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Cameo Resources Closes Acquisition Relating To Property In Tanzania
May 22, 2025, SURREY, British Columbia – TheNewswire - Cameo Resources Inc. (CSE: MEO) (“Cameo” or the “Company”) is pleased to announce that further to its Mar
About this update from Cameo Resources Inc
[{"type":"text","content":"May 22, 2025, SURREY, British Columbia – TheNewswire - Cameo Resources Inc. (CSE: MEO) (“Cameo” or the “Company”) is pleased to announce that further to its March 13, 2025 and April 30th press releases, it has completed its arms-length acquisition of all of the issued and outstanding shares of 1154308 B.C. Ltd. (“Privco”) which holds the rights to acquire a 100% right, title, and interest in the Katoro Gold Properties (the “Properties”), located in the Geita region of Tanzania for option payments equaling US$ 500,000. The first USD$250,000 payment will be due upon completion of due diligence by the Company The second USD$250,000 is to be paid within six months. The Company issued 13 million common shares to Privco shareholders at a deemed price of $0.075 per share to acquire 100% of all outstanding shares of Privco. These shares are subject to a hold period to the later of 4 months and a day and the date that the Company files a business acquisition report in respect to this transaction. Highlights of the Katoro Property: 12.52 km roadaccessible Properties, approximately 170 km southwest of Mwanza city, 63 km southwest of Geita Region. Located within the Sukumaland Greenstone Belt (SGB”) home for the Buckreef mine along the same strike within Katoro, within the Lake Victoria Goldfields in north-west Tanzania. Regional geophysical and structural settings suggesting an exploration potential for significant gold mineralization within the project areas. Souhail Abi-Farrage, President & CEO of Cameo, commented: \" The Property has two complementary exploration upsides, with an established epi-mesothermal zone of higher-grade gold mineralization in quartz veins from surface that Cameo can look to exploit almost immediately, and a much broader under-explored potential for a buried porphyry. We are excited to see the commencement of work on this property.\" The Katoro Gold Properties The Properties cover 12.52 square kilometers situated within the prospective Sukumaland Greenstone Belt within the Lake Victoria Goldfield (LVGF) (Figure 1). One of the most important mining sites in Africa, Tanzania’s LVGF holds several multi-million-ounce gold deposits and has ongoing operations by some of the largest gold companies in the world. The concessions have been mined by artisanal miners for some time, evidence...