Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF)
(FWB: SY7N)
(the “
Company”
or “
Cameo Cobalt”) is pleased to announce that
Ridgeline Exploration Services Inc. (“Ridgeline”) has completed the
airborne magnetic survey on the Company’s recently acquired Big Mac
Gold Project (the “Property”; See Cameo Cobalt’s news release dated
August 29, 2018). Data from the Big Mac airborne survey is being
interpreted and the Company expects to receive finalized magnetic
maps in the coming weeks. Concurrent with the airborne survey, the
Company has also completed a Phase I program of geological mapping
and prospecting on the Big Mac Property. Assay results from surface
samples collected from across the Property are pending.
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 (approximately 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 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 approximately 8 kilometres south of Aben Resources’
(“Aben”) drill hole FK18-10, which reported four separate
high-grade zones with the best zone returning an interval of 38.7
g/t Au over 10.0 metres including 62.4 grams per tonne gold over
6.0 m starting at 114 metres downhole (see Aben Resources news
release dated August 9, 2018). Drill hole FK18-10 was Aben’s first
drill hole of the 2018 exploration season. The Big Mac Gold Project
is also located just north of properties owned by Garibaldi
Resources Ltd. and Colorado Resources Ltd.
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 announced the discovery of
a "South Boundary" mineralized zone, approximately 1.5km south of
the North Boundary Zone on its Forrest Kerr project in British
Columbia's Golden Triangle district (see Aben Resources news
release dated August 23, 2018).
The zone encompassing the historic Barrick Gold tenures is of
particular importance to the Big Mac Gold Project as it is
comparable to the Carcass Creek and Boundary zones recently drilled
by Aben Resources, both of which are hosted within Hazelton group
volcanics.
Receding glaciers within the Golden Triangle continue to open up
new exploration opportunities and mineralized geological exposures,
which were not previously accessible during historic exploration
programs. Receding glaciers and new infrastructure in the district,
including the paved Highway 37 and the high voltage Northwest
Transmission Line, has sparked a rush of recent activity in the
district, yielding encouraging exploration results including Golden
Ridge Resources 2018 discovery of a copper-gold porphyry on its
Hank Property, which intersected 327m 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 Company is also pleased to announce, effective today, the
appointment of Mr. Patrick O’Flaherty as a Director and Chief
Financial Officer of the Company. Mr. O’Flaherty is a Chartered
Accountant and a CFA Charterholder, with over 15 years of
experience in financial services, including public accounting and
wealth management. Previously, he has worked for a “Big Four”
accounting firm and two “Big Five” banking institutions. He also
has operational management experience from one of the largest
telecommunications companies in Canada. Mr. O’Flaherty holds a
degree in Economics from Union College in Schenectady, New
York.
The appointment follows the resignation of Kenneth Phillippe as
Director and Chief Financial Officer. The Company would like to
thank Mr. Phillippe for his service and wishes him well with all
his future endeavours.
The Company also announces today the granting of stock options
under its Stock Options Plan to purchase an aggregate of 1,500,000
common shares of the Company at an exercise price of $0.28 per
share for a five year term, expiring on September 6, 2023. The
stock options were granted to consultants, officers and directors
of the Company, and are subject to any necessary regulatory
approvals.
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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