Spanish Mountain Gold Ltd. (the 'Company' or 'Spanish Mountain Gold') (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to provide assay results recently received for ten diamond drill holes on the Spanish Mountain Gold project (the 'Project'), located in the Cariboo Gold Corridor, British Columbia, Canada.
Approximately 18,500 meters ('m') of a planned 60,000 m 2026 Feasibility Drill Program have been completed to date. This news release presents assay results from ten holes 26-DH-1381 to 26-DH-1390. Results are pending for 16 additional drill holes.
Highlights
26-DH-1390, returned 252.30 m of 0.82 g/t gold from 75.50 m, including 93.50 m of 1.32 g/t gold from 75.50 m and a higher-grade interval of 5.2 m of 3.23 g/t gold from 194.8 m, plus a lower intercept of 106.9 m grading 0.55 g/t gold from 220.9 m.
26-DH-1386 intersected 93.0 m of 0.60 g/t gold from 213.0 m, including higher-grade intervals of 18.0 m of 0.96 g/t gold from 236.0 m and 10.0 m of 2.19 g/t gold from 296.0 m
26-DH-1388 intersected 279 m of 0.35 g/t gold from 7.0 m, including 22.0 m of 0.97 g/t gold from 153.0 m, and 69.0 m of 0.75 g/t gold from 217.0 m
26-DH-1381 intersected 346.7 m of 0.36 g/t gold from 23.2 m, including 66.0 m of 0.61 g/t gold from 121.0 m, and 70.90 m of 0.66 g/t gold from 299.0 m.
These drill holes are part of the 2026 Feasibility Drill Program, initiated in March 2026 targeting infill drilling and gold mineralization expansion for the Main Deposit. Other drill programs will provide information on condemnation, geotechnical, metallurgy, geochemistry and ground water which will also support the Feasibility Study that is targeted for completion by early 2028.
Drill Core Processing, Data Verification and Quality Assurance - Quality Control Program (QAQC)
Drill core is received daily from the rigs and logged for recovery, RQD, lithology, alteration, mineralization and vein style and intensity before samples are marked for cutting, with core photography being done to capture the marked sample intervals. The entire holes are sampled, with core sawn in half and samples labeled and bagged. The remaining half core is securely stored on-site. Numbered security tags are applied to sample shipments to ensure chain of custody compliance. The Company inserts quality control (QC) samples at regular intervals, including blanks and certified reference materials and duplicates, to monitor laboratory performance. Standards, blanks, preparation and field duplicates account for a minimum of 20% of the samples in addition to the laboratory's internal quality assurance programs.
The data verification process involves a multi-step approach to ensure accuracy and integrity. This includes a detailed quality control (QC) analysis of the data, which is performed using both internal and external platforms, such as the MxDeposit software. The QC checks involve monitoring the results of analyses 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 verify 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 PhotonAssay 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.
PhotonAssay
The PhotonAssay method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssay 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-millimeter (mm) sieve. The sample is then riffle split to obtain a suitable aliquot for 2 testing cycles (MSALABS Method CPA-Au1). The PhotonAssay instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). The method offers a gold detection range from 0.015 ppm (lower limit) to 10,000 ppm (upper limit).
Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssay results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both MSA code FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish).
Multi-Elemental Analysis
For the 2026 drilling campaign, Spanish Mountain Gold used the MSA code IMS-230 method to provide multi-element determination using a four-acid digestion followed by ICP-OES and ICP-MS analysis.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia. On May 1, 2026, the Company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals for US$55 million. In Q2 2026, the Company initiated a feasibility study on the Project, which is fully funded and will position the Company to make a construction decision in 2028.
The Company is seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities, which the Company terms 'The Relentless Pursuit of Better Gold'.
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 includes but is not limited to information with respect to exploration drilling extending near surface gold mineralization hosted within the Orca Fault Corridor, drilling results relating to the potential to enhance the proposed life-of-mine plan in the first 10-years of production, the receipt of the two remaining instalments from the sale of the 1.5% NSR to Wheaton Precious Metals for US$55 million, the results of the feasibility study, and the timeline to make a construction decision. 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.
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