Cameo Closes Acquisition Relating To Property In Tanzania
May 22 - 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:
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12.52 km roadaccessible Properties, approximately 170 km southwest of Mwanza city, 63 km southwest of Geita Region.
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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.
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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, evidenced by the multiple shallow pits and trenches showing iron carbonate altered mafic volcanics (basalts) and quartz feldspar porphyry intrusions. Gold is associated with grey quartz veins and stringers that exhibit a pinch and swell characteristic, parallel to the fabric of east-west shear zones. The concessions occur within a broader area that has seen exploration and mining activities by several companies including, TRX Gold Corporation (TSX:TRX), AngloGold Ashanti plc (NYSE:AU), and IAMGold Corp. (TSX:IMG).
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Figure 1: LOCATION KATORO GOLD PROJECT of the Lake Victoria Goldfield greenstone belts in north-western Tanzania.
Qualified Person
Brian Thurston, P.Geo., the Company's technical advisor and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
About Cameo Resources Inc.
Cameo Resources Inc. is a dynamic mineral exploration company dedicated to discovering and developing valuable mineral deposits. The flagship project in Nevada represents a promising opportunity in the ever-growing field of clean energy. The strategic goal of the Company is to increase shareholder value by advancing the portfolio of lithium exploration projects located in the mineral- rich region of Nye County, Nevada, and through strategic acquisitions in precious metals. For more information on Cameo, please visit the website at www.cameoresourcesinc.com.
On behalf of the Board of Cameo Resources Inc.
Souhail Abi-Farrage
Chief Executive Officer and Director Phone Number: 1-800-325-1308
For further information contact:
Investor Relations;
Email: IR@cameoresourcesInc.com
Phone Number: 1-800-325-1308
Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, relating to the timing for closing the LOI, or that the LOI will close at all, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Cameo, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks that lease holder will not approve the sale of the Property, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Cameo does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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