Spanish Mountain Gold Drills 1.16 g/t Gold Over 35.16 Metres and 0.98 g/t Gold Over 41.00 Metres Extending the Near Surface Higher-Grade Domain of the New Orca Fault
Spanish Mountain Gold Drills 1.16 g/t Gold Over 35.16 Metres and 0.98 g/t
Gold Over 41.00 Metres Extending the Near Surface Higher-Grade Domain of
the New Orca Fault
VANCOUVER, British Columbia--(BUSINESS WIRE)--November 17, 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 drill holes 25-DH-
1294 and 25-DH-1296 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.
A total of 9,000 to 10,000 metres of exploration drilling is planned under the 2025 Fall Drill
Program. Assays and geochemistry are pending on eleven (11) 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-1294 intersected 107.50 metres of 0.68 g/t gold from 64.00 to 171.50 metres,
including 41.00 metres of 0.98 g/t gold and 30.50 metres of 0.79 g/t gold with a subset
of 2.00 metres of 5.27 g/t gold
25-DH-1296 intersected 68.00 metres of 0.71 g/t gold from 36.00 to 104.00 metres,
including 35.16 metres of 1.16 g/t gold from 65.00 to 104.00 metres with a subset of
8.16 metres of 3.61 g/t gold
Key Findings:
Current exploration drilling assay results continues to intersect significant higher-grade
mineralization over 300 metres in strike length in the newly defined Orca Fault target
(Figure 1).
Main Deposit –Orca Fault area
Drill hole 25-DH-1294 (see Table 1) was designed to confirm the new Orca Fault target and
intersected higher-grade mineralization, approximately 70 metres southeast of drill hole 25-DH-
1293 (see Figure 1), which intersected 102.00 metres of 0.64 g/t gold from 94.00 to 196.00
metres, including 20.25 metres of 1.28 g/t gold with a subset of 2.36 metres of 2.15 g/t gold (see
November 3, 2025 news release). Drill hole 25-DH-1294 intersected a wide interval of
mineralization from 64.00 to 171.50 metres grading 0.68 g/t gold that included 41.00 metres of
0.98 g/t gold. Drill hole 25-DH-1296 (Table 2) was similarly designed at 150 metres southeast
from 25-DH-1294 and it also successfully intersected higher-grade mineralization, 68 metres
grading 0.71 g/t gold, including 48.00 metres of 0.94 g/t gold with a subset of 35.16 metres of
1.16 g/t gold.
The results from these two new exploration drill holes compare very favorably with the results of
25-DH-1281 and 25-DH-1282 (see April 21, 2025 news release) and 25-DH-1292 and 25-DH-
1293 (see November 3, 2025 news release) proving 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) that shows the
alignment of the higher-grade mineralization to the new Orca Fault target. It should be noted that
these exploration drill holes are not included the latest Mineral Resource Estimate, meaning their
impact on gold distribution has not been integrated into the deposit modeling (see July 3, 2025
news release).
Table 1: Assay Results for 25-DH-1294
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
25-DH-1294 21.32 27.78 6.46 0.57 Note 3)
64.00 171.50 107.50 0.68 Note 3)
including 64.00 139.00 75.00 0.65 Note 3)
including 76.80 81.86 5.06 2.67 Note 3)
including 76.00 117.00 41.00 0.98 Note 3)
including 97.50 103.05 5.55 1.96 Note 3)
including 99.66 102.55 2.89 2.70 Note 3)
including 111.14 117.00 5.86 1.16 Note 3)
including 141.00 171.50 30.50 0.79 Note 3)
including 145.50 149.50 4.00 1.48 Note 3)
including 169.00 171.00 2.00 5.27 Note 3)
including 179.23 182.00 2.77 0.62 Note 3)
including 195.00 196.35 1.35 1.08 Note 3)
including 239.00 243.57 4.57 1.35 Note 3)
including 272.87 273.37 0.50 12.88 Note 3)
Table 2: Assay Results for 25-DH-1296
Drill hole From (m) To (m) Width (m) Gold (g/t) Apparent True
Thickness
25-DH-1296 36.00 104.00 68.00 0.71 Note 3)
including 56.00 104.00 48.00 0.94 Note 3)
including 65.00 100.16 35.16 1.16 Note 3)
including 74.00 77.00 3.00 1.41 Note 3)
including 92.00 100.16 8.16 3.61 Note 3)
147.00 151.00 4.00 0.98 Note 3)
Notes for Table 1 and 2:
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
When integrating the assay results from 25-DH-1294 and 25-DH-1296 with recently released 25-
DH-1292 and 25-DH-1293 (see November 3, 2025 news release), the continuity of the newly
delineated Orca Fault target and the associated higher-grade mineralization becomes much
clearer over a strike length of 300 metres, northwest to southeast (see Figure 1). The
mineralization in these drill holes occurs in faults and quartz-dominated veins that appear to
extend for more than 25 metres 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, 2025 news release).
Figure 2 illustrates the locations for two 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 2 at the end of this news
release.
Other
In November, the Company issued 325,000 common shares to acquire mineral claims.
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 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 or before 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 that could significantly increase the
robustness of future gold production and the project value; and the timing and size (metres) of
the 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 2: Drill Collar Information for Drill Holes
Hole ID EAST NORTH ELEV AZIMUTH DIP DEPTH COMMENT
25-DH-1314 604160 5828218 1056 120 -70 N/A In Progress
25-DH-1313 604566 5827908 1100 120 -60 N/A In Progress
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