Cameo Cobalt has signed a share purchase agreement to acquire Forrest Kerr Resources, the owner of the Big Mac gold property, an exploration project located in British Columbia's Golden Triangle.
The Big Mac Gold Project shares more than 30 kilometres of contiguous claim boundaries on the east and west sides of Aben Resources Ltd.’s Forrest Kerr gold project. The Big Mac Gold Project is also located just north of properties owned by Garibaldi Resources Ltd. and Colorado Resources Ltd.
Claims are contiguous with Aben Resources in the Golden Triangle;
Positions Cameo Cobalt in the Golden Triangle;
Known skarn-style mineralization on western property containing historic rock grab samples of up to 2.9 grams per tonne(g/t) gold (Minfile No. 104B367) and 9.0% copper (Minfile No. 104B493); and
Eastern claim block overlie Hazelton volcanics/volcanoclastics.
Cameo Cobalt CEO Akash Patel said: “The acquisition of the Big Mac Gold Project gives Cameo access to a strategic land package located in British Columbia’s prolific Golden Triangle.
“The project is adjacent to Aben Resources and located immediately north of projects owned by Garibaldi Resources Ltd. and Colorado Resources Ltd. Given the success of this year’s exploration season, management is of the belief these mineral claims would be virtually impossible to assemble using traditional staking means.
“Cameo is working to engage a supplier with extensive regional experience to perform a late season work program.
“The Company plans to execute upon these contracts in the coming weeks, with the objective of identifying actionable targets for upcoming exploration initiatives.
“Cameo wishes to convey to its loyal shareholders that the Company is continuing to pursue its energy metals focus. However, the Company will always consider new opportunities to increase shareholder value.”
About the Big Mac Gold Project
The Big Mac Gold Project consists of 12 mineral claims structured into three tenure blocks. The project comprises a total of 9,264 hectares (about 22,881 acres). The project offers close proximity to the Eskay Creek access road and the newly constructed Alta Gas McLymont hydro-power facility.
The Big Mac Gold Project is the largest claim package contiguous with Aben Resources’ Forrest Kerr gold project which recently disclosed drill results indicating multiple high-grade zones including 62.4 g/t gold over 6.0m within 38.7 g/t gold over 10.0m at its Forrest Kerr project (see Aben Resources news release dated August 9, 2018).
The specific location of the Big Mac Gold Project is notable as it not only surrounds much of Aben Resources’ Forrest Kerr gold project, but it also contains significant tenure held in the past by Barrick Gold.
Aben Resources recently provided an update announcing discovery of a “south boundary” mineralized zone 1.5km south of north boundary zone at its Forrest Kerr project in BC’s golden triangle.
The Barrick Gold area is of interest to the Big Mac Gold Project as it is situated in a comparable environment to the Carcass Creek and Boundary zones recently drilled by Aben Resources, being both situated east of the Forrest Kerr fault structure and mapped within Hazelton group volcanics, specifically the Hazelton group volcanics.
The target environment at the Big Mac Gold Project is the volcanic settings (Stuhini group and Hazelton group volcanics) known to host mineralization elsewhere in the immediate area.
Receding glaciation within the Golden Triangle has opened new exploration opportunities and physical access not previously available under historic exploration activity.
Additional regional activity has yielded encouraging drill results including Golden Ridge Resources announcement of a copper-gold porphyry discovery on its Hank Property intersecting 327m with grades of 0.31% Cu, 0.35 g/t Au, 1.94 g/t Ag.
Source: Company Press Release