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The latest announcement is out from Spanish Mountain Gold ( (TSE:SPA) ).
Spanish Mountain Gold reported new assay results from five drill holes at the Orca Fault target within its Spanish Mountain project, highlighting long intercepts of gold mineralization, including intervals of 205.87 metres at 0.58 g/t, 142.00 metres at 0.77 g/t, and 69.40 metres at 0.99 g/t. The company has now drilled roughly 13,819 metres, exceeding its initial plan, and continues to await assays from seven additional holes in the area.
The results confirm significant higher-grade gold mineralization over a 530-metre strike length and more than 200 metres in width, strengthening confidence in the geological model for the Orca Fault within the Main deposit. Management says tighter drill spacing is unlocking additional mineral potential and improving understanding of higher-grade, near-surface zones that could enhance the economics of the open-pit resource and the project’s development prospects.
The most recent analyst rating on (TSE:SPA) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on Spanish Mountain Gold stock, see the TSE:SPA Stock Forecast page.
Spark’s Take on TSE:SPA Stock
According to Spark, TipRanks’ AI Analyst, TSE:SPA is a Neutral.
The score is held back primarily by weak financial performance (no revenue, continued losses, and ongoing cash burn with negative free cash flow). This is partly offset by strong technical momentum (price above key moving averages with positive MACD) and a conservative balance sheet with minimal leverage, while valuation is neutral-to-weak due to negative earnings and no dividend.
To see Spark’s full report on TSE:SPA stock, click here.
More about Spanish Mountain Gold
Spanish Mountain Gold Ltd. is a Canadian mineral exploration and development company focused on advancing its Spanish Mountain Gold project in the Cariboo Gold Corridor of British Columbia. The company is targeting near-surface, open-pit gold resources, with drilling programs designed to define and expand higher-grade zones within its Main deposit.
Average Trading Volume: 882,778
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$104.2M
For a thorough assessment of SPA stock, go to TipRanks’ Stock Analysis page.