Cameo Resources Inc. (CSE: MEO), a Canadian mineral exploration company, has acquired a 100% interest in the Kempton Gold Project in Tanzania’s Geita region through a Securities Exchange Agreement with 1315418 B.C. Ltd. (PrivCo).
The deal involves issuing 7mn common shares to PrivCo shareholders at a deemed price of $0.1125 per share, subject to a four-month and one-day trading restriction.
The acquisition gives Cameo access to the Lake Victoria Goldfields, one of Tanzania’s most productive gold regions, hosting several major operational mines.
According to TICGL, Tanzania's mining sector contributed 10.1% to the national GDP in 2024, exceeding the government’s 10% target for the fiscal year 2025/26. Gold remains the dominant mineral, accounting for over 41% of export earnings.
With annual production estimated at around 60,000 kilograms, Tanzania ranks as Africa's fourth-largest gold producer. This sector continues to attract international investment and plays a strategic role in the global gold supply chain.
Cameo, headquartered in Surrey, focuses on discovering and developing mineral deposits. Despite financial challenges, including limited revenue, recent technical indicators and corporate actions provide some positive signals for investors.
The Kempton Gold Project’s proximity to existing mines offers infrastructure advantages that could accelerate exploration. Cameo continues to pursue opportunities to expand its mineral portfolio.
Cameo Resources Inc., founded in 2014, holds projects including the Katoro Gold Project in Tanzania and the Bonnie Claire East Lithium Property in Nevada, USA.
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