SPA.V · 2024-12-18 12:00:00

Spanish Mountain Gold Intercepts Continuous Mineralization 24-DH-1268: 96.5 m grading 0.91 g/t Au, including 29.0 m grading 2.55 g/t Au

Drill Results

Spanish Mountain Gold Ltd.

910-1111 Melville Street

Vancouver, British Columbia, V6E 3V6

Tel: 604.601.3651

www.spanishmountaingold.com

Spanish Mountain Gold Intercepts Continuous Mineralization

24-DH-1268: 96.5 m grading 0.91 g/t Au, including 29.0 m grading 2.55 g/t Au

Vancouver, B.C., December 18, 2024 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish

Mountain Gold") (TSX-V: SPA) (FSE: S3Y) (OTC: SPAZF) is pleased to provide the final set of results

from the 2024 diamond drill progra m for the Spanish Mountain Gold project located in the

Cariboo Gold Corridor, British Columbia, Canada.

Highlights:

• Hole 24 -DH-1268 intersected 96.47 m etres (“m”) grading 0.91 grams per tonne gold

(“g/t Au”), including a continuous high-grade intercept of 29.00 m grading 2.55 g/t Au,

which included 6.00 m grading 3.36 g/t Au, and 9.00 m grading 3.19 g/t Au (see Image

1 - 24-DH-1268 End of Hole Core - Dry and Wet views shown).

• Hole 24-DH-1268 also intersected 45.00 m grading 0.35 g/t Au, including 6.50 m grading

1.30 g/t Au, and 41.50 m grading 0.44 g/t Au, including 17.60 m grading 0.84 g/t Au.

• Hole 24-DH-1269 intersected 172.66 m grading 0.35 g/t Au, including 4.00 m grading

1.09 g/t Au, and 6.00 m grading 2.10 g/t Au, and 6.00 m grading 0.78 g/t Au.

• Hole 24-DH-1270 intersected 50.00 m grading 0.61 g/t Au, including 11.50 m grading

1.13 g/t Au.

• Hole 24-DH-1271 intersected 50.00 m grading 0.22 g/t Au, including 10.30 m grading

0.53 g/t Au.

• Hole 24-DH-1272 intersected 56.50 m grading 0.28 g/t Au, including 8.00 m grading 1.03

g/t Au , and 1.50 m grading 5.02 g/t Au extending mineralization for almost 200 m

vertically.

• Refer to “Figure 1 – Plan View”, “Figure 2 – Long Section & Cross Section View ”, and

“Image 1 – 24-DH-1268 End of Hole Core (Dry and Wet views)”.

These results are important for 4 reasons:

1) Drill holes 1268 and 1269 have the potential to expand resources and were spaced

approximately 200 m apart, intersecting broad mineralization to the north -northwest and

contained continuous high-grade intervals (see highlights above). Drill hole 1268 returned the

highest-grade continuous intercept of the 2024 drill program of 29 m grading 2.55 g/t Au

which could expand open pit scale and deposit depth (see Figure 2 - Long Section & Cross

Section View).

Image 1 – 24-DH-1268 End of Hole Core (Dry and Wet views)

Note: Displaying both wet and dry drill core allows geologists to observe variations in textures, rock fabric,

and mineralogy more effectively. (The high-grade intercepts highlighted in this photo can be found in the

complete assay table, available on the Company’s website).

2) Drill holes 1268 and 1269 both ended in strong mineralization of approximately 100 m of

argillite hosted gold mineralization where they remain open at depth and along strike of

newly interpreted stratigraphic controls. Follow-up drilling is warranted to determine if the

mineralization extends deeper and/or continues towards the northwest and southeast

proximal to, and potential for the expansion of the 2021 Resource Pit bottom (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, 2021, available on the

Company’s website or under the Company’s profile on Sedarplus.ca).

3) Drill hole 1270 intersected 50 m of continuous mineralization grading 0.61 g/t Au within

approximately 200 m of surface. This interval coincided with a contact between argillite and

greywacke lithological units which is emerging as one of the favourable controls for gold

mineralization.

4) Drill holes 1272 and 1271 extended mineralization by over 200 m in at least two distinct areas,

with drill hole 1272 intersecting 56.5 m of continuous mineralization, including a higher- grade

interval of 8.00 m grading 1.03 m, and 1.50 m grading 5.02 g/t Au.

Peter Mah, Spanish Mountain Gold’s President & CEO commented, “This wraps up the 2024

exploration diamond drill program with some exciting results. Our exploration team intersected

new, broad gold mineralization and high-grade beyond the 2021 resource in the lower argillite

host rocks. The lower argillite unit remains open at depth and along strike warranting follow up

drilling.

“In 2025, we are looking forward to starting a winter exploration diamond drill program following

up on targets that could enhance project scale, value and mineral endowment. The company is

also pleased to announce it has retained Equity Exploration Consultants Ltd. to assess the Phoenix

Target and its potential for a maiden resource utilizing existing drill results.”

Figure 1 – Plan View, 2024 Drill Program

Figure 2 – Long Section & Cross Section View, 2024 Drill Program

Drill Holes 24-DH-1268 and 1269

Two (2) drill holes collared north-northwest of the f our step-out holes previously reported (see

press releases dated October 16, and December 5, 2024) tested for mineralized extensions further

to the northwest of the 2021 Resource Pit and towards the Satellite Pit (see Figure 1 – Plan View).

The Satellite Pit is identified as a resource in the 2021 PFS, 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, 2021, available on the Company’s website or under the

Company’s profile on Sedarplus.ca).

Both drill holes intersected broad mineralization at depth, indicating the potential for a larger gold

mineralized system. Drill hole 24-DH-1268 intersected 96.5 m of continuous mineralization and

the hole end ed in strong mineralization represented by a 29-metre-long high-grade interval of

2.55 g/t Au. The higher-grade intercepts were hosted in cataclastic argillite, a localized feature

within this lower argillite unit that was identified by the core relogging program completed earlier

this year. Drilling results continue to show the importance of the north -south faults (Fault 1 and

Fault 2), stratigraphy and the contacts between several key host rock units.

Below describes the detailed results from drill holes 24-DH-1268 and 1269.

Drill hole 24-DH-1268 intersected 45.00 m grading 0.35 g/t Au (from 340.50 m to 385.50 m),

including 6.50 m grading 1.30 g/t Au, and 41.50 m grading 0.44 g/t Au (from 417.00 m to 448.50

m), including 17.60 m grading 0.84 g/t Au.

Drill hole 24-DH -1268 returned 96.47 m grading 0.91 g/t Au (from 452.53 m to 549.00 m) where

it ended in mineralization below Fault 2 and encountered high-grade over a continuous 29-metre

interval of 2.55 g/t Au (from 520.00 m to 549.00 m), including 6.00 m grading 3.36 g/t Au, and

9.00 m grading 3.19 g/t Au . The high-grade appears to be associated with Fault 2. It extends

beyond the fault and re mains open at depth. Both drill holes intercepted the deepest

mineralization to date (along with previously announced drill hole 24-DH-1267, see press release

dated October 16, 2024).

Drill hole 24-DH -1269 intersected broad mineralization over 172.66 m grading 0.35 g/t Au (from

464.00 m to 636.66 m) where it ended in mineralization. This interval included a number of higher-

grade intercepts of 4.00 m grading 1.09 g/t Au, and 6.00 m grading 2.10 g/t Au, and 6.00 m grading

0.78 g/t Au.

Drill Holes 24-DH-1270-1274

Five (5) drill holes were collared in the southwest area of the deposit to assess the potential

continuity of mineralization between the K Zone and the Main Zone within 250 m of surface (see

Figure 1 – Plan View). The program also evaluated the continuity of Fault 1 and Fault 2, which play

an important role for gold mineralization controls.

Below describes the results from drill holes 24-DH-1270 to 1274.

Drill hole 24-DH-1270 intercepted 50 .00 m grading 0. 61 g/t Au (from 163.00 m to 213.00 m),

including 11.50 m grading 1. 13 g/t Au, located near Fault 1. Mineralization is associated with

disseminated blebby pyrite and quartz veins (from 5mm to 30 cm) coinciding wit h the contact

between argillite and greywacke lithological units.

Drill hole 24-DH-1271 encountered a sequence of argillite units with multiple dikes . Grades

increased with depth as the hole approached Fault 2, intersecting 50.00 m grading 0.22 g/t Au

(from 378.50 m to 428.50 m), including 10.30 m grading 0.53 g/t Au.

Drill hole 24-DH-1272 was collared the furthest to the west of the K Zone, with two significant

intercepts. This drill hole intersected 24.00 m grading 0. 34 g/t Au (from 227.50 m to 251.50 m),

including 4.50 m grading 1.05 g/t Au, where quartz veins crosscut the dikes. The dikes in this part

of the deposit exhibit pervasive carbonate and sericitic alteration, reflecting an important

hydrothermal fluid activity in this part of the deposit. At depth, this drill hole intercepted 56.50 m

grading 0.28 g/t Au (from 300.00 m to 356.50 m), near Fault 2, including 8.00 m grading 1.03 g/t

Au, including 1.50 m grading 5.02 g/t Au.

Drill hole 24 -DH-1273 was a vertical hole designed to test low -angled veins in this section. This

drill hole intersected four (4) veins however, they do not appear to directly link to grade. Higher-

grade intercepts (>0.51 g/t Au) are associated with quartz -bearing cataclastic argillite. This hole

intersected Fault 1 at 199.00 m, with a 14.25 m interval grading 0.16 g/t Au.

Drill hole 24-DH-1274 intercepted 47.50 m near-surface grading 0.26 g/t Au (from 29.00 m to 76.5

m), including 8.40 m grading 0.33 g/t Au, 7.60 m grading 0.49 g/t Au, and 6.85 m grading 0.48 g/t

Au, extending mineralization within the K Zone by 52 m to the northeast, which has the potential

to extend the resource block model between 30 to 45 m. Mineralization is hosted within an

argillite lithological unit, displaying cataclastic quartz and crosscut by dikes (approximately 2 m

wide).

Julian Manco, Spanish Mountain Gold’s Director, Exploration commented, “The 2024 diamond

drill results illustrate the opportunity for continued mineralization expansion. I am encouraged by

the 5 km strike length of the gold in soil anomaly and the new, three-dimensional regional geologic

model being developed. The opportunity to lead a team towards more multi-million-ounce gold

discoveries is one of the main reasons I joined the Company.”

Table 1: 2024 Drill Program – Summarized Gold Assay Results

Drillhole ID From To True Width

(m)

Gold Grade

(g/t Au)

24-DH-1268 75.00 85.50 10.50 0.24

24-DH-1268 340.50 385.50 45.00 0.35

including 340.50 347.00 6.50 1.30

24-DH-1268 417.00 458.50 41.50 0.44

including 439.50 457.10 17.60 0.84

24-DH-1268 452.53 549.00 96.47 0.91

including 520.00 549.00 29.00 2.55

including 532.50 538.50 6.00 3.36

And 540.00 549.00 9.00 3.19

24-DH-1269 163.50 185.50 22.00 0.62

Drillhole ID From To True Width

(m)

Gold Grade

(g/t Au)

24-DH-1269 464.00 636.66 172.66 0.35

including 598.00 602.00 4.00 1.09

And 606.00 612.00 6.00 2.10

And 615.00 621.00 6.00 0.78

24-DH-1270 124.00 133.00 9.00 0.24

24-DH-1270 139.00 140.50 1.50 0.30

24-DH-1270 163.00 213.00 50.00 0.61

including 170.00 181.50 11.50 1.13

24-DH-1270 222.00 223.50 1.50 0.17

24-DH-1270 229.50 232.50 3.00 0.21

24-DH-1270 234.27 239.16 4.89 0.54

24-DH-1270 245.00 247.50 2.50 0.27

24-DH-1270 269.00 273.50 4.50 0.16

24-DH-1270 307.00 310.00 3.00 0.31

24-DH-1271 116.00 120.50 4.50 0.18

24-DH-1271 155.50 164.00 8.50 0.30

24-DH-1271 189.50 191.50 2.00 2.16

24-DH-1271 198.10 201.00 2.90 0.20

24-DH-1271 218.50 222.00 3.50 0.47

24-DH-1271 322.00 325.00 3.00 0.19

24-DH-1271 336.00 337.82 1.82 0.57

24-DH-1271 362.26 367.00 4.74 0.12

24-DH-1271 378.50 428.50 50.00 0.22

including 379.50 389.80 10.30 0.53

24-DH-1271 469.50 476.00 6.50 0.39

24-DH-1272 227.50 251.50 24.00 0.34

including 242.50 247.00 4.50 1.05

24-DH-1272 263.50 265.00 1.50 0.35

24-DH-1272 300.00 356.50 56.50 0.28

including 348.50 356.50 8.00 1.03

including 355.00 356.50 1.50 5.02

24-DH-1273 8.00 11.00 3.00 0.22

24-DH-1273 166.50 168.40 1.90 0.27

24-DH-1273 184.75 199.00 14.25 0.16

24-DH-1274 29.00 76.50 47.50 0.26

including 29.00 37.40 8.40 0.33

And 56.50 64.10 7.60 0.49

And 69.65 76.50 6.85 0.48

24-DH-1274 84.00 85.50 1.50 0.28

Drillhole ID From To True Width

(m)

Gold Grade

(g/t Au)

24-DH-1274 118.50 123.00 4.50 0.56

24-DH-1274 137.50 140.25 2.75 0.33

24-DH-1274 300.00 301.50 1.50 0.94

Notes:

1) Intersections are calculated above 0.15 g/t Au cut-off.

2) The Company is unaware of any drilling, sampling or recovery factors that could materially affect the

accuracy or reliability of the data presented above.

3) The complete assay table is available on the Company’s website

Correction to Press Release Dated December 5, 2024

In the summary of results table presented in the press release dated December 5, 2024, the metre interval

for drill hole 24-DH-1265 is from 124.00 m (not 115.00) to 133.000 m, for 9.00 m grading 2.09 g/t Au.

Table 2: Drill Hole Collar Location and hole depths

HOLE-ID LOCATION ‘X’

Easting

LOCATION ‘Y’

Northing

LOCATION ‘Z’

Elevation LENGTH Azimuth Dip

24-DH-1268 603801.33 5828392.33 1035.33 549.00 120 -58

24-DH-1269 603611.99 5828455.94 1039.96 636.66 120 -58

24-DH-1270 604088.80 5827747.52 1197.24 482.00 120 -67

24-DH-1271 604007.98 5827783.49 1178.54 506.00 120 -67

24-DH-1272 603909.34 5827809.61 1161.54 516.00 120 -68

24-DH-1273 604123.95 5827689.61 1213.45 216.00 0 -90

24-DH-1274 604063.71 5827675.66 1207.383 351.00 120 -67

Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QA/QC)

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. The QA/QC 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 ALS Geochemistry's analytical facility in Kamloops, British

Columbia, for preparation with analysis performed in Vancouver. The ALS facility is accredited to the

ISO/IEC 17025 standard for gold assays, with all analytical methods incorporating quality control

materials at defined frequencies and established data acceptance criteria . ALS Geochemistry is

independent of the Company.

Each entire sample is crushed, and a 1 kg portion is pulverized. Gold analysis is conducted using a 30 g

fire assay fusion with an atomic absorption (AAS) finish, with detection limits ranging from 0.005 ppm

to 10 ppm. Also, Au Screen 30 g FA, 1 kg, 100 - 106 µm method is used with detection limits ranging

from 0.05 ppm to 10%. Overlimit gold values are analyzed by fire assay with a gravimetric finish.

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