VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) --
Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “
Company” or “
Cameo”) is pleased to announce it has retained Campbell & Walker Geophysics Limited (“Campbell & Walker”) to complete a 3D model of a magnetic anomaly identified on its 100% owned Big Mac property. The Company previously completed a helicopter-borne magnetic survey over the Big Mac Property located in British Columbia’s prolific golden triangle, 16 km northwest of the Eskay Creek Mine (see Cameo news release September 6, 2018).
Continuing interpretation of the airborne magnetic data has identified a strong magnetic anomaly stretching more than five kilometers, in a generally north-northeast trend across the Big Mac East Block claims. This anomaly appears to be up to approximately 1 kilometer wide, and is interpreted by consultants to Cameo to hold the potential to record a buried back-arc spreading centre.
The anomaly occurs within Hazelton Group basalts mapped as Eskay rift fill by government geologists (e.g. Nelson et al., 2018*), on a prominent topographic feature referred to as “Pillow Ridge” entirely within the Big Mac East Block and located 16 kilometers northwest of the historical gold and silver producing Eskay Creek Mine site.
Campbell & Walker will model the anomaly in 3D, using advanced voxel modeling software in order to better determine extents, continuity, and probable depth to source. The Company is of the opinion that this information could be critical for field investigation of the anomaly and surrounding area that is planned for this summer.
Akash Patel, Chief Executive Officer and a director of Cameo Cobalt, stated: “The Company eagerly awaits completion of the 3D model by Campbell & Walker. This anomaly warrants further investigation in the field by prospecting, mapping, surface sampling and an initial one or two drill holes to establish the stratigraphic context. The 3D model will greatly assist the Company with its 2019 exploration plans.”
Harrison Cookenboo, Ph.D., P.Geo., a consultant to Cameo, is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the technical information in this news release.
CAMEO COBALT CORP.
For more information contact:
* Nelson, J.O., Waldron, J., van Straaten, B., Zagorevski, A., and Rees, C., 2018. Revised stratigraphy of the Hazelton Group in the Iskut River region, northwestern British Columbia. In: Geological Fieldwork 2017, British Columbia Ministry of Energy, Mines and Petroleum Resources, British Columbia Geological Survey Paper 2018-1, pp. 15-38.
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.