Cambria Gold Mines Announces Expansion of Claim Package at the Mt. Margaret Copper and Gold Porphyry Deposit and Intention to Spin Out the Asset into a New US Focused Company
Cambria Gold Mines Announces Expansion of
Claim Package at the Mt. Margaret Copper and
Gold Porphyry Deposit and Intention to Spin
Out the Asset into a New US Focused
Company
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2026) -
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 (s
ee January 12, 2011 Press Release: Ascot Resources Drills 496.0 Meters of 0.459% Copper
in drill hole eleven on the Mt. Margaret Property
7
).
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
To view an enhanced version of this graphic, please visit:
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Information Sources
1
.
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
2
.
Taylor, J.D., 1980, Margaret project status report: Duval Corporation report (unpublished). Available in the Washington Department of
National Resources Archives
3
.
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
.
4
.
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
.
5
.
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
.
6
.
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
.
7
.
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
.
On behalf of the Board of Directors of Cambria Gold Mines Inc.
Robert McLeod
CEO and Director
For further information contact:
Email:
Phone: 778-725-1060
and:
Sam Brezden
Email:
Phone: 236-838-1840
Or visit:
https://cambriagold.com/
Cautionary Statements
:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
All statements and other information contained in this press release about anticipated future events
may constitute forward-looking information under Canadian securities laws ("
forward-looking
statements
"). Forward-looking statements are often, but not always, identified by the use of words
such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track"
and "intend" and statements that an event or result "may", "will", "should", "could", "would" or "might"
occur or be achieved and other similar expressions. All statements, other than statements of historical
fact, included herein are forward-looking statements, including statements in respect of the ability of
the Company to accomplish its business objectives and the intentions described herein; the
discussion regarding the potential of the Mt. Margaret deposit and the Company's future plans
concerning Mt. Margaret; the timing and successful completion of a spin-out and potential listing of a
new company that holds the Mt .Margaret asset; the ability to produce a NI 43-101 or S-K 1300
compliant resource on the Mt. Margaret asset and
development and operations of the Company.
These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements,
risks related to US government support and funding; risks relating to negative operating cash flows of
the Company; business and economic conditions in the mining industry generally; fluctuations in
commodity prices and currency exchange rates; environmental compliance; risks related to
outstanding debt; uncertainty of estimates and projections relating to development, production, costs
and expenses, and health, safety and environmental risks; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral deposits; the need to obtain additional
financing to finance operations and uncertainty as to the availability and terms of future financing;
social media and reputation; negative publicity; human rights; business objectives; shortage of
personnel; health and safety; the possibility of delay in future plans and uncertainty of meeting
anticipated program milestones; claims and legal proceedings; information systems and cyber
security; internal controls; violation of anti-bribery or corruption laws; competition; tax considerations;
compliance with listing standards; enforcement of civil liabilities; financing requirement risks; market
price volatility of the common shares; uncertainty as to timely availability of permits and other
governmental approvals; the need for exchange approval, and other regulatory approvals and other
risk factors as detailed from time to time in Cambria's filings with Canadian securities regulators,
available on Cambria's profile on SEDAR+ at
www.sedarplus.ca
. Forward-looking statements are
based on assumptions made with regard to:
the estimated costs associated with the care and
maintenance plans; the tax rate applicable to the Company; future commodity prices; the grade of
mineral resources and mineral reserves; labor and materials costs increasing on a basis consistent
with the Company's current expectations, the ability of the Company to convert inferred mineral
resources to other categories; the ability of the Company to reduce mining dilution; the ability to
reduce capital costs; the ability of the Company to raise additional financing; currency exchange rates
being approximately consistent with current levels, compliance with the covenants in Cambria's credit
agreements; exploration plans; and general marketing, political, business and economic conditions.
Forward-looking statements are based on estimates and opinions of management at the date the
statements are made. Although Cambria believes that the expectations reflected in such forward-
looking statements and/or information are reasonable, undue reliance should not be placed on
forward-looking statements since Cambria can give no assurance that such expectations will prove to
be correct. Cambria does not undertake any obligation to update forward-looking statements, other
than as required by applicable laws. The forward-looking information contained in this press release is
expressly qualified by this cautionary statement.
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