Cameo Resources Corp. Significantly Expands Cobalt Strategy with the Acquisition of Labrador Cobalt Corp.

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[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the “Company” or “Cameo Resources”) is pleased to announce that further to its strategic focus on cobalt, the Company has entered into an agreement (the “Agreement”) to acquire Labrador Cobalt Corp., a privately-held corporation having its registered offices in St. John’s, Newfoundland and Labrador. Upon completion of the acquisition, Labrador Cobalt Corp. will become the Company’s wholly-owned operating subsidiary in Newfoundland & Labrador and will serve to advance the Company’s growing portfolio of cobalt assets within the province.  Labrador is one of the world’s foremost jurisdictions for cobalt exploration and production, with the Voisey’s Bay mine being the largest present-day source of cobalt production in Canada. Recent land activity in the region by multiple public and private companies signals the potential for significant cobalt-centric exploration in Labrador over the months ahead. The proposed acquisition of Labrador Cobalt Corp. will immediately deliver a developed operating platform for the Company and will result in a nearly 25-fold increase to the Company’s tenure holdings in the region by way of integrating Labrador Cobalt Corp.’s mineral land holdings. Labrador Cobalt Corp. owns in excess of 4,000 hectares of claims in Labrador strategically situated north of the Voisey’s Bay mine and near the Company’s current area of focus in the province. In addition to adding new exploration opportunities in a tier-one cobalt camp, multiple cobalt showings have already been discovered on tenure owned by Labrador Cobalt Corp, as summarized below from government mineral file showings (Newfoundland and Labrador geoscience atlas http://geoatlas.gov.nl.ca). The Puttuaalu Staircase showing had surface sampling values that returned up to 0.16% Co. The Alliger Lake showing has an extensive gossan zone with past grab samples returning up to 0.16% Co. Nearby, the Alliger Lake No. 4 produced an assay reaching 2.35% Cu, 0.44% Ni and 0.12% Co. The Kingurutik Lake N Zone is located on tenure contiguous to tenure owned by Teck Corp., and has previous cobalt sampling reaching 200 ppm Co. Nearby, the The Kingurutik Lake L Zone had prior cobalt grab sample assays reaching 539 ppm Co. Similarly, the Kinguru...

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