REPEAT -- Canadian GoldCamps Corp. Acquires Advanced Stage Gold Assets Near Bathurst Camp

TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. ("Canadian GoldCamps", or the "Company") (CSE: CAMP) (FSE: A68) is pleased to announce that it has entered into an agreement to acquire, through the purchase of a private BC corporation, thirteen mineral claims referred to as the Elmtree and Alcida Gold Claims, located in New Brunswick, Canada (the “Property”).

Property highlights include:

• Total property package covering approximately 7,000 acres.
• 2010 Micon Preliminary Economic Assessment¹ indicating robust IRR at $1,100/oz gold. The Company intends to update this PEA for the historic "Elmtree project".
• The current property sits on the majority (265,000 oz) of the NI 43-101² compliant 294,000 ounces of gold from the historic Elmtree project, which is near surface and includes a higher grade 5 g/t envelope.
• Deposit remains open in all directions – a complete digital database of property drill, geochemical, and geophysical data will allow the Company to quickly identify new targets, expand the known zones of mineralization and restart exploration.
• 176 drill holes in the property district, 69 completed during 1985-87 and the remaining during 2005-10.
• Substantial additional prospective land position acquired in area.
• Amenable to open pit mining.
• Metallurgical studies completed by SGS and RPC indicate 98% gold recovery on the higher-grade western gabbro zone (WGZ).
• Skilled labour force including regional DNR office.
• Mining friendly location near City of Bathurst and airport 30 km southeast, paved road access to project, highway and power adjacent to the property.

Alex Terentiew, President & CEO commented, “This asset is an additional building block in the Company's evolving Atlantic Canada strategy, as well as its strategy of consolidating exciting projects in known Gold Camps across Canada. The Company intends to have critical mass wherever it operates and to truly be not only an exploration Company, but also a development Company with a pipeline of the most promising projects at every stage from new discovery to pre-production."

The historic Elmtree Gold Project contains three defined zones of mineralization hosting 294,000 oz of gold in the inferred and indicated categories. CAMP's acquisition includes the WGZ and SGZ zones, comprising 90 percent of that resource.

Historical drilling at the Elmtree Gold Project included nine trenches and 176 holes, with 69 holed completed during 1985-87 and the remaining drill holes during 2005-2010. A resource estimate was prepared in 2008 by Mercator Geological Services Limited³ and updated in 2011 by Micon International Limited² incorporating additional drilling from the 2007-2009 drill campaigns. There are three identified gold-bearing zones within the Elmtree Gold Project: the West Gabbro Zone (WGZ), the Discovery Zone (DZ) and the South Gold Zone (SGZ).