Spanish Mountain Gold Expands High-Grade Mineralization in Feasibility Drill Program — Spanish Mountain Gold Ltd.

Event summary

Spanish Mountain Gold reported assay results from seven diamond drill holes as part of its 2026 Feasibility Drill Program, with highlights including 69.20 meters of 0.74 g/t gold and 77.85 meters of 0.70 g/t gold.
The drilling program aims to increase resource confidence and expand the current mineral resource, with approximately 16,083 meters completed out of a planned 60,000 meters.
High-grade subsets up to 22.39 g/t over 0.65 meters were identified, reinforcing the structural model for the Fault 2 - Fault 3 block.
The company plans to mobilize two additional diamond drill rigs to focus on follow-up drilling of the K-zone target.

The big picture

Spanish Mountain Gold's latest drill results are part of its broader strategy to advance the Spanish Mountain Gold project towards construction, with a feasibility study fully funded and a construction decision expected in 2028. The company's focus on expanding high-grade mineralization aligns with industry trends towards optimizing resource potential and minimizing environmental impact. The strategic partnership with Wheaton Precious Metals, which involves the sale of a 1.5% NSR for US$55 million, provides significant financial backing for the project.

What we're watching

Resource Expansion: How the continuation of drilling will impact the overall mineral resource estimate and potential mine life.
Execution Risk: Whether the company can sustain high-grade intercepts and expand the Orca Fault Corridor as planned.
Market Dynamics: The pace at which positive drill results will translate into increased investor confidence and potential financing opportunities.