Northwire Canada EditionSunday, September 20, 2026
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GOLD 4424.90 +0.6% SILVER 67.15 +1.6% COPPER 6.69 +0.5% OIL 96.08 −5.7% PALLADIUM 1319.50 +1.3% ARIC 0.760 −1.3% DCOP 0.095 +0.0% GLO 0.620 +3.3% CCM 0.770 +1.3% FAN 0.750 +2.7% FL 0.450 −1.6% BGF 0.030 +0.0% KLD 2.25 −0.4% SLVR 1.17 +1.7% LEM 0.250 +0.0% GENM 0.610 −3.2% SICO 9.80 +1.0% CTV 0.125 +0.0% CTM 0.140 +0.0% RSMX 0.110 −4.3% FT 0.145 +3.6% GOLD 4424.90 +0.6% SILVER 67.15 +1.6% COPPER 6.69 +0.5% OIL 96.08 −5.7% PALLADIUM 1319.50 +1.3% ARIC 0.760 −1.3% DCOP 0.095 +0.0% GLO 0.620 +3.3% CCM 0.770 +1.3% FAN 0.750 +2.7% FL 0.450 −1.6% BGF 0.030 +0.0% KLD 2.25 −0.4% SLVR 1.17 +1.7% LEM 0.250 +0.0% GENM 0.610 −3.2% SICO 9.80 +1.0% CTV 0.125 +0.0% CTM 0.140 +0.0% RSMX 0.110 −4.3% FT 0.145 +3.6%
Drill Results Routine +

Spanish Mountain Gold Drills Multiple 100-Metre-Plus Intercepts Including 116 Metres Grading 0.60 g/t Gold Confirming Grade Continuity Along the Orca Fault Corridor

Spanish Mountain Gold Advances Feasibility Study With Wheaton Funding, Confirms Grade Continuity Along Orca Fault

By The Northwire Desk — AI Analysis Jun 02, 2026 · 15:00 SPA · 0.345 Spanish Mountain Gold Ltd.
Executive Summary
  • Spanish Mountain Gold Ltd. released assay results from 21 diamond drill holes at its Spanish Mountain project in British Columbia, confirming sustained grade continuity and extending near-surface gold mineralization along the Orca Fault Corridor.
  • Key step-out and infill intercepts validate the geological model and support the ongoing Feasibility Study, with results consistently meeting or exceeding the 2025 Preliminary Economic Assessment (PEA) block model predictions.
  • The release confirms the Feasibility Study is fully funded by a US$55 million Net Smelter Returns (NSR) sale to Wheaton Precious Metals, targeting a construction decision in 2028.
  • The company granted 4,420,000 stock options to management and directors at an exercise price of $0.36 per share, exercisable for 10 years.
  • Drilling progress stands at ~25,588 m completed to date, with a planned 60,000 m Feasibility Exploration Drill Program initiated in March 2026.
Material Impact
  • The drilling results are incremental and expected, serving to de-risk the geological model ahead of the Feasibility Study rather than introducing a new discovery.
  • The full funding of the Feasibility Study via the Wheaton Precious Metals royalty is a significant milestone that aligns with the April 2026 announcement. It removes near-term financing risk and locks in a strategic partner, but the market had already priced in this transaction.
  • The stock option grant is standard management alignment and slightly dilutive, but the exercise price ($0.36) is at a premium to the current trading range, indicating management confidence.
  • Overall, the news is a positive validation of the project's trajectory but lacks the unexpected catalyst required to be classified as material. It is a routine follow-up to the previously announced royalty financing and planned drill program.
SPA · Price
Company Overview
  • Spanish Mountain Gold Ltd. is an emerging gold developer advancing the Spanish Mountain project in the Cariboo District of British Columbia.
  • The flagship Main Deposit features a large-scale open-pit mine plan with a 24.5-year mine life, targeting ~3 million ounces of payable gold.
  • The July 2025 PEA outlined a base-case after-tax NPV5% of C$1.0 billion and an IRR of 18.2% at US$2,450/oz gold, with an initial capital cost of C$1.25 billion.
  • The project emphasizes low-cost operations, renewable grid power, and dry-stack tailings management.
  • The newly defined Orca Fault target has extended high-grade mineralization over a 530-meter strike length, supporting the potential for resource expansion and higher-grade production in the first decade of operations.
Read the original news release →

More from Spanish Mountain Gold Ltd.

Jul 27, 2026 · 07:27

Spanish Mountain’s 252m @ 0.82 g/t Au at Orca Fault supports its feasibility study.

Drill Results Jul 14, 2026 · 07:30

Spanish Mountain’s infill and step-out drilling at the Orca Fault delivered in-line grades without providing a re-rate catalyst for the deposit.

Drill Results Jul 06, 2026 · 07:00

Spanish Mountain’s infill drilling at the Orca Fault returned modest gram-metres, overshadowed by prior high-grade hits.

Drill Results Jun 15, 2026 · 07:30

Spanish Mountain advances its feasibility study with high-grade Orca Fault intercepts, fully funded by a Wheaton Royalty agreement.

Drill Results May 01, 2026 · 18:12

Spanish Mountain Gold Secures Wheaton Financing Milestone, De-Risks Feasibility Phase

Financings Apr 21, 2026 · 00:05

Wheaton Deal Validates Project but Capex Gap Looms

Financings