VANCOUVER, British Columbia, June 25, 2018 (GLOBE NEWSWIRE) — Cameo Cobalt Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7N) (the “Company” or “Cameo Cobalt”) is very pleased to announce that the Company has completed 725.42 meters of diamond drilling on the Gochager Lake Copper-Cobalt-Nickel Project. The first batch of high priority samples has been delivered to an accredited laboratory in Saskatoon, Saskatchewan for assaying.
Both completed drillholes GL18001 and GL18002 were designed to test sections of reported higher grade nickel-copper-cobalt mineralization occurring in historic drillhole I-12 drilled in 1966.
Drillhole GL18001 intersected multiple zones of semi-massive to massive sulphide mineralization hosted within a very well mineralized gabbro.
Drillhole GL18002 drilled from the same section as drillhole GL18001 was designed to test a zone of massive sulphide mineralization in historic drillhole I-12 at a vertical depth of 290 meters. The drillhole did not intersect massive sulphide mineralization at this depth; but did however, encounter gabbro hosted massive sulphide mineralization higher up in the drillhole, suggestive of possible continuation of the massive sulphides encountered in drillhole GL18001.
Ian Fraser, consulting geologist states, “The two-hole drill program was very successful in confirming the reported massive sulphide mineralization in parts of historic drillhole I-12; but equally as important; the inclined drillholes have delineated the extent of the disseminated – interstitial mineralization occurring within the host gabbro. Historically, the Gochager Lake deposit was delineated mostly with vertical drillholes in what appears to be a very steeply dipping mineralized system. Encountering multiple zones of massive sulphide mineralization in drillholes GL18001 and GL18002 and intersecting mineralized gabbro at a depth 100 meters below the last reported intersection in historic drillhole I-12, has opened-up the Gochager Lake deposit for the potential to delineate more massive sulphide mineralization at depth and along strike within what appears to be a very significant mineralized system.”
Cameo Cobalt looks forward to reporting assay results in the coming weeks.
Gochager Lake copper-cobalt-nickel Project
The project, which consists of four claims covering 3,759 hectares, is located in Northern Saskatchewan approximately 75 kilometres north of the town of La Ronge. Historical exploration has identified a gabbro hosted Nickel-Copper deposit with elevated levels of Cobalt; however, the Cobalt values within the deposit were not consistently reported. Cobalt is 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, 0.7% copper and 2.86% cobalt as reported by the Saskatchewan government (Mineral deposit index No. 0880). Historical resource estimates (non-National Instrument 43-101 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 1.77 million 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 COBALT CORP.
“ Akash Patel”
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.