (upper limit). Quality control includes the use of reference materials and blanks, with all results reviewed by a competent person before reporting.
Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssayTM results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish).
QAQC Testing typically can include the following spot checks: 1) Pulverizing tests to evaluate variability in sample preparation, 2) Cross-analysis at external laboratories using screen metallic method, and 3) Four-cycle radiation testing to identify and calibrate potential variability in gold results with variable radiation intensity.
To effectively manage the nugget effect on high-grade gold samples MSALABS tested samples to "extinction" (CPA-Au1E method). This approach divides samples into multiple splits, analyzes each separately using PhotonAssayTM, and then calculates a weighted average of the results. By testing various portions of the sample independently and combining their values proportionally, this method provides significantly more representative gold values than traditional single-split analysis for samples with a large nugget effect.
Multi-Elemental Analysis
For the 2025 drilling campaign Spanish Mountain Gold used IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis.
Key Process Steps:
Sample Preparation: Samples are dried and ground to specific criteria (85% passing 75 microns (μm) for rocks and drill core; 180μm for soils and sediments). A homogeneous 10-gram sample is required.
Digestion: Samples undergo sequential digestion with nitric, perchloric, hydrofluoric, and hydrochloric acids, followed by dilution with deionized water.
Analysis: The solution is analyzed via ICP-OES and ICP-MS for multi-element quantification.
Quality Control: The process includes reference materials, blanks, and duplicates, with corrections for spectral interferences and thorough review before final reporting.
Julian Manco, M.Sc., P.Geo., has verified the data disclosed in this news release. 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, Mr. Manco, conducted a field inspection of the specific drill intervals mentioned in this release to directly observe the geological features and verified the nature of the results presented.
Qualified Person
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 and has approved the contents of this news release.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. We are conducting an integrated Whittle Enterprise Optimization to identify the highest potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Peter Mah
(604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...he-k-zone/
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2025 Q4 Fall drill program announcement
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To follow up on the near surface visible high grade gold discovery in the K-zone:
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September 12, 2025 - Spanish Mountain Gold Announces 9-10,000 Metre Drill Program
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Vancouver, BC; September 12, 2025 – Spanish Mountain Gold Ltd. (“Spanish Mountain” or the “Company”) (TSX-V: SPA; FSE: S3Y; OTCQB: SPAUF) is pleased to announce that it has contracted Hardrock Diamond Drilling Ltd. (“HRDD”) for its upcoming drilling program at its Spanish Mountain Gold (“SMG”) Project, which is located in the Cariboo Gold Corridor near Likely, British Columbia, Canada.
Drill program objectives are:
Extend near surface, higher-grade gold mineralization in five key priority areas: Main deposit, Phoenix deposit, K-zone, Outcropping Tuff (“OT”) target, and the A12 target (Figure 1).
Collect drill hole sample material from the Phoenix deposit for ore sorting metallurgical studies looking to reject waste material and increase the gold content of mineralization entering the Process Plant.
De-risk infrastructure locations identified in the 2025 PEA (see July 3, 2025 news release) through drilling of high priority exploration targets to inform future engineering studies.
The diamond drill program (approximately 9-10,000 meters in 27 HQ3-sized drill holes) ranging in depth from 250 m to 600 meters is planned to commence in Q3 2025 and is expected to be completed in Q1 2026 . Drilling will utilize downhole tools for oriented drill core and split tube core barrels for structural measurements and enhanced core recovery, respectively.
The Company’s development strategy is focused on optimizing, de-risking and advancing the SMG Project towards a build decision in 2027. In July 2025, the Company published a new Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”) (see July 3, 2025 news release), which outlined several opportunities for follow-up drilling within the Main and Phoenix deposits and nearby targets.
For the upcoming drill program, work will be targeting extensions where higher-grade gold mineralization has been intersected in the near-surface environment, leveraging understanding gained in the Fall 2024 and Winter 2024-25 drilling programs. An exploration drill program in 2024 (5,590 metres) was successfully and safely completed in September 2024 and a 10,001 meter exploration drill program was completed in late May 2025.
The Technical Team continues to focus on understanding the controls to higher-grade gold mineralization incorporating new and historic geological, structural, geochemical and geophysical studies. This work has greatly aided targeting and continues to confirm the favorable lithological and structural controls to mineralization in the Main and Phoenix deposits (see Figure 1), and expansion potential outside the current MRE. High priority targets outside of the MRE include the OT and A12 targets, which have seen limited historical drilling, however, the perspectivity of these two targets is exemplified by this past winter’s drill hole, 25-DH-1275 at OT that intersected 62.20 meters grading 0.60 g/t gold, including 5.04 meters grading 4.69 g/t gold, which also had a subset of 1.95 meters grading 9.72 g/t gold (see April 1, 2025 news release). Further drilling is needed in these important targets.
Figure 1: Plan map of Priority Targets with Section views of each individual target (A-A’ – looking east; B-B’- looking north; C-C’ – looking west; note D-D’ – looking northwest is Figure 2)
High Priority Targets
Main Deposit (Section B-B’)
The area around drill holes 25-DH-1281 and 25-DH-1282 is a key element to targeting higher-grade gold mineralization in the Main deposit, and especially important to follow-up, since none of the winter 2025 drill holes in the Main deposit were included in the 2025 MRE (see April 21, 2025 news release). Until 2025, drilling had not focused on what is now considered the preferred drilling direction of azimuth 120⁰, which resulted in significantly higher-grade intercepts than the grade of the MRE of the Main deposit. Drill hole 25-DH-1281 intersected 123.00 metres grading 1.08 g/t gold and drill hole 25-DH-1282 intersected 211.90 meters grading 0.36 g/t gold, including 100.30 meters grading 0.52 g/t gold that included an interval of 16.00 metres grading 1.43 g/t gold. This highlights the opportunity for extending this zone of higher-grade mineralization with additional step-out holes and identifying new zones of higher-grade mineralization using the preferred drilling direction.
K-zone (Section C-C’)
The K-zone, which is located in the southwest portion of the Main deposit will be a high priority target in the planned drill program. Drill hole 25-DH-1286 intersected 139.00 meters grading 4.18 g/t gold, including 0.75 meters grading 719.26 g/t gold in the winter 2025 drill program (see April 24, 2025 news release). This intercept is the highest recorded on the SMG Project and step-out drill holes in the upcoming program will look to further develop information on the orientation and extent of these important near-surface, high-grade vein structures. It is important to note that all winter 2025 drill holes from K-zone were not included in the 2025 MRE, and therefore, the high-grade intercept had no impact on the block model.
Figure 2: Drill Section of K-zone, highlighting 25-DH-1286 (D-D’ – looking northeast) (Note – section line location presented in Plan Map, Figure 1).
Phoenix deposit (Section A-A’)
The Phoenix deposit was the focus of drill programs in 2024 and 2025, which outlined a large, near-surface gold endowment in its inaugural MRE (see July 3, 2025 news release). Drilling in the upcoming program will be focused along the main north-northwest trending Evelyn Fault that transects most of the favorable, mineralized trend over a distance of 1.4 km and has yield higher-grade gold results such as drill hole 25-CCR-062, which intersected 62.00 meters grading 1.47 g/t gold, including 4.00 meters grading 17.28 g/t gold (see June 2, 2025 news release). Other notable intercepts at the Phoenix deposit include drill hole 25-CCR-056, which intersected 116 meters, grading 0.40 g/t, including 13.12 meters, grading 1.27 g/t gold (see June 2, 2025 news release).
North-northwest trending faults that appear to be a major control to mineralization at the Main deposit may also be important controls to mineralization at the Phoenix deposit.
A12 and OT Targets (Sections C-C’, and A-A’ and B-B’, respectively)
The A12 target is located along strike and west of the Main deposit MRE and is coincident with a strong gold-in-soil and geophysical anomaly. Drill holes in the upcoming program are primarily condemnation holes to de-risk the surface infrastructure footprint for the process plant and dry stack tailings management facility as identified in the 2025 PEA. However, the favorable soil geochemistry and geophysics immediately west of the open pit may be associated with extensions to the Main deposit and provide a near-open pit opportunity that could have a significant positive impact to the SMG Project.
The OT target is a recent discovery based on drilling a geological target in drill hole 25-DH-1275 that intersected 62.20 metres grading 0.60 g/t gold including a smaller intercept of 5.04 m grading 4.69 g/t gold (see April 21, 2025 news release). The hole was collared 1.35 km northwest of the pit constraining the 2025 MRE and is a high priority target for the upcoming drill program.
2025 Summer Surface Exploration Program
The Technical Team completed a limited summer exploration program in 2025 that had the objective to further delineate and refine high-priority targets that will be the focus of the upcoming drill program. Work included geological mapping, geochemical sampling of rocks, soils, and colluvial material in the K-zone, OT target, and A12 target. The total of samples (over 70 samples) been remitted for analysis and results are pending. Sample locations are displayed in Figure 3.
Figure 3: 2025 Summer Program – Soil, till and rock sample locations
Qualified Person
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 and has approved the contents of this news release.
Hardrock Diamond Drilling Ltd.
Since its inception, in 2004, HRDD has prioritized steady growth and has evolved into a full-scale drilling company. Equipped with all the necessary heavy machinery and mechanical prowess necessary for diverse coring projects, the company has established itself as one known for quality and reliability. The founding members of the team remain in charge today, ensuring top-notch expertise on projects. For HRDD, excellence requires maintaining safety, ensuring reliability, optimizing costs, and upholding environmental responsibility. HRDD stated mission is to “Build strong, long-lasting relationships with clients, to prove efficient & cost-effective drilling services, to offer an experienced and loyal team, to exceed our client’s expectations and to continue to improve.”
About the Company
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. On August 18, 2025, the Company filed an NI 43-101 Technical Report on SEDAR+ that sets out the Project’s de-risked and optimized Preliminary Economic Assessment (PEA), with an updated Mineral Resource Estimate (MRE). We will continue to advance the Project to position the Company to make a construction decision in 2027. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
For more information, contact:
Peter Mah, President, CEO, and Director
+1 (604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...l-program/
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February 10, 2025 - Spanish Mountain Gold Commences 2025 Winter Exploration Drill Program
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Vancouver, B.C., February 10, 2025 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold"
(TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAZF) is pleased to announce the commencement of its 2025 winter exploration diamond drill program (the “2025 Winter Drill Program”), at its Spanish Mountain Gold Project (“SMG Project”), located in the Cariboo Gold Corridor, British Columbia, Canada. Peter Mah, Spanish Mountain Gold’s President & CEO commented, “We are looking for game changers, both in terms of potential high-grade and growth of the mineral endowment that could significantly impact the project’s future value. Drilling conducted will also facilitate locating the project infrastructure away from potential mineralized gold endowment as the company advances towards a fast-tracked build decision by 2027.”
The 2025 Winter Drill Program will focus on extending mineralization outcropping at and near surface along strike, as well as testing deeper high-grade intercepts discovered in the 2024 exploration drill program. Approximately 10,000 meters (“m”) of drilling with 25 NQ and HQ sized diamond drill holes, ranging from 350 m to 700 m long, are planned on the following targets (refer to Figure 1 in press release dated January 21, 2025, “Spanish Mountain Gold Provides Project Update and Announces 2025 Exploration Drill Program”):
Slipper and K Zones
Near-surface extensions of these zones with potential for low waste strip ratio open pit mining.
Deep New Cataclastic Argillite Horizon
Drilling on this target will follow up on the high-grade intercepts encountered in drill hole 24-DH-1268 (refer to press release dated December 18, 2024, “Spanish Mountain Gold Intercepts Continuous Mineralization”) with potential to extend near pit mineralization deeper and to the northwest.
This program will also test the depth extents of this high-grade mineralization near drill hole 24-DH-1268 relative to its potential for underground mining.
Drilling on this target has started.
Outcropping Tuff Target
There are three main reasons to drill this target:
First, the area is located approximately 1,350 m northwest of the 2021 pit constrained resource (refer to the Spanish Mountain Gold Project - Prefeasibility Study (PFS) and Mineral Resource Estimate, and associated NI 43-101 Technical Report, effective date May 10, 2023, available on the Company’s website or under the Company’s profile on Sedarplus.ca.), and it has the potential to extend near surface, low strip ratio, high-grade open pit mining for the project;
Second, historical drilling in the target area intercepted high-grade quartz structures from 60 m to 188 m of vertical depth. No historical drilling below this depth exists in this area; and
Third, there are indications that the stratigraphic sequence was uplifted in this area, potentially bringing the high-grade gold hosted Cataclastic Argillite Horizon (mentioned above) closer to surface.
Drilling on this target has started.
Phoenix Target
The Phoenix Target area was previously identified by historical drilling that encountered significant gold intercepts associated with quartz veining (refer to press release dated December 7, 2011, “Spanish Mountain Gold Announces Discovery of New Gold Zone”).
In 2024, as part of the core relogging campaign, a new geological model containing the Phoenix Target was developed. It modelled potential gold mineralization over approximately 1700 m wide by 350 m long by 100 m thick. Due to the high-grade intersections and a sizeable potential near-surface mineralized gold endowment volume, follow-up drilling is warranted to determine the extents of potential gold mineralization for open pit mining and its potential impact to the overall project footprint.
A winter road has been cleared to the drill site areas and drilling is expected to commence within the first quarter of 2025.
The Company has engaged Hardrock Diamond Drilling, in partnership with the Williams Lake First Nation and SkyWest Environmental, in partnership with the Xatsull First Nation to execute the 2025 Winter Drill Program. The Program will employ 25 local and regional workers benefiting British Columbia (BC) based families and economy.
To reduce assay result turnaround times and the carbon footprint, the Company has engaged MSALABS to utilize PhotonAssayTM, an innovative technology, for the drill program results.
Qualified Person
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 and approved the contents of this news release.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. We are conducting an integrated Whittle Enterprise Optimization to identify the highest potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Suzette N Ramcharan
(604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...l-program/
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Assays results for the 2025 Q1 Winter drill program
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April 24, 2025 news - Spanish Mountain Gold Reports Near Surface High Grade Gold Intercepts in the K - Zone
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Vancouver, B.C., April 24, 2025 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish Mountain Gold"
(TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to report high grade gold intercepts and the highest grade encountered to date in exploration history at the Spanish Mountain Gold project, which is located in the Cariboo Gold Corridor, British Columbia, Canada. The 10,000 m, 2025 winter exploration diamond drill program ("2025 Winter Drill Program" is comprised of 31 holes and 73% complete. Highlights:
High-Grade Gold Intercepts – K Zone (See Figures 1, 2, and Table 1):
Hole 25-DH-1286 intersected 139.00 m grading 4.18 g/t Au from 56.00 m including, from 163.00 m, grades of 719.26 g/t Au over 0.75 m, and from 165.10 m, 156.80 g/t Au over 3.50 m
Hole 25-DH-1284 intersected 55.70 m grading 0.41 g/t Au from 126.00 m including, from 172.00 m, 9.70 m grading 1.83 g/t Au and 1.00 m grading 12.13 g/t Au
Hole 25-DH-1285 intersected 39.00 m grading 0.99 g/t Au from 113.00 m including 1.00 m grading 34.59 g/t Au
Visible gold (VG) was observed in multiple drill holes, confirming the high-grade nature of the K Zone Target (See Figure 3)
Julian Manco, Spanish Mountain Gold's Director of Exploration commented, "These exceptional results validate our new geological model, extend mineralization and highlight the significant potential for more high-grade mineralization within our project area. The high grades encountered in hole 25-DH-1286 are truly remarkable and demonstrate an extraordinary upside potential for the Spanish Mountain Gold project."
Peter Mah, Spanish Mountain Gold's President, CEO and Director commented, "We are thrilled to take a major leap forward unlocking near surface high-grade gold intercepts that support the growing understanding of our high-quality deposit and signal exciting new possibilities for high grade open pit gold discovery within 200 m of surface"
Figure 1 – Plan View, K-Zone - 2025 Winter Drill Program
Figure 2 – Long Section showing the K-Zone.
Figure 3 – Representative specimens of the visible gold VG found in the K-Zone Target. Inset A and a. 25-DH-1286 Drill core photo of quartz + VG vein
hosted in sericite-altered tuff. Inset B. 25-DH-1285 Drill core photo of quartz + VG hosted in mafic tuff.
Table 1: 2025 Winter Drill Program – Summarized Gold Assay Results
Notes:
1. Reported intersections are calculated using a 0.15 g/t Au cut-off grade.
2. The complete assay table is available on the Company’s website
3. True thickness of mineralization is unknown
Table 2: Drill Hole Collar Location and hole depths
Abbreviations: metres = m, grams per tonne = g/t, gold = Au
Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC)
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 control (QC) 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 15% 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).
Drill core samples were submitted to MSALABS’ 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.
PhotonAssayTM
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 - 600 gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing. The analysis is performed robotically, with results that integrate into existing laboratory management systems.
Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). Both the sample and reference disc undergo gamma ray exposure, with signals detected and analyzed to ensure accurate and reliable results.
The method offers a gold detection range from 0.015 parts per million (ppm - lower limit) to 10,000 ppm (upper limit). Quality control includes the use of reference materials and blanks, with all results reviewed by a competent person before reporting.
Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssayTM results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish).
QAQC Testing typically can include the following spot checks: 1) Pulverizing tests to evaluate variability in sample preparation, 2) Cross-analysis at external laboratories using screen metallic method, and 3) Four-cycle radiation testing to identify and calibrate potential variability in gold results with variable radiation intensity.
To effectively manage the nugget effect on high-grade gold samples MSALABS tested samples to "extinction" (CPA-Au1E method). This approach divides samples into multiple splits, analyzes each separately using PhotonAssayTM, and then calculates a weighted average of the results. By testing various portions of the sample independently and combining their values proportionally, this method provides significantly more representative gold values than traditional single-split analysis for samples with a large nugget effect.
Multi-Elemental Analysis
For the 2025 drilling campaign Spanish Mountain Gold used IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis.
Key Process Steps:
Sample Preparation: Samples are dried and ground to specific criteria (85% passing 75 microns (μm) for rocks and drill core; 180μm for soils and sediments). A homogeneous 10-gram sample is required.
Digestion: Samples undergo sequential digestion with nitric, perchloric, hydrofluoric, and hydrochloric acids, followed by dilution with deionized water.
Analysis: The solution is analyzed via ICP-OES and ICP-MS for multi-element quantification.
Quality Control: The process includes reference materials, blanks, and duplicates, with corrections for spectral interferences and thorough review before final reporting.
Julian Manco, M.Sc., P.Geo., has verified the data disclosed in this news release. 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, Mr. Manco, conducted a field inspection of the specific drill intervals mentioned in this release to directly observe the geological features and verified the nature of the results presented.
Qualified Person
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 and has approved the contents of this news release.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. We are conducting an integrated Whittle Enterprise Optimization to identify the highest potential value-add improvements while increasing the understanding of the high-grade geologic controls and associated drill targets that could upgrade and expand the gold resource. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Peter Mah
(604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...he-k-zone/
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2025 Q4 Fall drill program announcement
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To follow up on the near surface visible high grade gold discovery in the K-zone:
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September 12, 2025 - Spanish Mountain Gold Announces 9-10,000 Metre Drill Program
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Vancouver, BC; September 12, 2025 – Spanish Mountain Gold Ltd. (“Spanish Mountain” or the “Company”) (TSX-V: SPA; FSE: S3Y; OTCQB: SPAUF) is pleased to announce that it has contracted Hardrock Diamond Drilling Ltd. (“HRDD”) for its upcoming drilling program at its Spanish Mountain Gold (“SMG”) Project, which is located in the Cariboo Gold Corridor near Likely, British Columbia, Canada.
Drill program objectives are:
Extend near surface, higher-grade gold mineralization in five key priority areas: Main deposit, Phoenix deposit, K-zone, Outcropping Tuff (“OT”) target, and the A12 target (Figure 1).
Collect drill hole sample material from the Phoenix deposit for ore sorting metallurgical studies looking to reject waste material and increase the gold content of mineralization entering the Process Plant.
De-risk infrastructure locations identified in the 2025 PEA (see July 3, 2025 news release) through drilling of high priority exploration targets to inform future engineering studies.
The diamond drill program (approximately 9-10,000 meters in 27 HQ3-sized drill holes) ranging in depth from 250 m to 600 meters is planned to commence in Q3 2025 and is expected to be completed in Q1 2026 . Drilling will utilize downhole tools for oriented drill core and split tube core barrels for structural measurements and enhanced core recovery, respectively.
The Company’s development strategy is focused on optimizing, de-risking and advancing the SMG Project towards a build decision in 2027. In July 2025, the Company published a new Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”) (see July 3, 2025 news release), which outlined several opportunities for follow-up drilling within the Main and Phoenix deposits and nearby targets.
For the upcoming drill program, work will be targeting extensions where higher-grade gold mineralization has been intersected in the near-surface environment, leveraging understanding gained in the Fall 2024 and Winter 2024-25 drilling programs. An exploration drill program in 2024 (5,590 metres) was successfully and safely completed in September 2024 and a 10,001 meter exploration drill program was completed in late May 2025.
The Technical Team continues to focus on understanding the controls to higher-grade gold mineralization incorporating new and historic geological, structural, geochemical and geophysical studies. This work has greatly aided targeting and continues to confirm the favorable lithological and structural controls to mineralization in the Main and Phoenix deposits (see Figure 1), and expansion potential outside the current MRE. High priority targets outside of the MRE include the OT and A12 targets, which have seen limited historical drilling, however, the perspectivity of these two targets is exemplified by this past winter’s drill hole, 25-DH-1275 at OT that intersected 62.20 meters grading 0.60 g/t gold, including 5.04 meters grading 4.69 g/t gold, which also had a subset of 1.95 meters grading 9.72 g/t gold (see April 1, 2025 news release). Further drilling is needed in these important targets.
Figure 1: Plan map of Priority Targets with Section views of each individual target (A-A’ – looking east; B-B’- looking north; C-C’ – looking west; note D-D’ – looking northwest is Figure 2)
High Priority Targets
Main Deposit (Section B-B’)
The area around drill holes 25-DH-1281 and 25-DH-1282 is a key element to targeting higher-grade gold mineralization in the Main deposit, and especially important to follow-up, since none of the winter 2025 drill holes in the Main deposit were included in the 2025 MRE (see April 21, 2025 news release). Until 2025, drilling had not focused on what is now considered the preferred drilling direction of azimuth 120⁰, which resulted in significantly higher-grade intercepts than the grade of the MRE of the Main deposit. Drill hole 25-DH-1281 intersected 123.00 metres grading 1.08 g/t gold and drill hole 25-DH-1282 intersected 211.90 meters grading 0.36 g/t gold, including 100.30 meters grading 0.52 g/t gold that included an interval of 16.00 metres grading 1.43 g/t gold. This highlights the opportunity for extending this zone of higher-grade mineralization with additional step-out holes and identifying new zones of higher-grade mineralization using the preferred drilling direction.
K-zone (Section C-C’)
The K-zone, which is located in the southwest portion of the Main deposit will be a high priority target in the planned drill program. Drill hole 25-DH-1286 intersected 139.00 meters grading 4.18 g/t gold, including 0.75 meters grading 719.26 g/t gold in the winter 2025 drill program (see April 24, 2025 news release). This intercept is the highest recorded on the SMG Project and step-out drill holes in the upcoming program will look to further develop information on the orientation and extent of these important near-surface, high-grade vein structures. It is important to note that all winter 2025 drill holes from K-zone were not included in the 2025 MRE, and therefore, the high-grade intercept had no impact on the block model.
Figure 2: Drill Section of K-zone, highlighting 25-DH-1286 (D-D’ – looking northeast) (Note – section line location presented in Plan Map, Figure 1).
Phoenix deposit (Section A-A’)
The Phoenix deposit was the focus of drill programs in 2024 and 2025, which outlined a large, near-surface gold endowment in its inaugural MRE (see July 3, 2025 news release). Drilling in the upcoming program will be focused along the main north-northwest trending Evelyn Fault that transects most of the favorable, mineralized trend over a distance of 1.4 km and has yield higher-grade gold results such as drill hole 25-CCR-062, which intersected 62.00 meters grading 1.47 g/t gold, including 4.00 meters grading 17.28 g/t gold (see June 2, 2025 news release). Other notable intercepts at the Phoenix deposit include drill hole 25-CCR-056, which intersected 116 meters, grading 0.40 g/t, including 13.12 meters, grading 1.27 g/t gold (see June 2, 2025 news release).
North-northwest trending faults that appear to be a major control to mineralization at the Main deposit may also be important controls to mineralization at the Phoenix deposit.
A12 and OT Targets (Sections C-C’, and A-A’ and B-B’, respectively)
The A12 target is located along strike and west of the Main deposit MRE and is coincident with a strong gold-in-soil and geophysical anomaly. Drill holes in the upcoming program are primarily condemnation holes to de-risk the surface infrastructure footprint for the process plant and dry stack tailings management facility as identified in the 2025 PEA. However, the favorable soil geochemistry and geophysics immediately west of the open pit may be associated with extensions to the Main deposit and provide a near-open pit opportunity that could have a significant positive impact to the SMG Project.
The OT target is a recent discovery based on drilling a geological target in drill hole 25-DH-1275 that intersected 62.20 metres grading 0.60 g/t gold including a smaller intercept of 5.04 m grading 4.69 g/t gold (see April 21, 2025 news release). The hole was collared 1.35 km northwest of the pit constraining the 2025 MRE and is a high priority target for the upcoming drill program.
2025 Summer Surface Exploration Program
The Technical Team completed a limited summer exploration program in 2025 that had the objective to further delineate and refine high-priority targets that will be the focus of the upcoming drill program. Work included geological mapping, geochemical sampling of rocks, soils, and colluvial material in the K-zone, OT target, and A12 target. The total of samples (over 70 samples) been remitted for analysis and results are pending. Sample locations are displayed in Figure 3.
Figure 3: 2025 Summer Program – Soil, till and rock sample locations
Qualified Person
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 and has approved the contents of this news release.
Hardrock Diamond Drilling Ltd.
Since its inception, in 2004, HRDD has prioritized steady growth and has evolved into a full-scale drilling company. Equipped with all the necessary heavy machinery and mechanical prowess necessary for diverse coring projects, the company has established itself as one known for quality and reliability. The founding members of the team remain in charge today, ensuring top-notch expertise on projects. For HRDD, excellence requires maintaining safety, ensuring reliability, optimizing costs, and upholding environmental responsibility. HRDD stated mission is to “Build strong, long-lasting relationships with clients, to prove efficient & cost-effective drilling services, to offer an experienced and loyal team, to exceed our client’s expectations and to continue to improve.”
About the Company
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project (Project) towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. On August 18, 2025, the Company filed an NI 43-101 Technical Report on SEDAR+ that sets out the Project’s de-risked and optimized Preliminary Economic Assessment (PEA), with an updated Mineral Resource Estimate (MRE). We will continue to advance the Project to position the Company to make a construction decision in 2027. We are striving to be a leader in community and Indigenous relations by leveraging technology and innovation to build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities. Details on the Company are available on www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
For more information, contact:
Peter Mah, President, CEO, and Director
+1 (604) 601-3651
info@spanishmountaingold.com
https://spanishmountaingold.com/news/2025/spa...l-program/
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