Cameo Resources Corp. Acquires Historical Copper-Cobalt-Nickel Property

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[{"type":"text","content":"VANCOUVER, British Columbia, March 08, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the “Company” or “Cameo Resources”) is pleased to announce it entered an agreement to acquire 100% of the Gochager Lake Nickel-Copper-Cobalt project claims from U.S. Lithium Corp. (the ”Vendor”). 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 semi-massive and massive Ni-Cu occurrences with significantly elevated levels of cobalt, a vital component in the manufacture of the latest generation of lithium ion batteries. The Gochager Lake Nickel-Copper-Cobalt project includes reported drill assay results of up to 3.20% nickel, 6.52% copper and 0.22% cobalt (from the Saskatchewan Mineral Deposit Index [SMDI #0880] and the Vendor’s 2017 technical report on the Gochager Lake Ni-Cu-Co Project).  A selected grab sample assayed 3.1% Ni, 0.09% Cu, and 0.23% Co.  Cobalt mineralization is noted as co-occurring with the nickel and copper, but most historical drill holes lack cobalt analyses. The SMDI also reports assay values as high as 3.92% Ni, 0.70% Cu and 2.86% Co from drilling, although the Vendor’s 2017 technical report notes that 2 subsequent re-analyses did not replicate that very high Co value. Historical resource estimates that do not meet the standards of National Instrument 43-101 were generated in 1968 and 1990 and are reported in the SMDI as well as the 2017 technical report. The 1968 resource for the Gochager deposit estimated 4.3 million tons grading 0.30% Ni and 0.08% Cu.  In 1990, J.S. Steel reported that vertical and longitudinal sections were constructed from the existing data and an orebody with reasonably well defined limits was defined containing 1.8 million tons at 0.735% nickel-equivalent.  A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves.  However, the historical resources do point to the potential of the project to host a deposit. Under the terms of the agreement, Cameo will issue 1 million common shares and pay US$60,000 to the Vendor. ...

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