Spanish Mountain Gold Drills 0.82 g/t Gold Over 139.82 Metres and a Second, Deeper High-Grade Intercept in the Same Drill Hole of 33.54 Metres Grading 2.19 g/t Gold
Spanish Mountain Gold Drills 0.82 g/t Gold Over 139.82 Metres and a Second,
Deeper High-Grade Intercept in the Same Drill Hole of 33.54 Metres Grading
2.19 g/t Gold
VANCOUVER, British Columbia--(BUSINESS WIRE)--December 1, 2025--Spanish Mountain
Gold Ltd. (the "Company" or "Spanish Mountain Gold") (TSX-V: SPA) (FSE: S3Y)
(OTCQB: SPAUF) is pleased to provide additional assay results from exploration drill holes 25-
DH-1297, 25-DH-1298, and 25-DH-1299 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 6,947 m of drilling has been completed to date of the
9,000 to 10,000 metres (“m”) of exploration drilling planned under the 2025 Fall Drill Program.
Assays and geochemistry are pending on fifteen (15) additional drill holes completed on the
newly defined Orca Fault area, and from five (5) completed drill holes on the A12 target.
Highlights:
25-DH-1299 intersected two key intervals:
o from 139.82 m of 0.82 g/t gold between 48.18 to 188.00 m, including 34.60 m of
2.17 g/t gold with a subset of 7.60 m of 7.09 g/t gold
o from 284.00 to 329.54 m of 45.54 m of 1.67 g/t gold including 33.54 m of 2.19
g/t gold with a subset of 13.53 m of 4.79 g/t gold
25-DH-1297 intersected 50.84 m of 0.66 g/t gold from 44.76 to 95.60 m, including 19.41
m of 1.12 g/t gold with a subset of 3.59 m of 2.30 g/t gold
Key Findings:
Current exploration drilling assay results continues to intersect significant higher-grade
mineralization over 300 m in strike length in the newly defined Orca Fault target (Figure
1 and 2) and the continuity can now be traced across two parallel, adjacent drill sections.
The deep intersection in drill hole 25-DH-1299, grading 1.67 g/t gold over 45.54 m,
which is below the constraining open pit shell for the 2025 Mineral Resource Estimate
(“MRE”), confirms historical drilling that there is higher-grade mineralization at depth
and highlights that additional exploration drilling is required to quantify the deeper
mineral potential.
Main Deposit – Orca Fault area
Drill hole 25-DH-1299 (see Table 3) was designed to confirm the new Orca Fault target and
intersected higher-grade mineralization (Figure 1), approximately 75 m south of drill hole 25-
DH-1294 (Figure 3), which is on the next drill section line immediately to the north. It should be
noted that 25-DH-1299 has two key intersections, the first interval near surface from 48.18 to
188.00 m of 0.82 g/t gold over 139.82 m, including 34.60 m of 2.17 g/t gold with a subset of
7.60 m of 7.09 g/t gold. The second interval came near the base of constraining open pit shell for
the 2025 Mineral Resource Estimate (see July 3, 2025 news release) from 284.00 to 329.54 m,
grading 1.67 g/t gold over 45.54 m, including 33.54 m of 2.19 g/t gold with a subset of 13.53 m
of 4.79 g/t gold. This deeper intercept highlights the mineral potential at depth that will require
additional drilling to further delineate, but investors should be cautioned it is not guaranteed that
additional drilling will result in conversion of this area into the mineral resource estimate.
Drill hole 25-DH-1297 (Table 1) was designed at 45 m south from 25-DH-1294 (Figure 3) and it
also successfully intersected higher-grade mineralization, 50.84 m grading 0.66 g/t gold from
44.76 to 95.60 m including 19.41 m of 1.12 g/t gold with a subset of 3.59 m of 2.30 g/t gold.
Drill hole 25-DH-1298 (Table 2) was designed at 50 m southeast of 25-DH-1296 (Figure 3) and
it intersected per plan 34.77 m of 0.48 g/t gold from 58.00 to 92.77 m (Figure 2).
The results from these three new exploration drill holes compare very favorably with the results
of 25-DH-1281 and 25-DH-1282 (see April 21, 2025 news release), 25-DH-1292 and 25-DH-
1293 (see November 3, 2025 news release), and 25-DH-1294 and 25-DH-1296 (see November
17, 2025 news release), continuing to prove that tighter exploration drill spacing at the preferred
azimuth of 120-degrees is key to unlocking additional mineral potential in the Main deposit.
These exploration drill holes are presented on a drill section (Figure 1 and Figure 2) that shows
the alignment of the higher-grade mineralization to the new Orca Fault target.
Table 1: Assay Results for 25-DH-1297
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True Thickness
25-DH-1297 27.80 29.30 1.50 0.49 Note 3)
44.76 95.60 50.84 0.66 Note 3)
including 44.76 45.60 0.84 1.22 Note 3)
including 76.19 95.60 19.41 1.12 Note 3)
including 76.19 86.59 10.40 1.51 Note 3)
including 76.19 78.69 2.50 2.20 Note 3)
including 83.00 86.59 3.59 2.30 Note 3)
131.50 150.50 19.00 1.30 Note 3)
including 131.50 140.65 9.15 1.93 Note 3)
including 137.30 140.65 3.35 2.44 Note 3)
169.60 185.00 15.40 0.71 Note 3)
including 181.38 185.00 3.62 1.28 Note 3)
203.67 228.00 24.33 0.26 Note 3)
292.56 317.71 25.15 0.61 Note 3)
including 293.53 294.70 1.17 6.05 Note 3)
Table 2: Assay Results for 25-DH-1298
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True Thickness
25-DH-1298 58.00 92.77 34.77 0.48 Note 3)
including 68.67 71.00 2.33 1.01 Note 3)
100.00 106.00 6.00 0.22 Note 3)
108.00 110.47 2.47 0.22 Note 3)
155.00 156.85 1.85 0.60 Note 3)
174.80 207.50 32.70 0.29 Note 3)
including 187.00 195.00 8.00 0.46 Note 3)
271.00 272.50 1.50 0.55 Note 3)
300.14 301.26 1.12 0.44 Note 3)
319.22 322.37 3.15 1.97 Note 3)
Table 3: Assay Results for 25-DH-1299
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True Thickness
25-DH-1299 39.40 40.60 1.20 0.38 Note 3)
48.18 188.00 139.82 0.82 Note 3)
including 48.18 94.50 46.32 1.66 Note 3)
including 48.18 82.78 34.60 2.17 Note 3)
including 64.40 72.00 7.60 7.09 Note 3)
including 69.89 72.00 2.11 22.66 Note 3)
including 69.89 81.50 11.61 4.94 Note 3)
Including 99.30 100.86 1.56 0.33 Note 3)
Including 110.00 124.22 14.22 0.57 Note 3)
Including 119.50 124.22 4.72 0.96 Note 3)
including 135.50 138.50 3.00 0.27 Note 3)
Including 167.00 188.00 21.00 1.21 Note 3)
Including 170.70 177.58 6.88 3.03 Note 3)
192.00 194.00 2.00 0.28 Note 3)
231.11 234.00 2.89 0.22 Note 3)
237.00 243.00 6.00 0.69 Note 3)
284.00 329.54 45.54 1.67 Note 3)
Including 296.00 329.54 33.54 2.19 Note 3)
Including 314.47 328.00 13.53 4.79 Note 3)
Notes for Table 1, 2, and 3:
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 25-DH-1297, 25-DH-1298, and 25-DH-1299 with other
recently released drill holes (see November 3 and 17, 2025 news releases), strengthens the
continuity for the new Orca Fault target and the association of higher-grade mineralization over a
strike length of 300 m, northwest to southeast (see Figure 1 and Figure 2) now spanning two
parallel, adjacent drill sections. The current interpretation is that there is strong continuity
between these section lines linking geology, structure and the higher-grade mineralization.
The mineralization in these drill holes occurs in faults and quartz-dominated veins that appear to
extend for more than 25 m beyond each drill hole. Two dominant sets of veins were identified,
high-angle and low-angle. The lower-angle veins (~45 degrees) occur in proximity to the Orca
Fault (see November 3 and 17, 2025 news releases).
Figure 3 illustrates the locations for three 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 4 at the end of this news
release.
Abbreviations: metres = m, grams per tonne = g/t, gold = Au, mineral resource estimate = MRE,
Spanish Mountain Gold = SMG
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 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) Four-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 four-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.
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.
About Spanish Mountain Gold Ltd.
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.
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 information with respect to, the potential for adding more higher-grade
gold mineralization within the pit or below current pit design; and the timing and size (m) of the
2025 Fall Drill Program, and the results thereof. 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 4: Drill Collar Information for Drill Holes
Hole ID EAST NORTH ELEV AZIMUTH DIP DEPTH COMMENT
25-DH-
1321 604350 5828016 1099 120 -60 N/A In Progress
25-DH-
1320 604561 5827809 1126 120 -60 N/A In Progress
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
25-DH-
1308 603280 5829250 966 120 -60 150
Successfully completed per design
25-DH-
1307 604565 5827974 1068 120 -60 200
Successfully completed per design
25-DH-
1306 603451 5829400 927 120 -60 123 Successfully completed per design
25-DH-
1305 603657 5829226 919 120 -60 126
Successfully completed per design
25-DH-
1304 604536 5827986 1067 120 -60 225
Successfully completed per design
25-DH-
1303 603960 5828754 943 100 -55 156 Successfully completed per design
25-DH-
1302 604194 5828180 1066 120 -63 282 Successfully completed per design
25-DH-
1301 603708 5829029 929 150 -55 188 Successfully completed per design
25-DH-
1300 604388 5828063 1085 120 -60 274 Successfully completed per design
25-DH-
1299 604369 5828043 1093 120 -60 336 Successfully completed per design
25-DH-
1298 604402 5828088 1074 120 -59 334 Successfully completed per design
25-DH-
1297 604354 5828069 1084 120 -59 342 Successfully completed per design
25-DH-
1296 604484 5828054 1061 120 -50 180 Successfully completed per design
25-DH-
1295 604484 5828054 1061 120 -60 33
Ended early due to drill trace spacing
25-DH-
1294 604345 5828120 1075 120 -58 351
Successfully completed per design
25-DH-
1293 604284 5828149 1076 120 -60 453
Successfully completed per design
25-DH-
1292 604223 5828189 1068 120 -62 270
Successfully completed per design
Contacts
For more information, contact:
Peter Mah
(604) 601-3651