Spanish Mountain Gold Drilling Intersects 205.87 Metres Grading 0.58 G/T Gold, 142.00 Metres of 0.77 G/T Gold, and 69.40 Metres of 0.99 G/T Gold in Three Separate Drill Holes Containing Numberous Higher-Grade Sub- Intervals
Spanish Mountain Gold Drilling Intersects 205.87 Metres Grading 0.58 G/T
Gold, 142.00 Metres of 0.77 G/T Gold, and 69.40 Metres of 0.99 G/T Gold in
Three Separate Drill Holes Containing Numberous Higher-Grade Sub-
Intervals
VANCOUVER, British Columbia--(BUSINESS WIRE)--February 26, 2026--Spanish Mountain
Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA) (FSE: S3Y)
(OTCQB: SPAUF) is pleased to report 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 13,819 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.
Highlights:
26-DH-1328 intersected two intervals of gold mineralization including:
o 205.87 m of 0.58 g/t gold from 10.13 m including 47.00 m of 1.19 g/t gold with a
high-grade subset of 14.50 m of 2.22 g/t gold; and
o 58.00 m of 0.52 g/t gold from 290.00 m including 10.34 m of 1.31 g/t gold.
26-DH-1329 intersected three intervals of gold mineralization including:
o 142.00 m of 0.77 g/t gold from 9.00 m including 53.00 m of 0.88 g/t gold with a
high-grade subset of 23.50 m of 1.57 g/t gold;
o 19.50 m of 0.69 g/t gold from 213.50 m including 1.50 m of 6.16 g/t gold; and
o 7.50 m of 0.88 g/t gold from 247.50 m including 0.70 m of 8.17 g/t gold
26-DH-1331A intersected 69.40 m of 0.99 g/t gold from 50.60 m including 19.50 m of
1.86 g/t gold
Key Findings:
Current exploration drilling assay results continues to intersect significant higher-grade
gold mineralization over 530 m in strike length in the Orca Fault target area trend (Figure
3) and the continuity can now be traced across multiple parallel, adjacent drill sections
over 200 m in width.
Main Deposit – Orca Fault area
Five additional drill holes were collared and successfully completed (see Figure 3) in the Orca
Fault target area, 26-DH-1328 (Figure 1 and Table 1), 26-DH-1329 (Figure 2 and Table 2), 26-
DH-1330 (Figure 1 and Table 3), and 26-DH-1331A (Figure 2 and Table 4), and 26-DH-1332
(Figure 1 and Table 5). 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 (see July 3, 2025 news
release).
The continued intersection of broad zones of higher-grade gold mineralization, such as the thick
intersection of gold mineralization in drill hole 26-DH-1328 (Figure 1 and Table 1) 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 (see July 3, 2025 news release). Drill hole 26-DH-1328 intersected 205.87 m of 0.58 g/t
gold from 10.13 m including 47.00 m of 1.19 g/t gold with a high-grade subset of 14.50 m of
2.22 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 (Figure 1 and Figure 2) that shows the alignment of the higher-
grade gold mineralization.
Table 1: Assay Results for 26-DH-1328
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
26-DH-1328 10.13 216.00 205.87 0.58 Note 3)
Including 10.13 92.50 82.37 0.76 Note 3)
Including 44.00 91.00 47.00 1.19 Note 3)
Including 72.00 91.00 19.00 1.90 Note 3)
Including 72.00 86.50 14.50 2.22 Note 3)
Including 106.00 125.50 19.50 1.55 Note 3)
Including 106.00 110.00 4.00 3.10 Note 3)
Including 125.00 125.50 0.50 26.40 Note 3)
Including 207.00 212.00 5.00 0.87 Note 3)
249.00 250.00 1.00 1.75 Note 3)
269.95 276.50 6.55 0.67 Note 3)
290.00 348.00 58.00 0.52 Note 3)
Including 314.00 324.34 10.34 1.31 Note 3)
382.00 388.00 6.00 0.32 Note 3)
Table 2: Assay Results for 26-DH-1329
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
26-DH-1329 9.00 151.00 142.00 0.77 Note 3)
Including 49.00 74.00 25.00 1.68 Note 3)
Including 49.00 60.00 11.00 2.95 Note 3)
Including 98.00 151.00 53.00 0.88 Note 3)
Including 127.50 151.00 23.50 1.57 Note 3)
Including 127.50 137.15 9.65 2.65 Note 3)
213.50 233.00 19.50 0.69 Note 3)
Including 228.50 230.00 1.50 6.16 Note 3)
247.50 255.00 7.50 0.88 Note 3)
Including 247.50 248.20 0.70 8.17 Note 3)
Table 3: Assay Results for 26-DH-1330
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
26-DH-1330 9.50 38.00 28.50 0.31 Note 3)
Including 34.00 38.00 4.00 1.05 Note 3)
63.00 137.60 74.60 0.59 Note 3)
Including 70.00 81.46 11.46 1.46 Note 3)
Including 104.34 118.25 13.91 1.14 Note 3)
177.63 180.00 2.37 0.42 Note 3)
190.35 211.00 20.65 0.33 Note 3)
Including 190.35 192.00 1.65 1.92 Note 3)
240.55 246.75 6.20 0.62 Note 3)
266.50 333.50 67.00 0.31 Note 3)
Including 266.50 283.63 17.13 0.48 Note 3)
Including 279.00 283.63 4.63 1.18 Note 3)
Including 324.50 331.40 6.90 0.76 Note 3)
Table 4: Assay Results for 25-DH-1331A (note 25-DH-1331 stopped in fault prematurely,
recollared)
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
26-DH-1331A 9.00 16.00 7.00 0.35 Note 3)
50.60 120.00 69.40 0.99 Note 3)
Including 73.50 93.00 19.50 1.86 Note 3)
209.00 215.00 6.00 0.31 Note 3)
231.00 234.60 3.60 0.36 Note 3)
Table 5: Assay Results for 26-DH-1332
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
26-DH-1332 48.00 211.00 163.00 0.42 Note 3)
Including 48.00 62.00 14.00 1.19 Note 3)
Including 50.00 55.40 5.40 1.95 Note 3)
Including 134.00 166.00 32.00 0.92 Note 3)
Including 161.50 165.00 3.50 5.97 Note 3)
325.00 370.00 45.00 0.57 Note 3)
Including 325.00 331.00 6.00 1.45 Note 3)
Including 327.60 330.00 2.40 3.27 Note 3)
Including 345.00 364.00 19.00 0.80 Note 3)
Notes for Table 1 to Table 5:
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 as the project is still at the exploration stage
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 (see Figure 3). 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 (see
Figure 2).
Figure 3 illustrates the locations for five drill hole results outlined in this news release and the
drill holes currently in the assay lab, or in process of being drilled. Drill collar location
coordinates are summarized for the 2025 Fall Drill Program in Table 6 at the end of this news
release.
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 the technical
information in this news release and has approved the content for dissemination.
Abbreviations: metres = m, grams per tonne = g/t, CRM = certified reference material, gold =
Au, mineral resource estimate = MRE, Spanish Mountain Gold = SMG, quality control = QC,
quality assurance and quality control (QAQC)
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 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.
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- 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. 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) Five-cycle radiation
testing to identify and calibrate potential variability in gold results with variable radiation
intensity.
Multi-Elemental Analysis
For the 2025 drilling campaign Spanish Mountain Gold used IMS-230 method to provide multi-
element determination using a five-acid digestion followed by ICP-OES and ICP-MS analysis.
Key Process Steps:
Sample Preparation: Samples are dried and ground to a specific criterion (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.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold
Project (Project) towards its goal to build 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.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION:
Certain of the statements and information in this press release constitute "forward-looking
information". Any statements or information that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as "expects", "anticipates",
"believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives",
"potential" or variations thereof or stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and may be considered forward-
looking information. The Company's forward-looking information is based on the assumptions,
beliefs, expectations and opinions of management as of the date of this press release and include
but are not limited to statements with respect to, the potential for adding more higher-grade gold
mineralization within the pit or outside the current pit design; and the receipt of further results
from additional drilling under the 2025 Fall Drill Program, and the plan to make a construction
decision in 2027. Other than as required by applicable securities laws, the Company does not
assume any obligation to update forward-looking information if circumstances or management's
assumptions, beliefs, expectations or opinions should change, or changes in any other events
affecting such statements or information. For the reasons set forth above, investors should not
place undue reliance on forward-looking information.
Table 6: Drill Collar Information for Drill Holes
Hole ID EAST NORTH ELEV AZIMUTH DIP DEPTH COMMENT
26-DH-1342 604249 5827917 1128 120 -60 N/A In Progress
26-DH-1341 604224 5827935 1123 120 -60 N/A In Progress
26-DH-1340
604267 5827952 1120 120 -60 372
Successfully
completed per design
26-DH-1339
604192 5827937 1127 120 -60 387
Successfully
completed per design
26-DH-1338
604205 5827977 1125 120 -60 390
Successfully
completed per design
26-DH-1337
604237 5828049 1098 120 -60 402
Successfully
completed per design
26-DH-1336
604284 5827966 1109 120 -60 390
Successfully
completed per design
26-DH-1335
604292 5828064 1095 120 -60 415
Successfully
completed per design
26-DH-1334
604254 5827971 1116 120 -60 354
Successfully
completed per design
26-DH-1333
604236 5828012 1104 120 -60 366
Successfully
completed per design
26-DH-1332
604185 5828088 1091 120 -65 372
Successfully
completed per design
26-DH-1331A
604595 5827901 1103 120 -60 240
Successfully
completed per design
26-DH-1331
604594 5827899 1103 120 -60 55
Ended early due stuck
drill rods in fault
26-DH-1330
604332 5827990 1105 120 -60 351
Successfully
completed per design
26-DH-1329
604467 5827962 1090 120 -60 255
Successfully
completed per design
26-DH-1328
604278 5828018 1105 120 -58 402
Successfully
completed per design
26-DH-1327
604411 5828026 1088 120 -60 327
Successfully
completed per design
26-DH-1326
604327 5827963 1108 120 -60 351
Successfully
completed per design
25-DH-1325 604385 5827966 1103 120 -60 309
Successfully
completed per design
25-DH-1324 604343 5828053 1080 120 -60 276
Successfully
completed per design
25-DH-1323 604286 5828046 1097 120 -60 338
Successfully
completed per design
25-DH-1322 604279 5827995 1106 120 -60 231
Successfully
completed per design
25-DH-1321 604350 5828016 1099 120 -60 348
Successfully
completed per design
25-DH-1320 604561 5827809 1126 120 -60 57
Ended early due to
major fault zone
25-DH-1319 604404 5827992 1095 120 -70 198
Successfully
completed per design
25-DH-1318 604445 5828098 1055 120 -60 243
Successfully
completed per design
25-DH-1317 604186 5828166 1076 120 -60 282
Successfully
completed per design
25-DH-1316 604514 5828073 1050 120 -60 177
Successfully
completed per design
25-DH-1315 604231 5828163 1075 120 -60 282
Successfully
completed per design
25-DH-1314 604160 5828218 1056 120 -70 270
Successfully
completed per design
25-DH-1313 604566 5827908 1100 120 -60 204
Successfully
completed per design
25-DH-1312 604538 5827921 1095 120 -60 205
Successfully
completed per design
25-DH-1311 604590 5827935 1084 120 -60 330
Successfully
completed per design
25-DH-1310 604592 5827961 1091 120 -60 211
Successfully
completed per design
25-DH-1309 604592 5827958 1071 120 -60 237
Successfully
completed per design