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Table 1: Assay Results for 25-DH-1292
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Drill hole | From (m) | To (m) | Width (m) | Gold (g/t) | Apparent True Thickness |
25-DH-1292 | 27.84 | 38.80 | 10.96 | 0.17 | Note 3) |
47.00 | 59.20 | 12.20 | 0.27 | Note 3) | |
including | 47.00 | 51.50 | 4.50 | 0.46 | Note 3) |
including | 60.50 | 63.50 | 3.00 | 0.17 | Note 3) |
84.00 | 196.00 | 112.00 | 0.77 | Note 3) | |
including | 84.00 | 119.80 | 35.80 | 1.18 | Note 3) |
including | 84.00 | 101.40 | 17.40 | 1.51 | Note 3) |
including | 91.20 | 101.40 | 10.20 | 1.80 | Note 3) |
including | 101.00 | 101.40 | 0.40 | 6.60 | Note 3) |
including | 110.00 | 118.00 | 8.00 | 1.59 | Note 3) |
including | 110.00 | 113.30 | 3.30 | 2.66 | Note 3) |
including | 130.00 | 196.00 | 66.00 | 0.66 | Note 3) |
including | 130.00 | 137.00 | 7.00 | 0.72 | Note 3) |
including | 143.50 | 145.00 | 1.50 | 6.54 | Note 3) |
including | 153.00 | 159.00 | 6.00 | 0.98 | Note 3) |
including | 168.00 | 172.37 | 4.37 | 1.80 | Note 3) |
including | 181.52 | 182.02 | 0.50 | 1.27 | Note 3) |
including | 191.35 | 192.00 | 0.65 | 2.08 | Note 3) |
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Table 2: Assay Results for 25-DH-1293
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Drill hole | From (m) | To (m) | Width (m) | Gold (g/t) | Apparent True Thickness |
25-DH-1293 | 31.45 | 35.00 | 3.55 | 0.21 | Note 3) |
52.00 | 58.67 | 6.67 | 0.19 | Note 3) | |
94.00 | 196.00 | 102.00 | 0.64 | Note 3) | |
including | 94.00 | 154.00 | 60.00 | 0.77 | Note 3) |
including | 112.00 | 132.25 | 20.25 | 1.28 | Note 3) |
including | 129.00 | 132.25 | 3.25 | 1.80 | Note 3) |
including | 150.00 | 152.36 | 2.36 | 2.15 | Note 3) |
including | 162.00 | 191.00 | 29.00 | 0.44 | Note 3) |
including | 186.00 | 187.08 | 1.08 | 6.24 | Note 3) |
including | 186.58 | 187.08 | 0.50 | 10.75 | Note 3) |
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Notes for Table 1 and 2: | ||
1) | Reported intersections are calculated using a 0.15 g/t Au cut-off grade. | |
2) | The complete assay table is available on the Company’s website | |
3) | True thickness of mineralization is unknown | |
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When integrating the assay results from 25-DH-1292 and 25-DH-1293, it is clear there is excellent continuity between the higher-grade intercepts from 25-DH-1281 and 25-DH-1282 (see April 21, 2025 news release). The mineralization in these drill holes occurs in faults and quartz-dominated veins that appear to extend for more than 25 meters beyond each drill hole. Two dominant sets of veins were identified, high-angle and low-angle. The lower-angle veins (~45 degrees) occur in proximity to the Orca Fault. These veins display gold with base metal associations that include galena, chalcopyrite, and sphalerite, as shown in Figure 2.
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It should be noted that the drilling results also support the delineation of faults and other structural features that are key factors controlling mineralization location in this part of the Main deposit. The use of HQ3-sized drilling, coupled with the implementation of split tube core barrels, has dramatically increased the overall core recovery, to in some cases, near 100%, especially in faulted areas, but it is also providing better quality data for geomechanical (rock mechanics) and structural oriented core measurements. The higher quality and recovery of the drill core have enabled delineation of additional new faults striking NE and dipping at approximately 45-degrees to the west. These new faults are believed to be some of the missing controlling features for high-grade mineralization in the past interpretations for this area of the deposit. Though it is very preliminary to draw conclusions, these structures might be a splay associated with the previously recognized Faults 1 and 2.
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Some of these structures have surface expressions that make them suitable for exploration at a broader scale. As well, the current drilling has delineated a cataclastic to mylonite structure in the upper part of the sequence that is associated with mineralization (Figure 1). Mineralization occurs as deformed quartz and blebby pyrite that follow deformation planes. This structure is possibly an extension of the cataclastic structure recognized in the Slipper Zone during the 2025 Winter Drill Program (refer to April 21, 2025).
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Figure 3 illustrates the drill locations for the four drill hole results outlined in this news release and the holes currently in the assay lab, or in progress. Drill collar location coordinates are summarized for the 2025 Fall Drill Program in Table 3 at the end of this news release.
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Other – Engagement of 6ix
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The Company recently engaged 6ix, an independent services provider, for a duration 6-months at a monthly fee of $5,000 per month to facilitate the distribution of company press releases, video presentations, interviews, and public information updates.
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Abbreviations: metres = m, grams per tonne = g/t, gold = Au
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Drill Core Processing, Data Verification and Quality Assurance – Quality Control Program (QAQC)
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Once received from the drill and processed, all drill core samples were sawn in half, labeled, and bagged. The remaining half of the drill core was securely stored on-site. Numbered security tags were applied to sample shipments to ensure chain of custody compliance. The Company inserts quality control (QC) samples at regular intervals, including blanks and reference materials, for all sample shipments to monitor laboratory performance. Standards and blanks account for a minimum of 20% of the samples in addition to the laboratory’s internal quality assurance programs. The QAQC program was overseen by the Company’s Qualified Person, Julian Manco, P.Geo, Director of Exploration (as described below).
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The data verification process involved a multi-step approach to ensure accuracy and integrity. This included a detailed quality control (QC) analysis of the data, which was performed using both internal and external platforms, such as the MxDeposit™ software. These QC checks involved the analysis of certified reference materials (CRMs), blanks, and duplicates to confirm the reliability of the assay results. In addition, a field inspection of the specific drill intervals mentioned in this release has been conducted to directly observe the geological features and verified the nature of the results presented.
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Drill core samples were submitted to MSALABS’ analytical facility in Prince George, British Columbia, for sample preparation and PhotonAssayTM analysis. The MSALABS facilities are accredited to the International Standards ISO/IEC 17025 and ISO 9001 standard for gold and multi-element assays, with all analytical methods incorporating quality control materials at defined frequencies and established data acceptance criteria. MSALABS Inc. is independent of the Company.
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PhotonAssayTM
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The PhotonAssayTM method utilizes gamma ray analysis for gold detection using the Chrysos PhotonAssayTM instrument (PA1408X). This non-destructive, fully automated technique offers high accuracy for analyzing ores and pulps. Sample preparation begins with drying and crushing up to 1 kg of material to achieve at least 70% passing through a 2-millimetre (mm) sieve. The sample is then riffle split to obtain a suitable aliquot for 2 testing cycles (MSALABS Method CPA-Au1).
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The PhotonAssayTM instrument bombards 400- to 600-gram samples contained in sealed containers with gamma rays. These containers remain sealed throughout the process, preserving the sample for potential further testing. The analysis is performed robotically, with results that integrate into existing laboratory management systems. Each sample is accompanied by a reference disc traceable to a Certified Reference Material (CRM). Both the sample and reference disc undergo gamma ray exposure, with signals detected and analyzed to ensure accurate and reliable results. The method offers a gold detection range from 0.015 parts per million (ppm – lower limit) to 10,000 ppm (upper limit). Quality control includes the use of reference materials and blanks, with all results reviewed by a competent person before reporting.
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Spanish Mountain Gold implemented two QAQC methodologies to validate the accuracy of PhotonAssayTM results, both demonstrating good comparability: 1) comparative analysis of diverse mineralization styles using Total Au screen metallic methods with both FAS-415 (gravimetric finish) and FAS-211 (AAS finish), and 2) comprehensive testing of both sample aliquots and rejects using FAS-211 (AAS finish). QAQC Testing typically can include the following spot checks: 1) Pulverizing tests to evaluate variability in sample preparation, 2) Cross-analysis at external laboratories using screen metallic method, and 3) Four-cycle radiation testing to identify and calibrate potential variability in gold results with variable radiation intensity.
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