Canadian GoldCamps Corp. Acquires Central Newfoundland Gold Belt Licenses; Appoints Keats as Advisor

TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. ("Canadian GoldCamps", or the "Company") (CSE: CAMP) (FSE: A68) is pleased to announce that it has entered into an agreement to acquire a 100% interest in seven highly prospective mineral licenses, comprising 3,025 acres adjacent to and surrounding the western border of New Found Gold Corp.’s Queensway Project in the province of Newfoundland and Labrador, Canada.

Alex Terentiew, President & CEO commented “I am excited to announce our first acquisition as Canadian GoldCamps. Our vision at the outset has been to build Canadian GoldCamps into a premier Canadian critical mass gold exploration and development platform for investors seeking exposure to the best opportunities from top-tier management that the next generation of Canadian gold discoveries may present. The Company is intent on being proximal to large new discoveries with a commanding position in both existing and new and highly active gold camps, as well taking commanding positions in belts that possess all of the ingredients for the next major Canadian discovery.

These first prospective properties, which will benefit from tens of thousands of metres of upcoming drilling by its neighbors, were acquired with the intent of participating in the resource patrimony apparent along the most important faults associated with discoveries in the province. With their acquisition, the Company now has exposure to the Central Newfoundland Gold Belt, an under explored district with excellent infrastructure that is showing tremendous gold exploration potential, as evidenced by numerous recent high-grade discoveries on the neighbouring Queensway Project.

This includes 92.96 g/t over 19 metres in the Keats Zone¹ just 2 km from our Bowater claims where historic gold surface sampling has identified values up to 20 g/t². Given the limited work done to date and the prospective geology, we believe the potential for more high-grade discoveries is excellent.

Over the past couple of months, we have been busy evaluating numerous growth opportunities. I expect the acquisition of these Newfoundland properties to be the first of several transactions in the very near-term as we continue to look for attractive projects within Canada that we believe will add value to our shareholders.”

Keats as Advisor for Newfoundland

Canadian GoldCamps is also pleased to announce that Wesley Keats has joined the Company as a technical advisor. Mr. Keats is an experienced prospector and project generator based in Newfoundland and Labrador. Over five generations, his family has been involved in prospecting and discoveries in the province and globally, including Point Leamington, Tally Pond, Duck Pond and the high-grade Keats Zone at New Found Gold’s Queensway project, 2 kms from our Bowater project.