Spanish Mountain Gold Ltd. (the 'Company' or 'Spanish Mountain Gold') (TSX-V: SPA) (FSE: S3Y) (OTCQB: SPAUF) is pleased to provide assay results from seven diamond drill holes on the Spanish Mountain Gold project (the 'Project'), located in the Cariboo Gold Corridor, British Columbia, Canada.
The assay results from these drill holes are part of the 2026 Feasibility Drill Program, which was initiated in March 2026 with the objective of increasing resource confidence (infill drilling) and expanding on the current mineral resource. Approximately 16,083 metres ('m') of a planned 60,000 m drilling program has been completed to date. This news release presents results for holes 26-DH-1367 to 26-DH-1373. Assay results are pending for 20 additional drill holes.
Highlights
26-DH-1367, collared 80 m northwest of 26-DH-1362, returned 69.20 m of 0.74 g/t gold from 53.80 m, including 36.00 m of 1.05 g/t gold from 87.00 m and a higher-grade subset of 14.85 m of 2.05 g/t gold from 101.00 m, confirming Orca-style higher-grade structures within the Fault 2-Fault 3 block.
26-DH-1371, collared 100 m northwest of 26-DH-1367, intersected 77.85 m of 0.70 g/t gold from 35.05 m, including a near-surface higher-grade subset of 3.60 m of 3.01 g/t gold from 35.05 m, confirming near-surface grade continuity in the easternmost block.
26-DH-1370, collared 100 m northwest of 26-DH-1366, intersected 82.22 m of 0.56 g/t gold from 203.78 m, including 42.48 m of 0.74 g/t gold from 234.44 m, confirming the strike and down-dip continuity of the Orca fault trend between Faults 1 and 2.
26-DH-1373, collared 30 m northeast of 26-DH-1367, returned 193.00 m of 0.41 g/t gold from 60.00 m, including higher-grade subsets of 10.25 m of 2.31 g/t gold from 92.75 m and 8.00 m of 1.87 g/t gold from 241.00 m.
Spanish Mountain Gold, President, Chief Executive Officer & Director, Peter Mah, commented: 'We are excited to announce positive new higher-grade near surface drill results from the 2026 Feasibility Drill Program including broad intercepts of 69.20 m of 0.74 g/t and 77.85 m of 0.70 g/t gold in two holes extending Orca style mineralization along the eastward side of the Main Deposit. These results continue to expand on previous reported drill intersections of higher-grade late-stage mineralization along the Orca Fault Corridor. Drilling is progressing with two rigs currently dedicated to testing the limits of the Orca Fault Corridor and the Company plans to mobilize two additional diamond drill rigs the week of July 8th. The drill rigs will initially focus on follow-up drilling of the K-zone target where the highest-grade intercept in the history of the Project was intersected.'
Main Deposit Overview
The Main Deposit exhibits two mineralization styles. Early-stage mineralization is strata bound mineralization hosted primarily within carbonaceous argillite units, particularly at or near the contact with tuff and greywacke units. This mineralization strikes northwest and dips shallowly to the northeast with gold mineralization commonly associated with fine-grained disseminated and vein pyrite. Late-stage mineralization consists of quartz veins containing visible gold associated with galena, sphalerite and pyrite. The late-stage mineralization is associated with a structural zone known as the Orca Fault Corridor and typically strikes northeast and dips moderately to steeply west. Late-stage mineralization is best developed in the tuff/greywacke unit; however, it occurs in all stratigraphic units and crosscuts the early-stage mineralization.
The current drilling is designed to test both styles of mineralization with a preferred drill orientation of azimuth 120-degree and a dip of -60-degree (drilling toward the southeast). Historic holes oriented vertically or drilled to the northeast or southwest were not the optimal drill orientation to intersect the late-stage mineralization.
Key Findings - 7 Drill Holes
Results from the easternmost holes (26-DH-1367, 26-DH-1369, 26-DH-1371, and 26-DH-1373 on Section A-A') confirm near-surface continuity of Orca-style structures between Fault 2 and Fault 3. This block remains open along strike and is significantly under drilled.
Hole 26-DH-1373 also intersected a deeper zone of gold mineralization at 214.70 m, interpreted to be associated with a lower structure 'F fault' in the Orca area (Section A-A'). This structural zone remains largely untested and represents a new exploration target.
26-DH-1370, 26-DH-1368, and 26-DH-1372 (Section B-B') were collared to test the continuity of the Orca Fault Corridor between Fault 1 and Fault 2, an area corresponding to Years 5 through 10 of the life-of-mine plan defined in the 2025 Preliminary Economic Assessment. Results confirm the down-dip continuity of the Orca fault trend that remains open at depth.
High-grade subsets up to 22.39 g/t over 0.65 m from 82.50 m (26-DH-1370), 3.01 g/t over 3.60 m from 35.05 m (26-DH-1371) and 2.31 g/t over 10.25 m from 92.75 m (26-DH-1373), together with 2.05 g/t over 14.85 m from 101.00 m (26-DH-1367), are consistent with Orca-style vein clusters and reinforce the structural model for the Fault 2 - Fault 3 block.
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.
(C) 2026 Electronic News Publishing, source ENP Newswire