Spanish Mountain Gold Reports Initial Drill Results Multiple Near Surface and High-grade Intercepts 2025 Winter Exploration Program
Spanish Mountain Gold Ltd.
910-1111 Melville Street
Vancouver, British Columbia, V6E 3V6
Tel: 604.601.3651
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Spanish Mountain Gold Reports Initial Drill Results
Multiple Near Surface and High-grade Intercepts
2025 Winter Exploration Program
Vancouver, B.C., April 21, 2025 - Spanish Mountain Gold Ltd. (the "Company" or "Spanish
Mountain Gold") (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to provide the first
set of near surface and high-grade results from the 2025 winter exploration diamond drill
program (“2025 Winter Drill Program”) for the Spanish Mountain Gold project located in
the Cariboo Gold Corridor, British Columbia, Canada.
Highlights:
1. Main Zone – drilling demonstrated potential for higher grades over long intervals
within the historical 2021 pit constrained resource:
o Hole 25-DH-1281 intersected 123.00 metres (m) grading 1.08 grams per
tonne ( g/t) gold ( Au) from 102.00 m including an interval of 47.28 m
grading 2.29 g/t Au containing 4.00 m grading 6.45 g/t Au, 2.00 m grading
24.56 g/t Au and 2.00 m grading 10.41 g/t Au. Visible gold (VG) was
encountered at a hole depth of 218.00 m in quartz veins.
2. Outcropping Tuff – a step-out drill hole on a new near surface target with several
high-grade intercepts reinforces gold mineralization growth potential:
o Hole 25-DH-1275 intersected 62.20 m grading 0.60 g/t Au , including 5.04
m grading 4.69 g/t Au containing 1.95 m grading 9.72 g/t Au and 0.44 m
grading 10.49 g/t Au from 21.00 m.
3. Phoenix - a large, mineralized target near surface with high grade sections:
o Hole 25-CCR-049 intersected 105.90 m grading 0.41 g/t Au, including 4.00
m grading 4.71 g/t Au from 74.95 m,
o Hole 25-CCR-050 yield ed 246.50 m grading 0.38 g/t Au from 45 .00 m,
including 3.00 m grading 3.35 g/t Au and 9.30 m grading 1.76 g/t Au,
o Hole 25-CCR-051 intersected 164.67 m grading 0.27 g/t Au from 80.50 m,
including 35.35 m grading 0.59 g/t Au, 10.00 m grading 1.36 g/t Au and
2.00 m grading 5.27 g/t Au. VG was encountered at 126.86 m hole depth
in a 0.02 m wide quartz vein.
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Drill Objectives and Results Summary:
Main zon e: Drill holes 25-DH-1281 and 25 -DH-1282 investigated the top third argillite
while testing stratigraphical controls within the 2021 pit constrained resource. These
findings support the more optimal drill hole orientation (refer to Table 2 below) , which
has a higher likelihood of intersecting various mineralization controls within the
stratigraphic sequence of the Main Zone including lithology contacts, faults, and steeper
high-grade structures. These controls were identified during our 2024 re-logging program,
which yielded a new three-dimensional geological and structural model:
o Hole 25-DH-1281 encounter ed 197.00 m grading 0.72 g/t Au containing
123.00 m grading 1.08 g/t Au.
o Hole 25 -DH-1282 yield ed 211.90 m at 0.36 g/t Au including 100.30 m
grading 0.52 g/t Au , containing 16.00 m grading 1.43 g/t Au and within
the 16.00 m, 4.00 m grading 2.76 g/t Au . Additionally, starting at 360.30
m depth, the hole intersected 5.70 m grading 2.52 g/t Au.
Outcropping Tuff Target a step-out drill hole was completed 1,350 m northwest of the
2021 PFS pit constrained resource to test for broad near surface gold mineralization and
high-grade:
o Hole 25-DH-1275 successfully encountered near -surface and high -grade
mineralization in a mafic tuff which is a newly emerging gold host rock type
at the project and is interpreted to be like the tuff identified in the upper
part of the main deposit and at Phoenix. This hole encountered 62.20 m
grading 0.60 g/t Au, including 5.04 m grading 4.69 g/t Au, 1.95 m grading
9.72 g/t Au , and 0.44 m grading 10.49 g/t Au from 21.00 m. This hole
confirms the potential for more property-wide near surface open pit type
gold mineralization that could offer an attractive alternative to deeper
mineralization.
Phoenix Target : Drill holes 25 -CCR-049, 25-CCR-050, and 25-CCR-051 were drill ed to
follow up a large target discovered in 2011 (refer to press release dated December 7,
2011, “Spanish Mountain Gold Announces Discovery of New Gold Zone”) and successfully
intersected extensive gold mineralization with large intercepts including high grade
sections:
o Hole 25-CCR-049 encounter ed 105.90 m grading 0.41 g/t Au, including
4.00 m grading 4.71 g/t Au from 74.95 m.
o Hole 25-CCR-050 yielded 246.50 m grading 0.38 g/t Au, including 3.00 m
grading 3.35 g/t Au and 9.30 m grading 1.76 g/t Au from 45.00 m.
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o Hole 25-CCR-051 intersected 164.67 m grading 0.27 g/t Au from 80.50 m,
including 35.35 m grading 0.59 g/t Au, 10.00 m grading 1.36 g/t Au and
2.00 m grading 5.27 g/t Au.
Slipper Zone: Drill holes 25-DH-1278, 25-DH-1279, 25-DH-1280 and 25-DH-1283 followed
up on the Slipper Zone extending gold mineralization 320 m towards the northwest of the
2021 resource pit outline and included higher-grade mineralization intervals:
o Hole 25-DH-1279 intersected 78.00 m grading 0.31 g/t Au from 87.00 m
including 5.00 m grading 1.51 g/t Au.
o 25-DH-1283 intersected 5.80 m grading 1.00 g/t Au and 3.20 m grading
1.13 g/t Au from 127.20 m and 173.00 m respectively, along a cataclastic
argillite control.
Peter Mah, Spanish Mountain Gold’s President & CEO commented, “In addition to
accelerating the Project towards a build decision by 2027, w e are extremely encouraged
by the initial 2025 drill results that continue to demonstrate the significant, low cost to
drill, growth potential for increasing near surface and high-grade gold mineralization
beyond the 2021 pit constrained resource.”
Figure 1 – Plan View, 2025 Winter Drill Program
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Detailed Target Descriptions and Results:
Main Zone
Drill holes 25-DH-1281 and 25-DH-1282 (Figure 2 top right inset) were collared in the main zone
and targeted the continuity of the near-pit bottom mineralization. The gold mineralization in
drillholes 25-DH-1281 and 25-DH-1282 is hosted primarily in argillite in contact with greywacke in
proximity to a faulted zone and exhibits a direct association with quartz plus galena veining.
Hole 25-DH-1281 encountered 197.00 m grading 0.72 g/t Au including 123.00 m grading 1.08 g/t
Au, while 25-DH-1282 yielded 211.90 m at 0.36 g/t Au including 100.30 m grading 0.52 g/t Au
containing 16.00 m grading 1.43 g/t Au and 4.00 m grading 2.76 g/t Au. In both 25-DH-1281 and
25-DH-1282, the grades are linked to quartz veins occurring in proximity to lithological
boundaries.
Figure 2 – Long Section View of the Outcropping Tuff, Slipper and Main Zone Targets
Extending Gold Mineralization to the Northwest
Outcropping Tuff Target
Drill hole 25-DH-1275 (Figure 2 top left inset and Figure 3) was collared approximately 1,350m
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).
Mineralization intercepted by 25 -DH-1275 in the Outcropping Tuff Target occurs in Quartz ,
Galena, and Sphalerite veins hosted within volcanic rocks, specifically within a Mafic Tuff unit
displaying intense sericite -chlorite alteration accompanied by quartz and fuchsite. The hole
encountered 62.20 m grading 0.60 g/t Au, including 5.04 m grading 4.69 g/t Au containing 1.95
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m grading 9.72 g/t Au and 0.44 m grading 10.49 g/t from 21.00 m. Oriented core data indicates
the presence of two distinct sets of veining: high-angle and lower-angle veins. Further exploration
of this promising zone is anticipated.
The Phoenix Target
Figure 3 illustrates d rill hole 25 -CCR-049 intercepted multiple quartz + galena and pyrite veins
hosted in a mafic Tuff unit, yielding 105.90 m grading 0.41 g/t Au, including 4.00 m grading 4.71
g/t Au starting at 74.95 m depth. Similarly, a 200.00 m step-out to the northwest in hole 25-CCR-
050 yielded 246.50 m grading 0.38 g/t Au, including 3.00 m grading 3.35 g/t Au and 9.30 m
grading 1.76 g/t Au starting at 45.00 m depth. Finally, Drill hole 25-CCR-051 a 140.00 m step out
to the southeast of 25 -CCR-050 intersected 164.67 m grading 0.27 g/t Au including 35.35 m
grading 0.59 g/t Au containing 10.00 m grading 1.36 g/t Au, and 2.00 m grading 5.27 g/t Au. At
the time of this press release, exploration continues with two drills active in this target area. The
2025 Winter Drill Program on the Phoenix Target revealed the presence of mineralized argillite
including cataclastic horizons that were not previously identified in this area.
Figure 3 - Cross - Section View, NEW Outcropping Tuff and Phoenix Targets
Slipper Zone
Refer to the bottom inset in Figure 2. Drill hole 25-DH-1279 was collared 97.00 m northwest of
drill hole 24 -DH-1267 from 2024, to follow up on high -grade intercepts which demonstrated
potential to extend near -pit mineralization of the Slipper Zone to the northwest. 25 -DH-1279
intersected 78.00 m grading 0.31 g/t Au including 5.00m grading 1.51 g/t Au from 87.00 m and
25-DH-1283 intersected 5.80 m grading 1.00 g/t Au and 3.20 m grading 1.13 g/t Au from 127.20
m and 173.00 m, respectively.
The gold mineralization style encountered in drill holes 25 -DH-1277, 25-DH-1278, 25-DH-1279,
and 25 -DH-1280 mostly occurs within the Upper Argillite and the newly defined cataclastic
argillite structure (upper cataclastic argillite). The continuity of the cataclastic argillite structure
has been confirmed for 300.00 m along a northwest strike and remains open in that direction, as
well as down-dip toward the northeast. Exploration continues along this structure.
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Table 1: 2025 Winter Drill Program – Summarized Gold Assay Results
Drillhole ID From To Width(m) Gold Grade (g/t
Au)
25-DH-1279 87.00 165.00 78.00 0.31
including 160.00 165.00 5.00 1.51
25-DH-1279 337.00 348.00 11.00 0.45
25-DH-1279 356.00 359.00 3.00 0.18
25-DH-1279 376.00 391.00 15.00 0.24
25-DH-1280 97.00 103.24 6.24 0.40
25-DH-1280 124.00 142.50 18.50 0.29
25-DH-1281 28.00 225.00 197.00 0.72
including 28.00 39.00 11.00 0.18
25-DH-1281 49.00 53.50 4.50 0.20
25-DH-1281 73.00 79.50 6.50 0.28
25-DH-1281 102.00 225.00 123.00 1.08
including 106.00 121.00 15.00 0.65
including 141.00 188.28 47.28 2.29
including 141.00 145.00 4.00 6.45
including 141.00 143.00 2.00 24.56
including 171.00 173.00 2.00 10.41
25-DH-1281 321.00 325.00 4.00 0.36
25-DH-1281 451.00 454.00 3.00 0.16
25-DH-1282 33.10 245.00 211.90 0.36
including 33.10 133.40 100.30 0.52
including 105.00 121.00 16.00 1.43
including 114.00 118.00 4.00 2.76
25-DH-1282 274.00 280.30 6.30 0.31
25-DH-1282 324.00 343.00 19.00 0.24
25-DH-1282 360.30 366.00 5.70 2.52
25-DH-1282 433.00 438.00 5.00 0.28
25-DH-1283 127.20 133.00 5.80 1.00
25-DH-1283 173.00 176.20 3.20 1.13
25-DH-1283 291.00 295.72 4.72 0.20
25-CCR-049 74.95 180.85 105.90 0.41
including 74.95 92.15 17.20 0.64
including 176.85 180.85 4.00 4.71
25-CCR-049 321.00 325.00 4.00 0.26
25-CCR-049 553.00 559.00 6.00 0.42
25-CCR-050 45.00 291.50 246.50 0.38
including 45.00 50.00 5.00 2.13
including 125.50 128.50 3.00 3.35
including 275.60 284.90 9.30 1.76
25-CCR-050 339.00 347.00 8.00 0.33
25-CCR-051 66.95 70.50 3.55 0.28
25-CCR-051 80.50 245.17 164.67 0.27
including 124.00 128.00 4.00 0.90
including 125.00 160.35 35.35 0.59
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including 140.00 150.00 10.00 1.36
including 148.00 150.00 2.00 5.27
including 211.00 216.00 5.00 1.07
25-CCR-051 262.50 266.00 3.50 0.17
25-CCR-051 309.21 312.14 2.93 0.45
25-DH-1275 21.00 83.20 62.20 0.60
including 78.16 83.20 5.04 4.69
including 78.16 78.60 0.44 10.49
including 81.25 83.20 1.95 9.72
25-DH-1275 362.15 371.50 9.35 0.19
25-DH-1276 113.45 237.80 124.35 0.18
including 233.90 237.80 3.90 0.82
25-DH-1276 351.50 355.00 3.50 0.38
25-DH-1276 406.00 501.25 95.25 0.33
including 489.75 496.25 6.50 1.09
25-DH-1276 672.70 693.20 20.50 0.20
25-DH-1276 716.85 728.60 11.75 0.30
25-DH-1277 46.00 50.00 4.00 0.18
25-DH-1278 65.00 70.50 5.50 0.18
25-DH-1278 73.30 77.00 3.70 0.18
25-DH-1278 110.00 115.21 5.21 0.16
25-DH-1278 127.70 131.00 3.30 0.25
25-DH-1278 137.06 142.00 4.94 0.42
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
Table 2: Drill Hole Collar Location and hole lengths
HOLE-ID LOCATION ‘X’ LOCATION
‘Y’
LOCATION
‘Z’ LENGTH Azimuth Dip
Easting Northing Elevation
25-DH-1283 603457 5828457 1050 295.72 120 -65
25-DH-1282 604315 5828137 1075 513 120 55
25-DH-1281 604250 5828176 1071 567 117 62
25-DH-1280 603556 5828409 1050 144 120 65
25-DH-1279 603640 5828346 1060 392 120 65
25-DH-1278 603715 5828307 1060 279 120 65
25-DH-1277 603675 5828216 1077 245 120 65
25-DH-1276 603800 5828506 1014 824 150 65
25-DH-1275 602354 5829001 1024 408 77 65
25-CCR-050 602261 5827616 1022 347 120 65
25-CCR-049 602338 5827447 1056 617 120 65
25-CCR-051 602397 5827568 1035 363 120 65
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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 CPA-Au1 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 analysis.
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.
Upon final QAQC checks on the preliminary initial results for hole 24-DH-1268 have been corrected
to 29.00 m grading 0.60 g/t Au from 520.00 to 549.00 m including 1.27 g/t Au over 6.00 m and 0.99
g/t Au over 9.00 m. Results are available on the Company’s website.