VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) — Cameo Resources Corp. (CRU.V) (SIDNF) (the “Company”) is pleased to announce field plans to explore the Whabouchi Regional Lithium Project in northern Quebec, and the Silver King North silver-gold project in central British Columbia. The Company’s acquisition of the projects is subject to the approval of the TSX Venture Exchange, which approval the Company is in the process of obtaining. Detailed plans for both programs are being finalized now with field work anticipated to commence as soon as weather conditions permit.
Whabouchi Regional Lithium Project – Northern Quebec
Cameo’s Whabouchi Regional Lithium Project covers more than 19,000 hectares near Nemaska Lithium Inc.’s advanced Whabouchi lithium deposit. Cameo’s optioned Montagne Lake property covers 4,485 hectares and is located 3 km to the west of Nemaska’s Whabouchi lithium deposit. The Company’s optioned Dumont property covers an additional 14,550 hectares 7 km east of the deposit. Quebec’s Route du Nord highway crosses both properties.
“Cameo Resources is very excited to undertake our 2018 work programs. In conjunction with our partner Clean Commodities Corp., we are now the largest publicly traded company in terms of tenure in a district anchored by Nemaska Lithium’s prolific Whabouchi lithium deposit. Our recently announced option agreement puts Cameo Resources in a unique position to leverage the explosive growth in the lithium and energy metals sector,” stated Akash Patel, President of the Company.
Planned work will consist of traverses, mapping and sampling to identify potential lithium-bearing pegmatites following up on field work from the summer of 2016 which identified up to 344 ppm Li2O (equivalent to 160 ppm Li reported by independent Actlabs in Ancaster, Ontario) from 182 chip grab samples. The targeted pegmatites would carry the mineral spodumene akin to the lithium hosting mineral at Nemaska’s Whabouchi deposit. Should spodumene pegmatite dyke(s) be discovered, Cameo expects channel sampling and drill testing could occur by late summer 2018.
Nemaska Lithium Inc.’s nearby Whabouchi deposit is a feasibility-stage proposed lithium mine described in detail in a series of technical reports to the standards on Canadian Instrument 43-101, including most recently a Feasibility report dated May 19, 2016 (see website http://www.nemaskalithium.com for reports). Although Nemaska’s Whabouchi lithium deposit demonstrates the exploration potential for lithium in the area of Cameo’s properties, this proximity does not necessarily indicate similar occurrences will be found on Cameo’s properties.
Silver King North Project – Central British Columbia
Cameo’s Silver King North Project is located within the high-potential, silver-gold Skeena Arch region of central British Columbia. The project covers more than 16,273 ha (40,194 acres) and is 15 km south of Houston, BC. The property is contiguous with the Silver Queen Project recently drilled by New Nadina Explorations Ltd., assays pending. In addition to New Nadina, the Silver King North Project also shares contiguous borders with publicly traded Tasca Resources Ltd. and is located 12 km west of the past-producing Equity Silver Mine.
Cameo plans to initiate a follow-up field program to ground truth multiple airborne magnetic anomalies interpreted as prospectively part of a large potential porphyry system on the Silver King North Project claims. A strong magnetic high located 10 kms north of New Nadina’s Silver Queen Project is a priority exploration target for Cameo Resources due to its possible origin as a resurgent intrusive center as reported in past owner’s 2012 assessment work report. Cameo is currently selecting between two qualified field geology companies to provide services for the inaugural exploration program.
“The Silver King project located north of New Nadina provides Cameo Resources with district-scale exposure to this exciting area. Cameo is now among the largest contiguous tenure holders alongside New Nadina’s Silver Queen project. We will be shortly selecting our geological firm for the field work and anticipate an exciting 2018 from both our projects,” stated Akash Patel, President of Cameo Resources.
On behalf of the board of directors,
On behalf of the Board of Directors,
CAMEO RESOURCES CORP.
For further information, please contact
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.