Cameo Resources Corp.: Softbank Group Makes Strategic Investment In Nemaska Lithium’s Proposed Whabouchi Mine
April 17 2018 - 8:30AM
Cameo Resources Corp. (TSX
Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the
“
Company” or “
Cameo Resources”)
is pleased to note Softbank Group Corp’s intentions to invest up to
$99,075,000 to acquire up to 9.9% of Nemaska Lithium Inc.’s
outstanding common shares. Nemaska Lithium Inc. holds the Whabouchi
Lithium deposit claims, which extend to within 1 km of Cameo’s
Montagne Lake Property in central Québec. Nemaska Lithium’s
Whabouchi lithium deposit is one of the most important spodumene
lithium deposits in the world and Nemaska Lithium is currently
raising funds for the construction and commissioning of its
proposed Whabouchi Mine and Shawinigan Plant project.
Cameo’s WRL Project in Quebec covers more than 19,000 ha in two
blocks on either side of Nemaska’s proposed Whabouchi lithium mine
including Cameo’s 4,484ha Montagne Lake Property immediately to the
west of Nemaska’s proposed Whabouchi lithium mine, and the Dumont
Property 6 km to the east.
Fieldwork from the summer of 2016 on the WRL Project identified
up to 344 ppm Li2O (equivalent to 160 ppm Li), as reported by
independent Actlabs in Ancaster, Ontario from 182 chip grab
samples. Cameo plans to start evaluating quotes for airborne
magnetic surveys to run concurrently with a spring campaign on the
WRL Project in the coming days.
“This investment in Nemaska is of monumental importance to the
SoftBank Group’s strategy,” said Masayoshi Son, Chairman & CEO
of SoftBank Group Corp. “We are extremely pleased to be further
accelerating the Mobile Revolution, an era of IoT (Internet of
Things) and electric vehicles enabled by the fusion of technology
and energy storage.” (see Nemaska Lithium Inc’s news release dated
April 5, 2018).
Cameo’s CEO, Akash Patel states, “Cameo’s WRL
Project is strategically positioned next to Nemaska’s proposed
Whabouchi lithium mine. We look forward to closely following this
considerable investment into our next door neighbour”.
Harrison Cookenboo, Ph.D., 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 P
atel”
Akash PatelPresident
For further information, please contact
Akash PatelPresident604-446-6440Email: akashp006@gmail.com
www.cameoresources.com
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.
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