VANCOUVER, British Columbia, June 11, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7N) (the “ Company ” or “ Cameo Cobalt ”) is very pleased to announce that spring drilling has commenced on the Company’s Gochager Lake Copper-Cobalt-Nickel property. Final drill positions were solidified late last week and drilling officially started the afternoon of Friday, June 8 th .
CEO, Akash Patel states, “Cameo is very much excited to kick off the Gochager Lake Spring exploration campaign. Cameo Cobalt’s crew on the ground will complete approximately 750 metres of diamond drilling activities over a three-week drilling campaign. The initial drillholes of the proposed drill program are designed to confirm and better delineate the massive sulphide, high-grade Ni and associated Co mineralization in the historical drill holes.”
The Company looks forward to providing additional drilling updates in the coming weeks.
Ian Fraser, BSc., 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.
Gochager Lake Copper-Cobalt-Nickel Project
The project, which consists of four claims covering 3,759 hectares, is located in northern Saskatchewan approximately 75 km north of the town of La Ronge. Historical exploration has identified a semi-massive and massive Ni-Cu deposit with significantly elevated levels of Cobalt, a vital component in the manufacture of the latest generation of lithium ion batteries.
The Gochager Lake Copper-Cobalt-Nickel project has reported grades of up to 3.92% Nickel, 0.70% Copper and 2.86% Cobalt as reported by the Saskatchewan government (Mineral Deposit Index #0880). Historical resource estimates (non-NI43-101 compliant) were generated in 1968 and 1990. The 1968 historic resource for the Gochager Lake deposit calculated 4.3 million tons grading 0.30% Ni and 0.08% Cu. J.S. Steel, reported in 1990, that vertical and longitudinal sections were constructed from the existing data and a historic resource with reasonably well-defined limits was defined containing 1,770,000 tonnes at 0.735% nickel-equivalent.
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.
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