Cameo Industries Corp. Acquires Saganaga Gold and Silver Project in Ontario
VANCOUVER, British Columbia, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Cameo Industries Corp. (CSE: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or
“Cameo”) is pleased to announce that it has closed an arm’s length share purchase agreement dated November 16, 2020 resulting in the acquisition (the
“Acquisition”) of 2752300 Ontario Inc. 2752300 Ontario Inc. is a private company formed under the laws of Ontario, whose sole asset is an option agreement (the “Option
Agreement’) with Benton Resources Inc. (“Benton”) dated July 31, 2020, whereby 2752300 Ontario Inc. has the option to earn up to a 100% interest in the Saganaga Gold and
Silver Project (“Saganaga Project”) located 120 km west of Thunder Bay, Ontario (Figure 1). The Saganaga Project consists of 27 mineral claims (350 claim units) that cover a number
of high-grade gold and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan Greenstone Belt in the Thunder Bay Mining District.
As consideration for the Acquisition, the Company issued an aggregate of 14,000,000 common shares at a deemed price of $0.13 per share to the shareholders of 2752300 Ontario Inc. (collectively the "Vendors"). In connection with the Acquisition, the Company also issued 1,153,846 common shares at a deemed price of $0.13 per share to an eligible arm’s length finder. All securities issued pursuant to the Acquisition will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.
The Saganaga property is accessible via a well maintained logging road and located in the southwestern extension of the Shebandowan Greenstone Belt, which is approximately 5 km wide and bounded by the north, east and south by granitoid complexes, and to the southeast by the older Northern Lights metagneiss. The southeastern section of the Shebandowan Greenstone Belt is cut by two major NE-SW oriented faults; the Greenwater Lake and Knife Lake faults. The Greenwater Lake fault cuts the Saganaga Project with left lateral displacement along the fault system. These structures and related splays likely provide conduits for gold-bearing fluids in the region.
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