FULL DISCLOSURE: Cambria Gold Mines is a sponsor of theDeepDive.ca.
Cambria Gold Mines (TSXV: CAMB) has reported high-grade intercepts from its ongoing infill drill program at the Premier Gold Mine, signaling progress in the company’s efforts to stabilize and refine its geological models. The results are part of a broader push to de-risk the asset as the company moves toward an updated feasibility study.
The drilling, conducted from surface, targeted areas designed to convert existing resources into higher-confidence categories. The results focused on the 602 Zone, which could be accessed underground following further development from recently constructed underground workings.
Key highlights from the recent drilling include:
- P26-2686: 17.95 g/t gold over 22.0 metres from a depth of 317.0 metres
- Including 73.86 g/t gold over 5.0
- P26-2689: 3.35 g/t gold over 6.0 metres from a depth of 298.0 metres
- Including 8.23 g/t gold over 2.0 metres
- P26-2690: 3.98 g/t gold over 15.4 metres from a depth of 324.0 metres
- Including 19.63 g/t gold over 1.6 metres
The current program focuses on tightening the drill spacing to 25 meters or less, a move necessitated by the complex, narrow-vein nature of the Premier deposit. By increasing the data density, Cambria aims to reduce the geological uncertainty that hampered previous attempts to maintain consistent mill feed.
Cambria also indicated this morning that underground drilling has begun at Premier, with two drills currently turning. Initial underground drilling is targeting the Prew Zone, while surface drilling is set to resume in mid-May, targeting additional zones at the PNL deposit. Drilling later this year from surface is then planned to transition to the Big Missouri and Silver Coin deposits.
In a January interview with The Deep Dive, Cambria CEO Rob McLeod emphasized that this technical work is part of a foundational shift for the company following its recapitalization and rebranding.
“Premier needs infill drilling. We are looking to start that as soon as possible from the existing underground—so an extensive infill drill program,” McLeod stated during the interview, noting that it is one of three critical items the company is advancing this year alongside the construction of a key access road and an updated feasibility study for the mine.
Cambria Gold Mines last traded at $1.35 on the TSX Venture.
FULL DISCLOSURE: Cambria Gold Mines is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cambria Gold Mines. The author has been compensated to cover Cambria Gold Mines on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
