The playbook — gold · October 19, 2026
High-grade infill at Silver Coin — and the stock keeps sliding
Four holes all hit gold at Cambria's Silver Coin deposit, led by 8.2 m at 98.56 g/t. The number leans on a single metre, and the market isn't biting.
Cambria Gold Mines pulled another eye-catching number out of British Columbia’s Golden Triangle: 8.2 metres grading 98.56 grams of gold per tonne at the Silver Coin deposit, part of the Premier Gold Project. That works out to roughly three and a sixth ounces of gold per tonne of rock. Hole SC26-2714 also carried a slug of 794 grams per tonne over a single metre. The result is infill drilling — holes spaced tightly around a deposit that was partly mined in the 1990s, meant to firm up what’s already known rather than find new ground. When we last covered Cambria, it had just posted a bonanza hit at the Premier mine itself and promised these Silver Coin assays by October. Here they are.
The headline grade is real but top-heavy: that one 794 g/t metre supplies roughly 98 percent of the intercept’s punch — classic nugget behaviour, where a few flecks of coarse gold swing the whole number. Adjusted for true width, the 8.2 metres shrinks to roughly 5.6 metres, and that kind of high-grade shoot may not carry sideways. The more durable story sits underneath it. All four reported holes hit mineralization, several across wide zones — 42 metres at 1.66 g/t in SC26-2711, 20 metres at 3.75 g/t and 4.4 metres at 22.62 g/t in SC26-2710, 30 metres at 2.32 g/t in SC26-2719 — the mix of bulk width and high-grade pods that feeds a resource update. Note that SC26-2710 and SC26-2711 are a fan from one collar, not separate strike positions. McLeod, who took Red Mountain to feasibility before selling IDM to Ascot in 2019, now runs the company; his Silver Coin modelling draws partly on 1990s operating data from his cousin Bruce McLeod, a related-party source not independently verified. The market, meanwhile, went the other way again: CAMB fell 12.5 percent over three months while the junior gold index rose 19.4 percent and gold gained 4.1 percent — a 32-point gap that looks stock-specific.
Honesty section. The 98.56 g/t headline is nugget-dominated and may overstate true continuity. This is infill, so it de-risks the deposit but adds no new scale or step-out. No peer intercept context was provided to rank the results. The Qualified Person, VP Exploration Blaine Smit, is a company employee, not independent. And this release ran alongside a paid promotional campaign with Native Ads (up to US$250,000), one of several disclosed marketing engagements. What’s next: the company says the balance of assays from more than 14,000 metres of 2026 Silver Coin drilling is due within weeks, with a combined updated resource estimate and feasibility study targeted for H1 2027 and a Premier mill restart aimed at Q4 2027.