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CAMEO RESOURCES CORP. SUBMITS EXPLORATION PERMIT FOR COBALT PROJECT

Cameo Resources Corp. has submitted an exploration permit application to the Saskatchewan Ministry of Environment to carry out certain exploration activities on the newly acquired Gochager Lake copper-cobalt-nickel project. Once the applicable exploration permit is approved, the company will immediately relocate a drill rig to the property and begin with the spring exploration campaign.

Consulting geologist Ian Fraser states: “The issuance of the exploration permit will allow for immediate mobilization of the drill rig onto the Gochager Lake property. The drill rig is strategically located near Missinipe; the hamlet of Missinipe is approximately 20 kilometres from the property. The drill rig will be flown to the property by helicopter. Once on site, twinning of historical drill holes can begin. The proximity of the drill rig to the property and available support will make for easy logistics and mobilization.”

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 semi-massive and massive Ni-Cu deposit with significantly elevated levels of cobalt, 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 per cent nickel, 0.70 per cent copper and 2.86 per cent 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 per cent Ni and 0.08 per cent 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 1,770,000 tonnes at 0.735 per cent nickel equivalent.

Ian Fraser, BSc, PGeo, 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.