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    Cambria Gold Mines hub-and-spoke plan: design and haulage notes for mine planners

    February 12, 2026|

    Reviewed by Tom Sullivan

    Cambria Gold Mines hub-and-spoke plan: design and haulage notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Ascot Resources is rebranding as Cambria Gold Mines and pivoting to a hub-and-spoke plan that will feed its recently built Premier mill with ore trucked from the Red Mountain project, 25 km east of Stewart, British Columbia. Red Mountain hosts 3.19 million tonnes at 7.63 g/t gold (783,000 oz.), is suited to long-hole stoping with existing production-scale underground workings, and is intended to provide most of the mill feed, blended with Premier-Northern Lights and Big Missouri ore. Permitting for the Red Mountain access road, including consultation with the Nisga’a Nation, began in autumn 2025, with construction targeted for this spring, backed by C$175 million in new financing and a restructured Sprott agreement.

    Technical Brief

    • Premier mine was halted after only five months of 2024 production due to inadequate underground development.
    • Historic Premier underground workings previously produced >2 Moz gold and 45 Moz silver between 1918–1952, implying complex legacy excavations.
    • Premier was placed on care and maintenance in summer 2025 following repeated restart setbacks and a formal strategic review.
    • BC regulators fined the company C$142,000 for waste leakage from storage facilities into a local river at the shuttered site.

    Our Take

    With Red Mountain’s measured and indicated resource grading 7.63 g/t gold, Ascot’s hub-and-spoke concept around the Premier mill could position the company as a relatively high-grade producer in British Columbia compared with many of the gold projects in our Mining database, which more often sit in the 1–3 g/t range.

    The C$175 million financing against a roughly C$55.6 million market capitalisation signals a highly leveraged turnaround bet; in our coverage, financings of this magnitude relative to market cap usually come with tighter covenants and stronger influence from backers such as Sprott on mine planning and restart sequencing.

    An environmental incident affecting a local river so soon after first gold and only five months of operation is likely to sharpen regulatory and Nisga’a Nation scrutiny; other Canadian gold items in our database that involve early-stage environmental issues often see permitting timelines and expansion approvals lengthen materially, even when operations resume.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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