Cambria Gold Mines Inc. (TSXV: CAMB) (OTCID: AOTVF) (“Cambria” or the “Company“) is pleased to announce the completion of additional claim staking at the Mt. Margaret copper-gold porphyry deposit near Randle, Washington. The new staking consists of approximately seven square kilometres of unpatented lode claims surrounding the Company’s patented federal claims. The patented claims are held in partnership with the United States Federal Government Bureau of Land Management. The Company has been advancing discussions with various US Federal Government Departments regarding future direction for the deposit.
“The Mt. Margaret deposit is a significant copper-gold porphyry system,” said Robert McLeod, President and CEO of Cambria Gold Mines. “With a mineralized footprint starting at surface and spanning over one square kilometre with multiple drill holes ending in mineralization over 400m below surface, this deposit has the potential to be one of the most significant undeveloped copper deposits in the United States. It is our intention to spin this asset out into a new US focused listed entity in the near future.”
About Mt. Margaret
The Mt. Margaret deposit is a calc-alkaline porphyry deposit with copper, gold, and molybdenum mineralization located approximately 22 km southwest of Randle, Washington. Duval Corporation (“Duval“) actively explored the project from 1971-1980, completing a total of 20,729m over 105 diamond drill holes. In 2010, Cambria’s predecessor, Ascot Resources Ltd., completed 4,880m of infill diamond drilling over 11 holes, which confirmed and expanded the mineralized zones defined by Duval’s drilling (see January 12, 2011 Press Release: Ascot Resources Drills 496.0 Meters of 0.459% Copper in drill hole eleven on the Mt. Margaret Property7).
A historical resource estimate was completed by Duval for the Mt. Margaret deposit, with 577Mt grading 0.36% Cu, 0.24 g/t Au, 0.011% Mo, and 1.58 g/t Ag (Taylor, 1980 & Derkley et al, 1990).1,2 This historic estimation work predates the implementation of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“) guidelines and was not classified based on currently accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy, August 20, 2000 (CIM Guidelines) or the United States Securities and Exchange Commission’s Regulation Subpart 1300 of Regulation S-K (“S-K 1300“). Cambria cautions it is not treating the historic Duval work as a current mineral resource estimate, and there has been insufficient work completed by a Qualified Person to do so at any point in the project’s history. Furthermore, uncertainty regarding cut off grade, metal prices, modelling methodology, or other parameters and assumptions used in the Duval work could impact the reliability of the historic estimation. Cambria still considers the Duval work relevant given the number of supporting historical drillholes, many of which were confirmed by subsequent Ascot drilling in 2010. Further work including additional infill drilling, geological modelling, and assay certificate and collar validation by a Qualified Person pursuant to NI 43-101 would be required to produce a NI-43-101 or an S-K 1300 compliant resource. There are no guarantees that this additional work would confirm the historical resource estimate defined by Duval.
In addition to the recently staked unpatented lode claims, Cambria retains 50% ownership of patented federal mining claims covering the Mt. Margaret deposit, with the other 50% held by the federal US government. In March 2010 the Company signed an option agreement, whereby it acquired a 100% interest in General Moly Inc.’s 50% interest in the Mt. Margaret property. Cambria has the right to earn a 100% interest in the Mt. Margaret property subject to a 1.5% NSR and a negotiated federal royalty. The Company may purchase one-half of the NSR upon completion of a preliminary economic assessment. The purchase price is negotiable but shall not be less than 50% of the net present value of the NSR.
Table of Previously Reported Results from 2010 Ascot Drilling
Information Sources
- Derkey et al (1990). P. 338. Metal Mines of Washington – Preliminary Report; Open File Report 90-18; https://dnr.wa.gov/sites/default/files/2025-03/ger_ofr90-18_metal_mines_pt2.pdf
- Taylor, J.D., 1980, Margaret project status report: Duval Corporation report (unpublished). Available in the Washington Department of National Resources Archives
- October 13, 2010 Press Release “Ascot Resources Drills 500 Meters of 0.337% Copper on its First Drill Hole on the Mt. Margaret Property”. Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
- November 3, 2010 Press Release “Ascot Resources Drills 343.85 Meters of 0.507% Copper on its Second Hole on the Mt. Margaret Property”. Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
- November 23, 2010 Press Release “Ascot Resources Drills 322.5 Meters of 0.412% Copper on its Third Hole on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
- December 1, 2010 Press Release “Ascot Resources Drills 380.2 Meters of 0.500% Copper on its Sixth Hole on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
- January 12, 2011 Press Release “Ascot Resources Drills 496.0 Meters of 0.459% Copper in drill hole eleven on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
Qualified Person and Technical Information:
The scientific and technical information within this news release was reviewed and approved by Blaine Smit, P.Geo. Vice President Exploration for Cambria Gold Mines Inc. and is therefore not independent. Mr. Smit is a “Qualified Person” as defined under NI 43-101 and visited the Mt. Margaret project in March of 2026 to review 2010 drill core, property geology, and monumented drill collars. Mr. Smit was not involved with the 2010 drill program by Ascot Resources Ltd. and is relying on the publicly available disclosures and internally available assay and QA/QC files, along with physical review of drill core, to verify the results of the 2010 drilling.
About Cambria Gold Mines
Cambria Gold Mines is a Canadian mining company headquartered in Vancouver, British Columbia, and its shares trade on the TSX-V under the ticker CAMB and on the OTCID under the ticker AOTVF. Cambria is the 100% owner of the Premier Gold mine and Red Mountain Gold Project that are located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.cambriagold.com.