Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) on Monday reported encouraging near-surface and high-grade gold intercepts from its 2025 winter drill program, highlighting multiple mineralized zones across key targets at its project in British Columbia’s Cariboo Gold Corridor.
The drilling aims to expand the current resource beyond the 2021 pit-constrained estimate and accelerate the project toward a construction decision by 2027.
At the Main Zone, drilling returned 123 metres grading 1.08 grams per tonne (g/t) gold from a depth of 102 metres, including 47.28 metres at 2.29 g/t gold with several higher-grade sections, such as 2 metres at 24.56 g/t gold, and visible gold observed in quartz veins at 218 metres.
Another intercept in the area yielded 211.9 metres at 0.36 g/t gold, including a 16-metre interval grading 1.43 g/t.
At the Outcropping Tuff target, located 1.35 kilometres northwest of the 2021 resource outline, step-out drilling encountered 62.2 metres grading 0.6 g/t gold, highlighted by a near-surface interval of 1.95 metres at 9.72 g/t gold from 21 metres depth.
Drilling at the Phoenix target delivered broad mineralized zones, including 246.5 metres grading 0.38 g/t gold with 9.3 metres at 1.76 g/t, and a separate interval of 164.67 metres at 0.27 g/t gold, including 2 metres grading 5.27 g/t.
In the Slipper Zone, gold mineralization was extended 320 metres northwest of the current pit boundary, with drilling returning 78 metres grading 0.31 g/t gold, including a 5-metre interval at 1.51 g/t.
“In addition to accelerating the project towards a build decision by 2027, we are extremely encouraged by the initial 2025 drill results that continue to demonstrate the significant, low-cost-to-drill, growth potential for increasing near-surface and high-grade gold mineralization beyond the 2021 pit-constrained resource,” said Peter Mah, CEO of Spanish Mountain Gold.
The company’s 2025 winter drill program is focused on expanding resource potential through improved geological modeling and identifying new mineralized zones across the property.
Shares of Spanish Mountain gained 8% in Toronto on Monday at around C$0.14.