SPA: Intersects 1.35 g/t Au over 133m; Assays Pending
What you need to know:• This morning, SPA announced assay results from seven drill holes within the Orca Fault target as part of its 9,000-10,000m fall drill program (9,864m completed).
• The highlight intercept in today’s release was 1.35 g/t Au over 133.5m.
• Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz (well below the current spot price of US$5,082/oz).
This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) announced assay results from seven drill holes as part of its 2025 fall diamond drill program at its Spanish Mountain Gold project. All drill holes were drilled within the Orca Fault target, which continues to be a major contributor of higher-grade gold mineralization within the heart of the Main Deposit. The highlight drill result from today’s release intersected 1.35 g/t Au over 133.6m and included several zones of mineralization. Most notably, within the 133.6m intercept, there was a 25.5m high-grade core at an average grade of 4.28 g/t (from 132m downhole). The Company has now completed 9,864m of drilling as part of the 9,000-10,000m 2025 fall drill program, which is now continuing into 2026. Assays remain pending from five additional drill holes within the Orca Fault target area.
Drill assay results continue to intersect higher-grade mineralization over ~530m in strike length in the Orca Fault target area, and the continuity can now be traced across multiple parallel, adjacent drill sections over 80-150m. We are maintaining our BUY rating and $0.80/share target price on Spanish Mountain Gold.
Highlights from today’s release include:
25-DH-1322:
• 0.87 g/t Au over 32.4m, including 1.52 g/t Au over 15.3m
• 4.28 g/t Au over 25.5m, including 6.42 g/t Au over 15.0m
• 1.41 g/t Au over 29.1m, including 1.65 g/t Au over 12.6m
25-DH-1321:
• 0.58 g/t Au over 101.1m, including 0.81 g/t Au over 36.3m with a high-grade sub-set of 2.58 g/t Au over 6.35m
• 0.67 g/t Au over 23.0m, including 1.98 g/t Au over 4.5m
25-DH-1318:
• 0.90 g/t Au over 40.2m, including 1.52 g/t Au over 20.7m with a high-grade subset of 5.65 g/t Au over 5.0m
Spanish Mountain Gold is an exploration stage company engaged in the acquisition, exploration and development of mineral properties.
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.