Cameo Cobalt Presents 2019 Exploration Plans for Big Mac Gold Property
January 28 2019 - 8:30AM
Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB:
SY7N) (the “
Company” or
“
Cameo”) is pleased to provide the following
updates pertaining to its 100% owned 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 project1.
In 2018, Aben Resources' released drill results
on its Forest Kerr gold project1 which included 62.4 grams per
tonne gold over 6.0 metres within 38.7 grams per tonne gold over
10.0 metres (see Aben Resources' news release dated Aug. 9,
2018). The Big Mac gold project is notable as it not only
surrounds much of the Forrest Kerr gold project1, but also contains
significant tenure historically held by Barrick Gold.
The zones previously explored by Barrick are of
particular significance to the Big Mac gold project as they are
situated in a comparable geologic environment to the Carcass Creek
and Boundary zones1 recently drilled by Aben Resources. The zones
historically explored by Barrick on the Big Mac are situated within
Hazelton Group volcanics east of the regional Forrest Kerr fault
structure, and near to the contact with underlying Stuhini Group
volcanics, an important regional control on all major mineral
deposits in the Golden Triangle District (aka “The Red Line”
presented by Nelson and Kyba, 20142).
Aben Resources recently provided an update,
announcing discovery of a south boundary mineralized zone 1.5
kilometres south of its north boundary zone at its Forrest Kerr
project1 in British Columbia's Golden Triangle (see Aben Resources'
news release dated Aug. 23, 2018).
Cameo’s 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 project1. The Big
Mac gold project is also located just north of Garibaldi Resources
Ltd.’s E&L project1 and Colorado Resources Ltd.’s KSP project1.
The Big Mac project comprises a total of 9,264 hectares and offers
close proximity to the Eskay Creek access road and the newly
constructed Alta Gas McLymont hydro-power facility.
HELICOPTER-BORNE MAGNETIC
SURVEY
Cameo completed a helicopter-borne magnetic
survey in early September 2018, comprising 901 line kilometres over
the entire property, which defined several important structures
branching east off the regional-scale Forest Kerr Fault Structure.
These second and potentially third order fault splays are
interpreted as important controls on the emplacement of high-grade
gold and silver veins in the region. Cameo plans to conduct a
2019 follow-up program of ground based geophysics and geochemical
sampling across the interpreted Forest Kerr Fault splays to better
define the structures and test for the presence of high grade
veins.
2019 EXPLORATION PROGRAM
Cameo is currently preparing for a 2019 Phase I
exploration program on the Big Mac to consist of ground-based
geophysical surveying, soil sampling, mapping and prospecting
across the Forest Kerr splay structures defined by the 2018
airborne survey as well as zones of known mineralization previously
defined by Barrick Gold Corp. The Company plans to use the results
of the Phase I exploration program to generate drill targets on the
Big Mac and prepare a Notice of Work application for drilling with
the BC Ministry of Energy, Mines and Petroleum Resources.
Akash Patel, Chief Executive Officer and a
Director of Cameo Cobalt stated: “We look forward to our 2019
exploration season in the Golden Triangle and our plans for an
aggressive exploration program on the Big Mac. Extrapolating on
Aben’s successful developments on its neighbouring Forrest Kerr
project, it has become apparent that the Forest Kerr mineralizing
system is widespread and well developed with high-grade gold veins
emplaced across a large section of the Forest Kerr Fault Structure.
Cameo is very encouraged by the results of its 2018
helicopter-borne magnetic survey, which has helped define
prospective structures for the 2019 exploration season. We believe
a bull market in gold is looming and our large land position in the
Golden Triangle positions the Company very well for the rising gold
price environment. We are very excited to bring the project to a
drill ready stage in 2019, with the potential for the next big
discovery in the Golden Triangle.”
CAMEO COBALT CORP.“Akash Patel”
For more information contact:(778) 549-6714
Or Email: lucasbirdsall@gmail.com www.cameocobalt.com
Reader AdvisoryThis 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.
1Adjacent Properties - This news release
contains information about adjacent properties on which Cameo does
not have the right to explore or mine. Investors are cautioned that
mineral deposits on adjacent properties are not indicative of
mineral deposits on the Company's properties.
2 Sourced from: Nelson, J., & Kyba, J. (2014, January).
Structural and stratigraphic control of porphyry and related
mineralization in the Treaty Glacier-KSM-Brucejack-Stewart trend of
western stikinia. Geological Fieldwork 2013, British Columbia
Ministry of Energy and Mines, British Columbia Geological Survey
Paper, pp. 111-140.
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