Pursuant to the terms of the agreement, Cameo Cobalt will acquire all issued and outstanding Forrest shares in return for the issuance of a total of four million common shares to the Forrest shareholders.
The Big Mac project is adjacent to Aben Resources’ Forrest Kerr gold project and located north of properties owned by Garibaldi Resources and Colorado Resources.
Covering a total area of 9,264ha, the project comprises 12 mineral claims structured into three tenure blocks.
The project is said to have skarn-style mineralisation on western property containing historic rock grab samples of up to 2.9 grams per tonne (g/t) gold and 9% copper.
Cameo Cobalt CEO Akash Patel said: “The acquisition of the Big Mac gold project gives Cameo access to a strategic land package located in British Columbia’s prolific Golden Triangle.
“Given the success of this year’s exploration season, management is of the belief these mineral claims would be virtually impossible to assemble using traditional staking means.”
Cameo is working on identifying a competent supplier to carry out a late-season work programme.
The company expects to awards contracts soon in a bid to identify actionable targets for upcoming exploration initiatives.
The completion of the transaction is subject to Cameo Cobalt completing a private placement financing with gross proceeds of $300,000.
Under the placement, the company will issue 1.5 million units at a price of 20¢ a unit.