Cameo Resources Corp Secures Drill Rig For Cobalt Project
VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) — Cameo Resources Corp. (TSX-V:CRU) (OTC:CRUUF) (FWB:SY7D) (the “Company” or “Cameo Resources”) is pleased to announce it has secured a local drill rig, which will be immediately deployed to the Gochager Lake Copper-Cobalt-Nickel project upon execution of the submitted exploration permit agreement. Cameo is currently evaluating various logistical options to relocate the drill rig onsite to the Gochager Lake Copper-Cobalt-Nickel project.
The Company plans to use the drill rig to twin historical drill holes; to enable for the first time, proper delineation of the known cobalt mineralization associated with the Gochager Lake deposit. Upon completion of the drillholes, comprehensive borehole EM geophysical work will be performed.
Consulting geologist Ian Fraser, states, “The proximity of the drill rig to the Gochager Lake Copper-Cobalt-Nickel project will allow for an expedited drill program. Once mobilised, the drill will immediately begin the process of twinning historical drill holes to delineate the known cobalt mineralization. This drill program will be paramount in further identifying the presence of cobalt at the Gochager Lake deposit.”
Gochager Lake Copper-Cobalt-Nickel Project
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 a semi-massive and massive Ni-Cu deposit with significantly elevated levels of cobalt, a vital component in the manufacture of the latest generation of lithium ion batteries.
The Gochager Lake Copper-Cobalt-Nickel project has reported grades of up to 3.92% Nickel, 0.70% Copper and 2.86% Cobalt as reported by the Saskatchewan government (Mineral Deposit Index #0880). Historical resource estimates (non-NI43-101 compliant) were generated in 1968 and 1990. The 1968 historic resource for the Gochager Lake deposit calculated 4.3 million tons grading 0.30% Ni and 0.08% Cu. J.S. Steel, reported in 1990, that vertical and longitudinal sections were constructed from the existing data and a historic resource with reasonably well-defined limits was defined containing 1,770,000 tonnes at 0.735% nickel-equivalent.
Ian Fraser, BSc., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the technical information presented in this news release.
CAMEO RESOURCES CORP.
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