The First Assay
Monday Drill Digest
TSX · TSX-V · CSE · NYSE-A · Nasdaq · July 27, 2026
2 companies · 26 qualifying holes · 2 jurisdictions
A thin Monday tape with both boards open, and one name owns it: Spanish Mountain Gold released ten holes from its Cariboo feasibility program and took 25 of the day's 26 qualifying intercepts. This is bulk-tonnage arithmetic rather than bonanza grade — hole 26-DH-1390 cut 252.3 m at 0.82 g/t, and four other holes ran 270–350 m of continuous sub-gramme mineralization from near surface. Jaguar Mining supplied the only other assay, a 5.39 m intercept at 11.88 g/t from resource-conversion drilling at Faina, though the full table was not recoverable this run.
⚖ Hole of the Day
◉ Shallow · From 75.5m
Extension · Step-out
Canada · Stable
Orogenic
Spanish Mountain Gold SPA TSX-V · C$151M
Spanish Mountain (Main Deposit), Canada (British Columbia)
26-DH-1390: 252.3m of 0.82 g/t Au* from 75.5m
incl. 93.5m of 1.32 g/t from 75.5m, and 106.9m of 0.55 g/t from 220.9m
GT 206.9 g/t·m Exceptional |
AuEq·m 206.9 Au basis |
GT/MCap 1.37× (Au) |
Deposit Orogenic |
A quarter-kilometre of continuous 0.82 g/t gold starting 75 m below surface, with a 93.5 m core at 1.32 g/t — the kind of intercept that changes a pit shell rather than a share price overnight. At this grade the economics live or die on strip ratio and throughput, not on the assay, so the shallow start and the fact that the high-grade core sits at the top of the envelope both matter more than the headline number. It is the largest gold GT the screen has logged since Tiger Gold's Ceibal porphyry holes on 23 July, and at 1.37× GT/MCap it is comfortably the best value-per-dollar result on the sheet — a function of SPA's C$151M cap against a deposit already carrying a funded feasibility study. Caveat: true thickness is not determined for any hole in this release, so every width here is downhole. Watch the 16 holes still pending — this batch was infill plus expansion, and 1390 was the expansion hole.
* Drilled widths — true width not determined pending geological modelling.
GT/MCap Spotlight — Top 5
All five are gold on the same price basis today, so the ranking is directly comparable.
| SPA 26-DH-1390 Au ◉ ★ HOTD | 1.37× |
| SPA 26-DH-1381 Au ◉ | 0.83× |
| SPA 26-DH-1390 (2nd) Au ◉ | 0.82× |
| SPA 26-DH-1388 Au ◉ | 0.65× |
| SPA 26-DH-1382 Au ◉ | 0.61× |
◉ From depth ≤200m (shallow) · ★ HOTD
Today's Qualifying Intercepts — Top 4 of 26
| Rating | Company | Hole | m | Grade | GT | GT/MCap |
|---|---|---|---|---|---|---|
| Exceptional ★ | Spanish Mtn Gold SPA | 26-DH-1390* | 252.3 ◉ | 0.82 g/t Au | 206.9 | 1.374 |
| Great | Spanish Mtn Gold SPA | 26-DH-1381* | 346.7 ◉ | 0.36 g/t Au | 124.8 | 0.829 |
| Great | Spanish Mtn Gold SPA | 26-DH-1390 (2nd)* | 93.5 ◉ | 1.32 g/t Au | 123.4 | 0.819 |
| Great | Jaguar Mining JAG | n/d* | 5.4 | 11.88 g/t Au | 64.0 | 0.144 |
↗ View all 26 intercepts in Google Sheets
+22 not shown — all Spanish Mountain, capped at 3 rows: 1388 (Great, 0.65×), 1382 (Great, 0.61×), 1389 (Great, 0.60×), 1390 3rd (Great, 0.39×), 1386 (Great, 0.37×), 1383 (Great, 0.36×), 1388 2nd (Great, 0.34×) + 15 Good.
Near-Miss
SPA 26-DH-1381 (5th) — 14.0m @ 0.71 g/t, GT 9.9 (0.99×) · SPA 26-DH-1389 (4th) — 2.0m @ 4.88 g/t, GT 9.5 (0.95×) · SPA 26-DH-1382 (3rd) — 14.0m @ 0.63 g/t, GT 8.8 (0.88×)
7 near-misses today, all sub-intervals nested inside qualifying Spanish Mountain envelopes. Full list in the sheet.
* Drilled width — true width not determined · ◉ From ≤200m (shallow) · n/d = not disclosed
GT thresholds — Au: Good >10, Great >50, Exceptional >200 g/t·m · Cu: Good >20, Great >40, Exceptional >150 %·m · WO₃: Good >1, Great >5, Exceptional >20 %·m (through-cycle APT basis)
AuEq: Au $3,200/oz · Ag $33/oz · Cu $13,700/t · APT $3,300/mtu · NdPr $70/kg · GT/MCap uses C$ mkt cap at July 27, 2026
Spanish Mountain sub-intervals are nested inside their parent envelopes and are shown as separate rows.
GT thresholds — Au: Good >10, Great >50, Exceptional >200 g/t·m · Cu: Good >20, Great >40, Exceptional >150 %·m · WO₃: Good >1, Great >5, Exceptional >20 %·m (through-cycle APT basis)
AuEq: Au $3,200/oz · Ag $33/oz · Cu $13,700/t · APT $3,300/mtu · NdPr $70/kg · GT/MCap uses C$ mkt cap at July 27, 2026
Spanish Mountain sub-intervals are nested inside their parent envelopes and are shown as separate rows.
Not Screened
Jaguar Mining (JAG · TSX · C$445M) — partial extraction. The headline intercept (5.39 m @ 11.88 g/t Au, Faina orebody, Turmalina complex, Brazil) was screened and archived, but the hole ID, collar depths and full assay table were not recoverable this run: no browser was connected, so enumeration fell back to web search and the listing pages served a stale cache. The release describes "multiple high-grade zones" — additional intercepts are likely and are not in today's count.
THE FIRST ASSAY
thefirstassay.com
Au $3,200/oz · Ag $33/oz · Cu $13,700/t · APT $3,300/mtu — Not investment advice.
Archived: Google Sheets · Raw CSV also saved to Drive · Master archive rebuild skipped this run (stale since 2026-07-15) — needs manual merge.