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 orestocks on
- Company
- Spanish Mountain Gold Ltd.
- Ticker
- SPA.V
- Exchange
- Unavailable
- Region
- British Columbia, Canada
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Permitting, Metallurgy
- Extracted
- 2026-09-21 12:12:06 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Spanish Mountain Gold announced a positive update to its 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 larger resource base, increased gold production to 3.33 Moz over a 25.8-year mine life, and optimized processing, leading to higher throughput and lower strip ratio. Additionally, the company received confirmation to resume the environmental assessment and permitting process, marking a key de-risking milestone towards a planned construction decision by H1 2028.
Reasoning: The updated Preliminary Economic Assessment and Mineral Resource Estimate demonstrate substantially improved project economics, increased scale, and de-risked permitting, positioning the Spanish Mountain Gold Project for advancement towards a construction decision.
Positive factors
- Significant increase in NPV and IRR from updated PEA
- Increased gold production and mine life
- Lower strip ratio improves mining efficiency
- Increased Measured and Indicated gold ounces in Main Deposit
- Successful flowsheet optimization leading to higher throughput and maintained recovery
- Resumption of environmental assessment process de-risks permitting
- Feasibility study is fully funded
Negative factors
- Initial Capex and AISC increased compared to previous PEA
- Phoenix deposit MRE not included in current PEA financial model
- PEA is a conceptual study, not a definitive feasibility study
- A portion of the mill feed (1.8%) is Inferred Mineral Resources
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 31
Classification and evidence
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 (May 2016) and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
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).”
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 for the Main Deposit and Phoenix Deposit are derived from resource statements prepared by Bahram Bahrami, P.Geo., a Qualified Person as defined under NI 43-101.
Evidence · text
“Mineral Resources are derived from resource statements for each deposit and area, prepared by Bahram Bahrami, P.Geo., a Qualified Person as defined under NI 43-101.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The Mineral Resource for the Main Deposit and the Phoenix Deposit are both reported using a cut-off grade of 0.15 g/t Au.
Evidence · text
“The Mineral Resource for the Main Deposit and the Phoenix Deposit are both reported using a cut-off grade of 0.15 g/t Au.”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The Main deposit Measured, Indicated contained gold ounces increased by 500 koz, and Inferred ounces increased by 227 koz, indicating an overall category upgrade and growth.
Evidence · text
“Mineral Resource Estimate : Additional drilling, the resultant assays, and a new pit design using US$3,400 per ounce gold, increased the Main deposit Measured, Indicated contained gold ounces by 500 koz. Inferred ounces in the Main Deposit increased by 227 koz.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Total Measured and Indicated Mineral Resources for the Main deposit show a 12% increase in contained gold (4.7 M oz vs 4.163 M oz) and a 17% increase in contained silver (7.2 M oz vs 6.163 M oz) over the 2025 MRE.
Evidence · text
“Total Measured and Indicated Mineral Resources for the Main deposit includes 342.0 Mt at an average grade of 0.42 g/t gold and 0.66 g/t silver, for a total of 4.7 M contained ounces of gold (12% increase over the 2025 gold MRE) and 7.2 M contained ounces of silver (17% increase over the 2025 silver MRE).”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The MRE for the Phoenix deposit is reported for the first time, establishing a baseline for this deposit.
Evidence · text
“Significant Opportunities: Potential to further enhance Project economics and expand production rate have been identified with the addition of the maiden Phoenix deposit MRE”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate is part of a Preliminary Economic Assessment (PEA) update.
Evidence · text
“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”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Mineral Resource Estimate for the Main deposit, superseding the previous 2025 MRE.
Evidence · text
“Mineral Resource Estimate Update (the " PEA ", or “PEA Update”, “MRE” on the Spanish Mountain Gold Project”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: The optimized flowsheet integrates coarse particle flotation and clean gangue rejection technologies, implying pilot-scale testing for these advancements.
Evidence · text
“The Company advanced a significant flowsheet optimization initiative through the integration of coarse particle flotation and clean gangue rejection technologies.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The average overall LOM gold recovery of 89% is strong for a conventional CIL circuit.
Evidence · text
“The process achieves an average overall LOM gold recovery of 89%.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("CIL")
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: 31. Some facts used in scoring do not have a stored record.
Resource Estimates (29)
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:84c98755268791cdca6c
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Measured resource for gold in the Main Deposit shows a substantial increase in tonnage and contained metal, indicating improved geological confidence and project scale.
Positive factors
- Significant increase in Measured tonnes and contained gold compared to prior estimate
- High confidence resource category
Evidence · table
“1,831”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:84c98755268791cdca6c
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Measured resource for silver in the Main Deposit shows a substantial increase in tonnage and contained metal, contributing positively to the overall project value.
Positive factors
- Significant increase in Measured tonnes and contained silver compared to prior estimate
- High confidence resource category
Evidence · table
“2,356”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:19a78456d5b2affc6b1e
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated resource for gold in the Main Deposit shows a positive increase in tonnage and contained metal, enhancing the project's overall resource base.
Positive factors
- Increase in Indicated tonnes and contained gold compared to prior estimate
- Good confidence resource category
Evidence · table
“2,832”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:19a78456d5b2affc6b1e
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Indicated resource for silver in the Main Deposit shows a positive increase in tonnage and contained metal, adding to the project's overall value.
Positive factors
- Increase in Indicated tonnes and contained silver compared to prior estimate
- Good confidence resource category
Evidence · table
“4,863”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:8a02323cbd157954c4f9
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred resource for gold in the Main Deposit shows a substantial increase, highlighting significant exploration potential, though it is a lower confidence category.
Positive factors
- Significant increase in Inferred tonnes and contained gold compared to prior estimate
- Indicates potential for future resource conversion
Negative factors
- Lower confidence resource category
Evidence · table
“382”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo
- Resource group id
- resource:8a02323cbd157954c4f9
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Inferred resource for silver in the Main Deposit shows a substantial increase, highlighting exploration potential, though it is a lower confidence category.
Positive factors
- Significant increase in Inferred tonnes and contained silver compared to prior estimate
- Indicates potential for future resource conversion
Negative factors
- Lower confidence resource category
Evidence · table
“1,174”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Measured resource for gold provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“1,321”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Measured resource for silver provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“1,701”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Indicated resource for gold provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“2,842”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Indicated resource for silver provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“4,463”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Inferred resource for gold provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“155”
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
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- 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
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: This historical Inferred resource for silver provides a baseline for comparison but is superseded by the updated estimate.
Negative factors
- This is a historical estimate, superseded by the new 2026 MRE
Evidence · table
“454”
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
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: 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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Resource group id
- resource:70ed7859069d623f19da
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Phoenix Deposit's maiden Indicated resource for gold is a new addition to the project's resource base, though it is currently small and not part of the PEA.
Positive factors
- Maiden Indicated resource for the Phoenix Deposit
- Adds to overall project resource base
Negative factors
- Small tonnage and contained metal
- Not included in current PEA financial model
Evidence · table
“0.72”
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, Canada
- Ticker
- SPA.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-05-19T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bahram Bahrami, P.Geo of Equity Exploration Consultants Ltd.
- Resource group id
- resource:8ab4f55fdee6c5fd54e7
- 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 Au
Prior Estimate
- Resource Date
- 2026-05-19
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The Phoenix Deposit's maiden Inferred resource for gold adds substantial exploration potential to the project, though it is a lower confidence category and not yet part of the PEA.
Positive factors
- Maiden Inferred resource for the Phoenix Deposit
- Adds significant exploration potential to the project
Negative factors
- Lower confidence resource category
- Not included in current PEA financial model
Evidence · table
“629”
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
Fact 15Spanish Mountain Gold ProjectView all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Region
- canada_bc
- Reported Region
- British Columbia, Canada
- Ticker
- SPA.V
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 critical de-risking step, providing a clear pathway for the project to advance towards a construction decision.
Positive factors
- Authorization received to resume previously paused EA process
- Avoids EA termination and reduces duplicate components
- Clear path towards formal submission and build decision
Evidence · text
“receives Confirmation From Provincial Regulators to Resume the Previously Paused Environmental Assessment and Permitting Process Advancing Towards Development”
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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.V
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 (2)
pilot plantSpanish Mountain Gold Project · goldRecovery: 89 %View all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- gold
- Region
- canada_bc
- Reported Region
- British Columbia, Canada
- Ticker
- SPA.V
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- 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
- Recovery
- 89 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Colin Hardie, P.Eng., BBA Engineering Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The reported average gold recovery of 89% over the life of mine, achieved through an optimized conventional CIL flowsheet, is a strong metallurgical outcome for the project.
Positive factors
- High average gold recovery for the LOM
- Optimized flowsheet with coarse particle flotation implemented
- Conventional and proven processing route (CIL)
Evidence · text
“The process achieves an average overall LOM gold recovery of 89%.”
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
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantSpanish Mountain Gold Project · silverRecovery: 44 %View all detailsHide details
Identity
- Project
- Spanish Mountain Gold Project
- Commodity
- silver
- Region
- canada_bc
- Reported Region
- British Columbia, Canada
- Ticker
- SPA.V
Test Work
- Program Status
- detailed
- Test Type
- pilot plant
- Processing Route
- 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
- Recovery
- 44 %
- Recovery Basis
- actual_test
Lab
- Consultant
- Colin Hardie, P.Eng., BBA Engineering Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-21T00:00:00.000Z
Reasoning: The average silver recovery of 44% is a positive byproduct credit, contributing to the project's overall economics, though lower than gold recovery.
Positive factors
- Silver recovery as a byproduct adds to project economics
Negative factors
- Moderate silver recovery compared to gold
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
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 44% is below the weak band (75%)
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.