Cameo to buy additional claims adjacent to Big Mac gold project

19 March 2019 (Last Updated March 19th, 2019 11:54)

Cameo Cobalt has entered into an asset purchase agreement with an unidentified third party to acquire three mineral claims adjacent to its Big Mac gold property in British Columbia.

Cameo to buy additional claims adjacent to Big Mac gold project
Cameo will acquire the claims for a consideration of its 20,000 common shares. Credit: Khusen Rustamov from Pixabay.

Cameo Cobalt has entered into an asset purchase agreement with an unidentified third party to acquire three mineral claims adjacent to its Big Mac gold property in British Columbia.

Under the agreement, Cameo will acquire the claims for a consideration of its 20,000 common shares.

Comprising 12 mineral claims structured into three tenure blocks, the Big Mac gold project shares over 30km of contiguous claim boundaries on the east and west sides of Aben Resources’ Forrest Kerr gold project.

The project is also located just north of properties owned by Garibaldi Resources and Colorado Resources, and Cameo is set to finalise geochemistry survey and soil sampling initiatives at the Big Mac project for the 2019 summer exploration season.

Ridgeline Exploration Services is expected to be contracted to manage the company’s summer exploration campaign in the Golden Triangle.

“Under the agreement, Cameo will acquire the claims for a consideration of its 20,000 common shares.”

In addition, Cameo announced that Campbell & Walker Geophysics is completing a 3D modelling of a strong magnetic anomaly stretching over 5km in a generally north-northeast trend across the Big Mac East block claims.

The company intends to leverage the completed 3D model of the Big Mac anomaly to identify one or two drill holes.

In September last year, Cameo completed a helicopter-based magnetic survey over the property, consisting of 773 line kilometres at 150m spacing.

Located in British Columbia’s prolific golden triangle, the Big Mac gold project covers 9,171ha in two separate claims blocks.

The acquisition of claims is subject to the approval of the TSX Venture Exchange.