Cameo to Acquire Additional Claims Adjacent to Its Big Mac Gold Project in British Columbia's Golden Triangle
TSX VENTURE: CRU
VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is pleased to announce it has entered into an asset purchase agreement (the “Asset Purchase Agreement”) to acquire, from an arm’s length third party, three mineral claims (the “Claims”) adjacent to the Company’s Big Mac gold property. The Big Mac Gold Project shares more than 30 kilometres of contiguous claim boundaries on the east and west sides of Aben Resources Ltd.'s Forrest Kerr gold project. The Big Mac Gold Project is also located just north of properties owned by Garibaldi Resources Ltd. and Colorado Resources Ltd.
Under the terms of the Asset Purchase Agreement, Cameo has agreed to purchase the Claims for consideration of 20,000 common shares of the Company. The Asset Purchase Agreement and the purchase of the Claims by the Company are subject to the approval of the TSX Venture Exchange. Once issued, the common shares will be subject to a hold period of four months and a day from the date of issuance.
Big Mac Exploration Campaign
The Company is also pleased to announce that it finalizing its geochemistry survey and soil sampling initiatives for the 2019 summer exploration season. Cameo expects to engage Ridgeline Exploration Services Inc. (“Ridgeline”) to manage its summer exploration campaign in the Golden Triangle.
Cameo also reports that Campbell & Walker Geophysics Ltd. (“Campbell & Walker”) is concluding its 3-D modelling of a strong magnetic anomaly stretching more than five kilometres in a generally north-northeast trend across the Big Mac East block claims (see Cameo news release dated February 7, 2019). This anomaly appears to be up to approximately one kilometre wide and is interpreted to hold the potential to record a buried back-arc spreading centre.
The anomaly occurs within Hazelton Group basalts, mapped as Eskay rift fill by government geologists, on a prominent topographic feature referred to as Pillow Ridge entirely within the Big Mac East block and located 16 kilometres northwest of the historical gold- and silver-producing Eskay Creek mine site.
The Company plans to leverage the completed 3-D model of the Big Mac anomaly to locate one or two drill holes with the objective of establishing the stratigraphic context.
About the Big Mac Gold Project
The Big Mac gold project consists of 12 mineral claims structured into three tenure blocks and is the largest claim package contiguous with Aben Resources' Forrest Kerr gold project. The Big Mac West Block is located approximately 3 to 4 kms to the west of the East Block, across the Forrest Kerr Creek valley. As many as twenty mineral showings and prospects from the B.C. government’s MINFILE website occur between the Big Mac East and West Blocks.
Cameo completed a helicopter-borne magnetic survey over the property in September 2018, comprising 773 line kilometres at 150-metre spacing. Interpretation of the airborne magnetic data identifies a strong magnetic anomaly stretching more than five kilometers in a generally north-northeast trend within the Big Mac East Block, as well as cross faults extending from the regionally significant north-south Forrest Kerr fault. This strong magnetic anomaly occurs within Hazelton Group basalts, mapped as Eskay rift fill by government geologists.
As described in the NI 43-101 report, the Big Mac gold project is in British Columbia’s prolific golden triangle, covering 9171 hectares in two separate claims blocks. The Big Mac East Block (larger of the two blocks) is located between the past-producing Eskay Creek gold and silver mine (16 kms southeast), and Aben Resources’ 2018 drilling (9 kms to the north) which reportedly intersected multiple high-grade gold zones, including 38.7 grams per tonne gold over 10.0 metres (see Aben Resources' news release dated August 9, 2018).
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 in this news release.
CAMEO COBALT CORP.
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