Cameo Resources Corp. to Option Lithium Project in Quebec's Whabouchi Lithium District
VANCOUVER, British Columbia, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX-V:CRU) (OTC:SIDNF) (the “Company” or “Cameo Resources”) is pleased to report that it has entered into an agreement with Clean Commodities Corp. (the “Optionor”) whereby it may earn an 80% interest in the Dumont and Spodumene Lake Lithium Projects (the “Whabouchi Project”) located in close proximity to Nemaska Lithium Inc.
“The Spodumene Lake and Dumont lithium projects stand to position Cameo Resources as a large and leading player in the Whabouchi Lithium District. Through this option agreement, Cameo Resources can focus the majority of its efforts advancing a project that has already demonstrated the presence of lithium in a tier-one lithium exploration camp. We are excited that the project places us in such close proximity to institutional-backed Nemaska Lithium and provides our shareholders with lithium exploration exposure,” commented Akash Patel, President of the Company.
Upon completion of the earn-in, Cameo Resources Corp. would be positioned as one of the largest mineral tenure holders in the Whabouchi Lithium District, which hosts Nemaska Lithium Inc.’s proposed Whabouchi spodumene lithium mine. Infrastructure on the Spodumene Lake and Dumont lithium projects is considerable, with both road and power facilities in place.
An attachment accompanying this release is available at http://resource.globenewswire.com/Resource/Download/e87ccf33-9c1f-4d4f-9719-01d5205c9c76
Pegmatitic bodies are typically emplaced as steeply dipping dykes, and often occur in swarms within district-scale trends, with a portion that may potentially be spodumene bearing. The projects under option in the region are located approximately 5 km west (Spodumene Lake Lithium Project) and 10 km south (Dumont Lithium Project), of the Whabouchi Lithium Deposit. Apart from the Whabouchi Lithium Deposit, the region has been subject to only limited exploration for its lithium potential; however, significant pegmatite occurrences have been identified from past work on the Dumont Lithium Project.
Dumont Lithium Project
The Dumont Lithium Project is located 6 km south and east of the proposed Nemaska Lithium mine and was acquired for its large number of identified pegmatites and its highly prospective position to locate additional pegmatite bodies which may have spodumene lithium potential. It covers 14,548 ha, approximately 35km in length by up to 6km in width, and is orientated SW-NE.
Recent exploration by Clean Commodities Corp. identified elevated lithium (344 ppm Li2O) sampled at the Dumont Lithium Project clustered along an approximate 300 metre strike with three other samples that also returned anomalous Li2O (129 ppm, 146 ppm, 174 ppm)(see Clean Commodities Corp. news release dated October 27, 2016). The anomalous zone of lithium discovered at the Dumont Lithium Project may be indicative of higher-grades present in the vicinity. A large portion of the project also remains to be prospected.
The Dumont Lithium Project is named in honour of Georges H. Dumont (1911-1999) a pioneer of the Quebec mining industry. Inducted into the Canadian Mining Hall of Fame, Mr. Dumont identified Quebec’s first lithium mine and was instrumental in discovering numerous lithium deposits in Quebec. Prior to his passing in 1999, Mr. Dumont called lithium “the metal of the future.”
Spodumene Lake Project
The Spodumene Lake Project covers 4,484 ha in the immediate vicinity of by Nemaska Lithium Inc.’s proposed Whabouchi lithium mine and is as close as 560 metres from the Nemaska Lithium Inc. Whabouchi project. The Spodumene Lake Project is roughly 13km in length and up to 6km in width. It is orientated SW-NE in similar trajectory to Nemaska Lithium’s project.
The Spodumene Lake Project after the shared lake connecting the project ground with that of Nemaska Lithium Inc. As reference, spodumene is a source of lithium in pegmatites.
Technical Report
The Company reports that an external geological consulting firm has been engaged to prepare a new 43-101 technical report on the Whabouchi Project, which is expected to be completed and filed by the Company within the next 30 days.
The Company advises that the Whabouchi Project is expected to receive the majority of the company’s resources and managerial focus and is will serve as the Company’s qualified property.
Terms of the Agreement
The option agreement for the Whabouchi Project is between the Company and publicly-traded Clean Commodities Corp. The project terms are $25,000 on signing, the issuance of 500,000 common shares at closing and an exploration expenditure earn-in of $5m over four years (being $500,000 in year one, $1m in year two, $1.5m in year three and $2m in year four). Upon completion of the option agreement, the Whabouchi Project would become a joint venture between the Company and Clean Commodities Corp., with the Company serving as the Operator. The transaction is subject to the approval of the TSX Venture Exchange and all shares issued under the transaction are subject to a four-month hold period. No finders fees are payable.
Qualified Person
Technical disclosure in this news release has been reviewed and approved by Lorne Warner as defined by National Instrument 43-101.
On behalf of the Board of Directors,
CAMEO RESOURCES CORP.
“Akash Patel”
Akash Patel
President
For further information, please contact
Akash Patel
President
604-446-6440
Email: akashp006@gmail.com
www.cameoresources.com
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.