Spanish Mountain Gold Expands Orca Fault Mineralization Intersecting 80.15 Metres of 0.83 g/t Gold Including 27.2 Metres of 1.92 g/t Gold as Part of Its Feasibility Study Drill Program
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.
On 14 July 2026, Spanish Mountain Gold Ltd. reported assay results from seven diamond drill holes (26‑DH‑1374 through 26‑DH‑1380) as part of its 60,000 m feasibility-study drill program at the Spanish Mountain project in British Columbia.
The company highlighted hole 26‑DH‑1376, which returned 303.18 m @ 0.50 g/t Au from 76.02 m, including 80.15 m @ 0.83 g/t Au and a high-grade subset of 27.2 m @ 1.92 g/t Au. Hole 26‑DH‑1379 returned 107.0 m @ 0.56 g/t Au, including 40.35 m @ 0.99 g/t Au, within a broader 314.0 m @ 0.35 g/t.
Other holes returned broad, low- to moderate-grade intervals with scattered high-grade sub-intervals, all from the Orca Fault Corridor and the southern Main Deposit. The release states that results confirm structural continuity, and that hole 26‑DH‑1378 falls within the Years 5-10 life-of-mine shells of the 2025 PEA. Assays for 19 additional holes are pending. True width is not reported. A cut-off grade of 0.15 g/t Au was used.
Spanish Mountain Gold Ltd. (SPA) is advancing toward a feasibility study with a large low-grade resource, with market focus centered on demonstrating higher-grade, larger-tonnage material to improve the Preliminary Economic Assessment (PEA) economics, which already show an NPV of C$1B at US$2,450 Au. Since the June 15, 2026 release of 100 m @ 1.00 g/t Au, the stock has traded sideways in the C$0.30–0.34 range, indicating the market priced in a reasonable improvement.
The July 14 results were incrementally positive, showing consistent grades over wide intervals and an extension of mineralization, but they did not materially raise the average grade or add significant new tonnage beyond what was already expected from the ongoing 60,000 m program. For a pre-production developer with a $160M market cap, a genuinely material drill result would need to be a step-out that either doubles the strike length of high-grade (>1 g/t) zones or delivers multi-hundred-gram-metre intercepts at >1.5 g/t. These results fall well short of that bar. The release includes a narrow 56.61 g/t nugget, but it lacks volume significance. The stock price closed at C$0.31 on July 13, showing no anticipation of a re-rate.
Spanish Mountain Gold Ltd. owns the Spanish Mountain Gold Project in the Cariboo Gold Corridor, BC, a large, sediment-hosted gold deposit. The 2025 PEA outlined a 24.5-year mine life producing 3 moz gold at 26,000 tpd, with an after-tax NPV(5%) of C$1.0B at US$2,450/oz Au. Total M&I resources stand at 292.1 Mt @ 0.44 g/t Au (4.16 moz), with a low strip ratio and dry-stack tailings. The company is fully funded for its feasibility study through a US$55M NSR sale to Wheaton Precious Metals. Management target a build decision in 2028.