VANCOUVER, British Columbia, April 26, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the “Company” or “Cameo Resources”) is very pleased to announce the Company has entered into an agreement to acquire the rights to individual mineral showings, collectively referred to as the Staghorn Lake Cobalt Project. The Staghorn Lake Cobalt project is in northern Labrador within the Nain Plutonic Suite, situated north of Voisey’s Bay.
Cameo’s CEO, Akash Patel states, “The Staghorn Lake Cobalt Project is strategically located in the Nain Plutonic Suite host to the world renown Voisey’s Bay Nickel-Copper-Cobalt Mine. This tactical acquisition directly complements Cameo’s existing Gochager Copper-Cobalt-Nickel project. Cameo’s management and consulting geologists believe Labrador will play a critical role in the next energy metal exploration stampede.”
About the Staghorn Lake Cobalt Project
Within the Staghorn Lake Cobalt Project occur numerous prospective cobalt-nickel occurrences; referred to as showings and prospects, and are described as follows:
- The undrilled Iglusuataliksuak Lake Showing is defined by 9 rock samples of mineralized leucogabbro and anorthosite containing pyrrhotite and chalcopyrite that returned assay values up to 1.87%Ni, 0.56%Cu, 0.19%Co. The highest-grade cobalt sample; containing 0.19% was associated with 1.87%Ni and 0.13%Cu.
- The undrilled Iglusuataliksuak Lake # 1 Showing is a copper-nickel-cobalt anorthosite showing containing chalcopyrite, magnetite and pyrrhotite.
- The Kingurutik Lake A Zone Prospect is defined by 10 mineralized anorthosite grab samples and one drill hole. Grab samples returned assay values up to 0.11%Ni, 0.91%Cu and 0.02%Co. A drillhole intercept occurring at a down hole depth of 18.4-22.8m assayed; 0.85%Ni, 0.71%Cu and 0.09%Co over 4.4m.
- The Staghorn Lake Showing is defined as a gossan from which 2 grab samples of mineralized anorthosite containing chalcopyrite, pyrite and pyrrhotite assayed 2.16%Cu, 1.00%Ni, 0.16%Co and 1.86%Cu, 1.00%Ni, 0.15%Co respectively.
- The undrilled Staghorn Lake # 1 Showing is reported as a mineralized outcrop of leuconorite. Grab samples from an exposed gossan returned values up to 0.68%Ni and 4.0%Cu. Subsequent sampling of fresh sulphides beneath the gossan yielded grab samples with up to 1.86%Ni, 0.95%Cu and 0.17%Co. The mineralization is described to be hosted in a massive sulphide pod within foliated leuconorite.
Ground geophysical surveys, geological mapping and prospecting and limited diamond drilling was performed intermittently 1995 – 2010 on the various Staghorn Lake Cobalt Project showings.
Staghorn Lake Cobalt Project Transaction Terms
The company has agreed to acquire Staghorn Lake cobalt project from arm's-length vendors in exchange for three million common shares, cash payments totalling $100,000 and the granting of a 2-per-cent gross royalty. No finders' fees are payable. The transaction is subject to the approval of the TSX Venture Exchange and all shares issued under the transaction are subject to a four-month hold period.
Ian Fraser, BSc., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the technical information presented in this news release.
CAMEO RESOURCES CORP.
“ Akash Patel”
Akash Patel
President
For further information, please contact
Lucas Birdsall
778-549-6714
Email: akashp006@gmail.com
www.cameoresources.com
This press release contains forward-looking statements. Forward-looking statements are projections and are subject to various risks and uncertainties. Forward-looking statements in this press release include those concerning the Company’s anticipated use of the proceeds of the financing. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) and risks inherent in the mineral exploration industry in general or otherwise disclosed in the Company’s periodic disclosure documents filed on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are based on estimates and opinions of management which management believes were reasonable on the dates made and are expressly qualified in their entirety by this notice. Except as required by law, the Company. does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.