Spanish Mountain Gold Announces Uplift In Scale And Value At Its B.C. Gold Project And Receives Confirmation From Provincial Regulators To Resume The Previously Paused Environmental Assessment And Permitting Process Advancing Towards Development
Original announcement by prospectors_exchange on
- Company
- Spanish Mountain Gold Ltd.
- Ticker
- SPA
- Exchange
- Unavailable
- Region
- British Columbia
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Permitting, Metallurgy
- Extracted
- 2026-09-22 14:31:22 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Spanish Mountain Gold announced an updated Preliminary Economic Assessment (PEA) and Mineral Resource Estimate (MRE) for its B.C. Gold Project, showing significantly improved economics with an after-tax NPV5% of US$2,156 million and an IRR of 35.2%. The update includes a 12% increase in contained gold ounces in the Main deposit M&I category and a 17% increase in contained silver, alongside a larger open pit design and optimized processing flowsheet. Additionally, the company received authorization to resume the environmental assessment and permitting process, advancing the project towards a build decision by H1 2028.
Reasoning: The updated Preliminary Economic Assessment and Mineral Resource Estimate demonstrate significantly improved project economics and resource scale, coupled with the resumption of the environmental assessment process, which collectively de-risk the project and advance it towards development.
Positive factors
- Significantly improved project economics (NPV, IRR)
- Increased contained gold and silver ounces in the Main Deposit MRE
- Maiden resource for Phoenix Deposit adds to overall project scale
- Resumption of environmental assessment process de-risks project development
- Optimized processing flowsheet with coarse particle flotation
Negative factors
- Initial capital expenditures increased
- All-in sustaining costs increased
- Silver recovery is low for the processing route
- Gold recovery slightly decreased compared to prior PEA
Facts used in scoring: 36
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The Main Deposit M&I tonnage increased from 292.072 Mt to 342.019 Mt (+17%) and Inferred tonnage increased from 14.83 Mt to 42.375 Mt (+186%).
Evidence · text
“Increased the tonnes and gold ounces included in the mine plan”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Main Deposit M&I contained gold increased from 4,163 koz to 4,663 koz (+12%) and Inferred contained gold increased from 155 koz to 382 koz (+146%).
Evidence · text
“Increased the tonnes and gold ounces included in the mine plan”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource Estimate was signed off by Bahram Bahrami, P.Geo.
Evidence · text
“The qualified person responsible for the Main Deposit MRE, effective May 19, 2026, is Bahram Bahrami, P.Geo of Equity.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Resource estimate complies with NI 43-101 Standards of Disclosure for Mineral Projects.
Evidence · text
“The Mineral Resource estimate complies with NI 43-101 Standards of Disclosure for Mineral Projects (May 2016) and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The Phoenix deposit MRE is described as a 'maiden' resource.
Evidence · text
“addition of the maiden Phoenix deposit MRE”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces a 'Mineral Resource Estimate Update' for the project.
Evidence · text
“Mineral Resource Estimate Update”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate was prepared to support a Preliminary Economic Assessment.
Evidence · text
“The PEA Update study was commissioned by the Company and prepared by consultants led by BBA Engineering Ltd.”
Low Recoverynegative · Story-specific tag
Recovery below the weak band for the commodity and processing route.
Why it applies: The average silver recovery of 44% is below the weak band (45%) for byproduct silver recovery.
Evidence · text
“The average silver recovery as a by‐product of the milling process for the life of the Project is 44%.”
Mill Routeneutral · Story-specific tag
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet includes primary grinding, flotation, and a CIL circuit.
Evidence · text
“Processing of the ROM mill feed at 31,000 tpd ... is by means of a conventional process flowsheet including primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit to produce dore.”
Recovery Stagnantnegative · Story-specific tag
No improvement across multiple test programs on comparable material.
Why it applies: The average gold recovery decreased from 89.3% in the 2025 PEA to 88.6% in the 2026 PEA Update.
Evidence · table
“88.60%”
Context: 0.41
Permitting Milestonepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company received authorization from provincial regulators to resume the previously paused Environmental Assessment and permitting process.
Evidence · text
“receives Confirmation From Provincial Regulators To Resume The Previously Paused Environmental Assessment And Permitting Process”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Resource Estimates (33)
measuredSpanish Mountain Gold Project · goldTonnes: 77370000Grade: 0.53Grade Unit: g/tContained Metal: 1321Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:26377eebbb66b9c47611
- Deposit or zone
- Main Deposit
Resource Data
- Category
- measured
- Tonnes
- 77370000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 1321
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Measured resource for gold from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.53”
Context: 77,370
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredSpanish Mountain Gold Project · silverTonnes: 77370000Grade: 0.68Grade Unit: g/tContained Metal: 1701Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:26377eebbb66b9c47611
- Deposit or zone
- Main Deposit
Resource Data
- Category
- measured
- Tonnes
- 77370000
- Grade
- 0.68
- Grade Unit
- g/t
- Contained Metal
- 1701
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Measured resource for silver from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.68”
Context: 77,370
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedSpanish Mountain Gold Project · goldTonnes: 214702000Grade: 0.41Grade Unit: g/tContained Metal: 2842Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:eab5f79afa17ee3c4e93
- Deposit or zone
- Main Deposit
Resource Data
- Category
- indicated
- Tonnes
- 214702000
- Grade
- 0.41
- Grade Unit
- g/t
- Contained Metal
- 2842
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Indicated resource for gold from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.41”
Context: 214,702
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedSpanish Mountain Gold Project · silverTonnes: 214702000Grade: 0.65Grade Unit: g/tContained Metal: 4463Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:eab5f79afa17ee3c4e93
- Deposit or zone
- Main Deposit
Resource Data
- Category
- indicated
- Tonnes
- 214702000
- Grade
- 0.65
- Grade Unit
- g/t
- Contained Metal
- 4463
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Indicated resource for silver from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.65”
Context: 214,702
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredSpanish Mountain Gold Project · goldTonnes: 14830000Grade: 0.33Grade Unit: g/tContained Metal: 155Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:c5e277cdf24aaba69523
- Deposit or zone
- Main Deposit
Resource Data
- Category
- inferred
- Tonnes
- 14830000
- Grade
- 0.33
- Grade Unit
- g/t
- Contained Metal
- 155
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Inferred resource for gold from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.33”
Context: 14,830
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredSpanish Mountain Gold Project · silverTonnes: 14830000Grade: 0.95Grade Unit: g/tContained Metal: 454Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:c5e277cdf24aaba69523
- Deposit or zone
- Main Deposit
Resource Data
- Category
- inferred
- Tonnes
- 14830000
- Grade
- 0.95
- Grade Unit
- g/t
- Contained Metal
- 454
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical Inferred resource for silver from the 2025 MRE, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current MRE.
Evidence · table
“0.95”
Context: 14,830
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredSpanish Mountain Gold Project · goldTonnes: 111383000Grade: 0.51Grade Unit: g/tContained Metal: 1831Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:f70dbed9316c82c6db8b
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 111383000
- Grade
- 0.51
- Grade Unit
- g/t
- Contained Metal
- 1831
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 77370000
- Prior Grade
- 0.53
- Prior Contained Metal
- 1321
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Measured gold resource for the Main Deposit shows significant growth in tonnage and contained ounces, despite a slight decrease in average grade, indicating a larger, well-defined resource.
Positive factors
- Measured tonnage increased significantly (+44%)
- Contained gold ounces increased significantly (+38%)
Negative factors
- Average grade slightly decreased (-3.8%)
Evidence · table
“0.51”
Context: 111,383
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 111383000 against 77370000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1831 against 1321 previously
measuredSpanish Mountain Gold Project · silverTonnes: 111383000Grade: 0.66Grade Unit: g/tContained Metal: 2356Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:f70dbed9316c82c6db8b
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 111383000
- Grade
- 0.66
- Grade Unit
- g/t
- Contained Metal
- 2356
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 77370000
- Prior Grade
- 0.68
- Prior Contained Metal
- 1701
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Measured silver resource for the Main Deposit shows significant growth in tonnage and contained ounces, despite a slight decrease in average grade, indicating a larger, well-defined resource.
Positive factors
- Measured tonnage increased significantly (+44%)
- Contained silver ounces increased significantly (+38.5%)
Negative factors
- Average grade slightly decreased (-2.9%)
Evidence · table
“0.66”
Context: 111,383
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 111383000 against 77370000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2356 against 1701 previously
indicatedSpanish Mountain Gold Project · goldTonnes: 230636000Grade: 0.38Grade Unit: g/tContained Metal: 2832Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:652d84a800af6716b3bf
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 230636000
- Grade
- 0.38
- Grade Unit
- g/t
- Contained Metal
- 2832
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 214702000
- Prior Grade
- 0.41
- Prior Contained Metal
- 2842
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated gold resource for the Main Deposit shows tonnage growth, but a notable decrease in average grade resulted in flat contained gold ounces, suggesting dilutive growth.
Positive factors
- Indicated tonnage increased (+7.4%)
Negative factors
- Average grade decreased (-7.3%)
- Contained gold ounces remained flat (-0.35%)
Evidence · table
“0.38”
Context: 230,636
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.38 against 0.41 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2832 against 2842 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 2832 from 2842
indicatedSpanish Mountain Gold Project · silverTonnes: 230636000Grade: 0.66Grade Unit: g/tContained Metal: 4863Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:652d84a800af6716b3bf
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 230636000
- Grade
- 0.66
- Grade Unit
- g/t
- Contained Metal
- 4863
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 214702000
- Prior Grade
- 0.65
- Prior Contained Metal
- 4463
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated silver resource for the Main Deposit shows growth in both tonnage and contained ounces, with a slight improvement in average grade.
Positive factors
- Indicated tonnage increased (+7.4%)
- Average grade slightly increased (+1.5%)
- Contained silver ounces increased (+9%)
Evidence · table
“0.66”
Context: 230,636
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4863 against 4463 previously
inferredSpanish Mountain Gold Project · goldTonnes: 42375000Grade: 0.28Grade Unit: g/tContained Metal: 382Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:38b1ee1bcdd103fa1a66
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 42375000
- Grade
- 0.28
- Grade Unit
- g/t
- Contained Metal
- 382
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 14830000
- Prior Grade
- 0.33
- Prior Contained Metal
- 155
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred gold resource for the Main Deposit shows substantial growth in tonnage and contained ounces, though at a lower average grade, indicating expansion of the less confident resource category.
Positive factors
- Inferred tonnage increased significantly (+186%)
- Contained gold ounces increased significantly (+146%)
Negative factors
- Average grade decreased (-15.2%)
Evidence · table
“0.28”
Context: 42,375
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 42375000 against 14830000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.28 against 0.33 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 382 against 155 previously
inferredSpanish Mountain Gold Project · silverTonnes: 42375000Grade: 0.86Grade Unit: g/tContained Metal: 1174Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:38b1ee1bcdd103fa1a66
- Deposit or zone
- Main Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 42375000
- Grade
- 0.86
- Grade Unit
- g/t
- Contained Metal
- 1174
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
- Prior Tonnes
- 14830000
- Prior Grade
- 0.95
- Prior Contained Metal
- 454
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred silver resource for the Main Deposit shows substantial growth in tonnage and contained ounces, though at a lower average grade, indicating expansion of the less confident resource category.
Positive factors
- Inferred tonnage increased significantly (+186%)
- Contained silver ounces increased significantly (+158%)
Negative factors
- Average grade decreased (-9.5%)
Evidence · table
“0.86”
Context: 42,375
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 42375000 against 14830000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.86 against 0.95 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1174 against 454 previously
indicatedSpanish Mountain Gold Project · goldTonnes: 90000Grade: 0.25Grade Unit: g/tContained Metal: 0.72Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Resource group id
- resource:8b84a3a9a2f155125668
- Deposit or zone
- Phoenix Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 90000
- Grade
- 0.25
- Grade Unit
- g/t
- Contained Metal
- 0.72
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is the maiden Indicated resource for the Phoenix Deposit, adding new ounces to the project, though the current scale is very small.
Positive factors
- Maiden Indicated resource for the Phoenix Deposit adds new ounces to the project.
Negative factors
- Indicated tonnage and contained ounces are very small.
Evidence · table
“0.25”
Context: 0.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredSpanish Mountain Gold Project · goldTonnes: 54450000Grade: 0.36Grade Unit: g/tContained Metal: 629Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Resource group id
- resource:b5b361776524334c0a10
- Deposit or zone
- Phoenix Deposit
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 54450000
- Grade
- 0.36
- Grade Unit
- g/t
- Contained Metal
- 629
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is the maiden Inferred resource for the Phoenix Deposit, adding a substantial amount of gold ounces to the project, though it is in the lowest confidence category.
Positive factors
- Maiden Inferred resource for the Phoenix Deposit adds significant new ounces to the project.
Negative factors
- Resource is entirely in the Inferred category, indicating lower geological confidence.
Evidence · table
“0.36”
Context: 54.45
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedSpanish Mountain Gold Project · goldTonnes: 342100000Grade: 0.42Grade Unit: g/tContained Metal: 4664Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:9110aecf142de7378c02
- Deposit or zone
- Total Spanish Mountain Gold Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342100000
- Grade
- 0.42
- Grade Unit
- g/t
- Contained Metal
- 4664
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The consolidated M&I gold resource for the entire project demonstrates a substantial and confident resource base, supporting the project's economic viability.
Positive factors
- Consolidated M&I resource shows significant contained gold ounces, providing a strong foundation for project development.
Evidence · table
“0.42”
Context: 342.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedSpanish Mountain Gold Project · silverTonnes: 342100000Grade: 0.66Grade Unit: g/tContained Metal: 7219Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:9110aecf142de7378c02
- Deposit or zone
- Total Spanish Mountain Gold Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342100000
- Grade
- 0.66
- Grade Unit
- g/t
- Contained Metal
- 7219
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The consolidated M&I silver resource for the entire project demonstrates a substantial byproduct, enhancing the project's overall economics.
Positive factors
- Consolidated M&I resource shows significant contained silver ounces, providing a strong byproduct credit.
Evidence · table
“0.66”
Context: 342.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredSpanish Mountain Gold Project · goldTonnes: 96800000Grade: 0.32Grade Unit: g/tContained Metal: 1011Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:6a93b4527af07a975725
- Deposit or zone
- Total Spanish Mountain Gold Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 96800000
- Grade
- 0.32
- Grade Unit
- g/t
- Contained Metal
- 1011
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The consolidated Inferred gold resource adds substantial ounces to the project, highlighting future growth potential, though it requires further drilling to upgrade confidence.
Positive factors
- Consolidated Inferred resource adds over 1 million ounces of gold, indicating significant exploration upside.
Negative factors
- Resource is in the Inferred category, indicating lower geological confidence.
Evidence · table
“0.32”
Context: 96.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredSpanish Mountain Gold Project · silverTonnes: 96800000Grade: 0.86Grade Unit: g/tContained Metal: 1174Contained Unit: kozView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:6a93b4527af07a975725
- Deposit or zone
- Total Spanish Mountain Gold Project
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 96800000
- Grade
- 0.86
- Grade Unit
- g/t
- Contained Metal
- 1174
- Contained Unit
- koz
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-05-19
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The consolidated Inferred silver resource adds substantial ounces to the project, highlighting future byproduct potential, though it requires further drilling to upgrade confidence.
Positive factors
- Consolidated Inferred resource adds significant silver ounces, indicating future byproduct potential.
Negative factors
- Resource is in the Inferred category, indicating lower geological confidence.
Evidence · table
“0.86”
Context: 96.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Fact 19Spanish Mountain Gold ProjectView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Resource scope
- Reporting standards
- ni_43_101
- Resource group id
- resource:58813fb27131b9bc649e
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The resumption of the environmental assessment process is a significant de-risking milestone, indicating progress towards a build decision for the project.
Positive factors
- Resumption of the EA process is a critical step towards project development.
- Avoids EA termination and reduces duplicate components of early engagement.
Evidence · text
“received authorization in August from BC EAO to resume the previously paused combined provincial and federal Environmental Assessment (“EA”) processes.”
Tags used in scoring
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 111400000Grade: 0.51Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:1b304cd2cd6c9b9d66d9
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 111400000
- Grade
- 0.51
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.51”
Context: 111.4
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 111400000Grade: 0.66Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:1b304cd2cd6c9b9d66d9
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- measured
- Tonnes
- 111400000
- Grade
- 0.66
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.66”
Context: 111.4
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 230600000Grade: 0.38Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:d46455721b4f068f4106
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 230600000
- Grade
- 0.38
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.38”
Context: 230.6
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 230600000Grade: 0.66Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:d46455721b4f068f4106
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 230600000
- Grade
- 0.66
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.66”
Context: 230.6
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 342000000Grade: 0.42Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:3828c88ad2854e354a93
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342000000
- Grade
- 0.42
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.42”
Context: 342.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 342000000Grade: 0.66Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:3828c88ad2854e354a93
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342000000
- Grade
- 0.66
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.66”
Context: 342.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 42400000Grade: 0.28Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e7a5a83f59f15bf0e375
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 42400000
- Grade
- 0.28
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.28”
Context: 42.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 42400000Grade: 0.86Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:e7a5a83f59f15bf0e375
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 42400000
- Grade
- 0.86
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.86”
Context: 42.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 90000Grade: 0.25Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:01e5bffce118e6db5520
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 90000
- Grade
- 0.25
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.25”
Context: 0.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 54450000Grade: 0.36Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:a266ce3c4c290b7c94f7
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 54450000
- Grade
- 0.36
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.36”
Context: 54.45
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 342100000Grade: 0.42Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6a86d48fc1b159f767d9
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342100000
- Grade
- 0.42
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.42”
Context: 342.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 342100000Grade: 0.66Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6a86d48fc1b159f767d9
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 342100000
- Grade
- 0.66
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.66”
Context: 342.1
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredConsolidated Mineral Resources for the Spanish Mountain · goldTonnes: 96800000Grade: 0.32Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- gold
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6c9b2951d28a82143c14
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 96800000
- Grade
- 0.32
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.32”
Context: 96.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredConsolidated Mineral Resources for the Spanish Mountain · silverTonnes: 96800000Grade: 0.86Grade Unit: g/tView all detailsHide details
Identity
- Project
- Consolidated Mineral Resources for the Spanish Mountain
- Commodity
- silver
- Ticker
- SPA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- Resource group id
- resource:6c9b2951d28a82143c14
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 96800000
- Grade
- 0.86
- Grade Unit
- g/t
- Cutoff Grade
- 0.15
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: Expanded from multi-commodity resource table for completeness.
Negative factors
- Fact expanded from resource table columns (model omitted this commodity).
Evidence · table
“0.86”
Context: 96.8
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (3)
Fact 1Spanish Mountain Gold Project · goldRecovery: 88.6 %Head Grade: 0.41Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Test Work
- Program Status
- scoping
- Processing Route
- primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit
Recovery
- Recovery
- 88.6 %
- Recovery Basis
- unspecified
- Head Grade
- 0.41
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The projected gold recovery for the 2026 PEA is strong for the chosen processing route, but it is slightly lower than the prior estimate and the basis is not fully specified.
Positive factors
- Recovery is strong for a conventional CIL circuit.
Negative factors
- Recovery is slightly lower than the previous PEA estimate.
- Recovery basis is unspecified, limiting full confidence.
Evidence · table
“88.60%”
Context: 0.41
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Fact 2Spanish Mountain Gold Project · silverRecovery: 44 %View all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Test Work
- Program Status
- scoping
- Processing Route
- primary grinding, gravity concentration, preconcentration with coarse particle flotation, conventional flotation with regrind, concentrate followed by cyanidation via a CIL circuit
Recovery
- Recovery
- 44 %
- Recovery Basis
- unspecified
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The projected silver recovery for the 2026 PEA is low, falling below the weak band for byproduct silver, which could impact byproduct credits.
Negative factors
- Silver recovery is below the weak band for byproduct silver.
- Recovery basis is unspecified, limiting full confidence.
Evidence · text
“The average silver recovery as a by‐product of the milling process for the life of the Project is 44%.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: processing_route matches the gravity signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 44% is below the weak band (75%)
Fact 3Spanish Mountain Gold Project · goldRecovery: 89.3 %Head Grade: 0.46Head Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia
- Ticker
- SPA
Test Work
- Program Status
- scoping
Recovery
- Recovery
- 89.3 %
- Recovery Basis
- unspecified
- Head Grade
- 0.46
- Head Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This is a historical gold recovery assumption from the 2025 PEA, now superseded by an updated estimate.
Negative factors
- This is a historical estimate, superseded by the current PEA.
Evidence · table
“89.30%”
Context: 0.46
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.