REPEAT: Cameo Cobalt Corp. Enters Into LOI To Acquire Large Scale Land Package In Chile’s Carrizal Alto Historic Cobalt Pro...
June 07 2018 - 9:00AM
Cameo Resources Corp. (TSX Venture:CRU)
(OTC:CRUUF) (FWB:SY7D) (the “
Company” or
“
Cameo Cobalt”) is very pleased to announce that
the Company has entered into a letter of intent (the “LOI”) to
acquire a large scale land package in Chile’s Carrizal Alto’s
historic cobalt region, located 100 kilometers north of the La
Cobaltera District.
Cameo Cobalt’s flagship Chilean project is situated adjacent to
Genlith Inc.’s (“Genlith”) subsidiary, Chilean Cobalt Corp, as per
Genlith’s April 11 new release
(https://www.genlith.com/news/company-update-0). Genlith Inc.
is a Pennsylvania based holding company focused on energy storage
and critical battery materials and reports that cobalt production
occurred on their Carrizal Alto and La Cobaltera projects from 1844
thru 1944, mostly for military applications ceasing at the end of
World War II.
Cameo’s CEO, Akash Patel states, “Cameo is excited to option the
priority exploration properties adjacent to Genlith’s reported
historical cobalt production at Carrizal Alto. We will
immediately begin due diligence, and intend to follow up with
exploration to define cobalt mineralization on our new mining
concessions.”
About the Carrizal Alto
Cobalt Project
The area acquired is in Carrizal Alto’s historic cobalt
producing region and is located 100 kilometers north of the La
Cobaltera District.
Project Highlights:
- 456 hectares in Carrizal Alto district, Chile;
- Adjacent to historic operating site that has Chilean government
production data with high-grade cobalt, as reported by Genlith Inc.
(www.genlith.com);
The Chilean National Service of Geology and Mining, Sernageomin,
performed preliminary work on the La Cobaltera and Carrizal Alto
areas in 2008. A November 2017 report by Chile’s Corporation for
the Promotion of Production (“CORFO”) states that the San Juan
District has cobalt mineralization in veins and mantos
(hydrothermal bedded deposits). The report identifies the land
package Cameo Cobalt has secured as within one of the main areas of
cobalt mineral potential in Chile.
In the San Juan-Carrizal district, primary cobalt mineralization
occurs as cobaltite, a cobalt sulfo-arsenide. At surface, cobalt
occurs as a secondary oxidized mineral, erythrite, a cobalt
arsenate. Mineralization occurs mainly in veins and mantos with
average cobalt concentrations of 1.6% for primary ore, and up to
6.4% for secondary oxidized ore.
Most recently the Geological and Mining Service of Chile carried
out regional sampling of mineralization and hydrothermal alteration
systems in the metallogenic province of the Coastal Cordillera of
the Atacama and Coquimbo regions. Geochemical data was processed
and analyzed by Artificial Neural Nets (ANN). No significant
modern exploration or drilling has taken place in the region since
then, which has historically been well endowed with copper and
cobalt.
Carrizal Alto Cobalt Project
Transaction Terms
Subject to satisfactory completion of due diligence by Cameo,
Cameo Chile and the Vendor would enter into and execute a formal
purchase and sale agreement (“Purchase Agreement”) whereby the
Vendor would agree to sell to Cameo Chile, and Cameo Chile would
agree to purchase from the Vendor, one hundred (100%) percent of
the right, title and interest of the Concessions from the Vendor,
free and clear of all liens charges and encumbrances, in
consideration of the sum of USD $5,050,000 and 2,500,000 Cameo
Shares, to be paid and satisfied as follows:
|
|
|
(a) |
upon the
closing (such event being the “Closing”, and the date of Closing
being referred to as the “Closing Date”): |
|
|
(i)
an initial payment of USD $150,000, and |
|
|
(ii) 250,000 Cameo Shares; |
|
(b) |
on or
before the day which is one (1) month following the Closing
Date: |
|
|
(i)
a further payment of USD $150,000, and |
|
|
(ii) 250,000 Cameo Shares; |
|
(c) |
on or
before the day which is twelve (12) months following the Closing
Date: |
|
|
(i)
a further payment of USD $500,000, and |
|
|
(ii) 500,000 Cameo Shares; |
|
(d) |
on or
before the day which is twenty-four (24) months following the
Closing Date: |
|
|
(i)
a further payment of USD $750,000, and |
|
|
(ii) 750,000 Cameo Shares; |
|
(e) |
on or
before the day which is thirty-six (36) months following the
Closing Date: |
|
|
(i)
a further payment of USD $1,000,000, and |
|
|
(ii) 1,000,000 Cameo Shares; and |
|
(f) |
on or
before the day which is forty-eight (48) months following the
Closing Date: |
|
|
(i)
a further payment of USD $2,500,000 |
|
|
|
|
Qualified Person
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 COBALT CORP. “ Akash Patel”
For more information contact:(778) 549-6714Or
Email:lucasbirdsall@gmail.comwww.cameocobalt.com
Reader Advisory This news release contains certain
“forward-looking information” within the meaning of applicable
securities law. Forward-looking information is frequently
characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate” and other similar
words, or statements that certain events or conditions “may” or
“will” occur. In particular, forward-looking information in this
press release includes, but is not limited to, statements with
respect to the Company’s proposed acquisition, exploration program
and the expectations for the cobalt industry. Although we believe
that the expectations reflected in the forward-looking information
are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada and globally; industry
conditions, including governmental regulation and environmental
regulation; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; liabilities inherent in water disposal facility
operations; competition for, among other things, skilled personnel
and supplies; incorrect assessments of the value of acquisitions;
geological, technical, processing and transportation problems;
changes in tax laws and incentive programs; failure to realize the
anticipated benefits of acquisitions and dispositions; and the
other factors. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. We undertake
no duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
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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