Cameo Resources Corp.: To Acquire Labrador Staghorn Lake Cobalt Project Situated North of Voisey’s Bay
April 26 2018 - 9:00AM
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 PatelPresident
For further information, please contact
Lucas Birdsall778-549-6714Email: 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.
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