Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB:
SY7N) (the “
Company” or “
Cameo
Cobalt”) is pleased to announce it has entered into a
share purchase agreement (the “
Share Purchase
Agreement”) to acquire Forrest Kerr Resources Inc.
(“
Forrest”), a privately-held British Columbia
corporation which holds the Big Mac gold property, a large and
prospective exploration project located in British Columbia's
Golden Triangle. 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.
Project Highlights
- Claims are contiguous with Aben Resources in the Golden
Triangle;
- Positions Cameo Cobalt in the Golden Triangle;
- Known skarn-style mineralization on western property containing
historic rock grab samples of up to 2.9 grams per tonne(g/t) gold
(Minfile No. 104B367) and 9.0% copper (Minfile No. 104B493);
and
- Eastern claim block overlie Hazelton
volcanics/volcanoclastics.
Akash Patel, CEO of Cameo states, “the acquisition of the Big
Mac Gold Project gives Cameo access to a strategic land package
located in British Columbia’s prolific Golden Triangle. The project
is adjacent to Aben Resources and located immediately north of
projects owned by Garibaldi Resources Ltd. and Colorado Resources
Ltd. Given the success of this year’s exploration season,
management is of the belief these mineral claims would be virtually
impossible to assemble using traditional staking means. Cameo is
working to engage a supplier with extensive regional experience to
perform a late season work program. The Company plans to execute
upon these contracts in the coming weeks, with the objective of
identifying actionable targets for upcoming exploration
initiatives. Cameo wishes to convey to its loyal shareholders that
the Company is continuing to pursue its energy metals focus.
However, the Company will always consider new opportunities to
increase shareholder value.”
About the Big Mac Gold
ProjectThe Big Mac Gold Project consists of 12 mineral
claims structured into three tenure blocks. The project
comprises a total of 9,264 hectares (about 22,881 acres). The
project offers close proximity to the Eskay Creek access road and
the newly constructed Alta Gas McLymont hydro-power facility.
The Big Mac Gold Project is the largest claim package contiguous
with Aben Resources' Forrest Kerr gold project which recently
disclosed drill results indicating multiple high-grade zones
including 62.4 g/t gold over 6.0m within 38.7 g/t gold over 10.0m
at its Forrest Kerr project (see Aben Resources news release dated
August 9, 2018).
The specific location of the Big Mac Gold Project is notable as
it not only surrounds much of Aben Resources’ Forrest Kerr gold
project, but it also contains significant tenure held in the past
by Barrick Gold. Aben Resources recently provided an update
announcing discovery of a "south boundary" mineralized zone
1.5km south of north boundary zone at its Forrest Kerr project in
BC's golden triangle (see Aben Resources news release dated August
23, 2018).
The Barrick Gold area is of interest to the Big Mac Gold Project
as it is situated in a comparable environment to the Carcass Creek
and Boundary zones recently drilled by Aben Resources, being both
situated east of the Forrest Kerr fault structure and mapped within
Hazelton group volcanics, specifically the Hazelton group
volcanics. The target environment at the Big Mac Gold Project is
the volcanic settings (Stuhini group and Hazelton group volcanics)
known to host mineralization elsewhere in the immediate area.
Receding glaciation within the Golden Triangle has opened new
exploration opportunities and physical access not previously
available under historic exploration activity. Additional regional
activity has yielded encouraging drill results including Golden
Ridge Resources announcement of a copper-gold porphyry discovery on
its Hank Property intersecting 327m with grades of 0.31% Cu, 0.35
g/t Au, 1.94 g/t Ag.
The Big Mac Gold Project claims map can be found by following
the below URL link:
https://cameocobalt.com/wp-content/uploads/2018/08/Cameo_Big_Mac.pdf
The Share Purchase Agreement and Private
Placement
The Big Mac gold project is owned by Forrest, subject to a 2%
net smelter royalty. Forrest is a private British Columbia company
the shareholders of which are all at arm’s length to Cameo Cobalt.
Under the Share Purchase Agreement, Cameo Cobalt will acquire 100%
of the issued and outstanding shares of Forrest through the
issuance of an aggregate of 4,000,000 common shares of Cameo Cobalt
to the Forrest shareholders.
It is a condition of closing under the Share Purchase Agreement
that Cameo Cobalt complete a non-brokered private placement
financing having gross proceeds of $300,000 through the issuance of
1.5 million units at a price of 20 cents per unit. Each unit will
consist of one share and one half of one transferable common share
purchase warrant, with each whole warrant entitling the holder
thereof to purchase one additional share at a price of 30 cents per
share for a period of two years. The private placement is a
condition of and is integral to the transaction under the Share
Purchase Agreement, and therefore Cameo Cobalt will be relying on
the “part and parcel pricing” exemption under TSX Venture Exchange
Policy 4.1.
No finder’s fees are payable in connection with the Share
Purchase Agreement or the private placement. The Share Purchase
Agreement and the private placement are subject to the approval of
the TSX Venture Exchange. The securities issued under the Share
Purchase Agreement and the private placement will be subject to a
hold period of four months and a day form the date of issuance of
such securities.
Qualified PersonsHarrison 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. “ Akash Patel”
For more information contact:(778) 549-6714
Or Email: lucasbirdsall@gmail.com www.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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