The Properties are along trend and in close proximity to active PGM-focused exploration projects owned by Clean Air Metals
A map showing RichviewPine Project in Canada. (Credit: Cameo Industries Corp.)
Cameo Industries announces the acquisition (the “Acquisition”) of two platinum-group metals (“PGM”) projects, approximately 27,500 hectares in size, in the Thunder Bay Mining District of Ontario. These two newly acquired PGM projects are referred to as the Richview Pine (“Richview Pine Project”) and Sammy Ridgeline (“Sammy Ridgeline Project”) properties (collectively the “Properties”). The Properties are along trend and in close proximity to active PGM-focused exploration projects owned by Clean Air Metals Inc. (TSX-V:AIR) and Generation Mining.
The Richview Pine Project is approximately 5,000 hectares in size and divided into four properties (Figure 1), located approximately 30 km west of Marathon, Ontario and adjacent to Generation Mining’s Marathon Palladium Project several kilometres to the east. The adjacent Marathon Palladium Project contains an open-pit Measured and Indicated Resource of 179.25 million tonnes at 0.56 g/t Pd, 0.18 g/t Pt, 0.20% Cu, 0.07 g/t Au, 1.6 g/t Ag (1.24 g/t PdEq) resulting in 3.24 Moz contained Pd, 1.06 Moz contained Pt, 796 Mlb copper, 0.39 Moz contained Au, and 9.34 Moz contained Ag (7,130,000 PdEq ounces) using an NSR cut-off value of C$13/tonne (reference: NI 43-101 Technical Report, Updated Mineral Resource Estimate, and Preliminary Economic Assessment of the Marathon Deposit for Generation Mining prepared by P&E Mining Consultants with an effective date of January 6, 2020, filed on SEDAR under Generation Mining Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Richview Pine Project (please refer to additional cautionary statements below).
The Richview Pine Project is focused on the western margin of the Coldwell Complex, one of the largest alkaline complexes in North America, which hosts and/or is associated with the platinum-palladium mineralization in the Marathon Palladium deposit. The geology of the Richview Pine Project consists of felsic-mafic volcanic rocks, sedimentary rock assemblages, and gnessic tonalites, which are crosscut by mafic intrusions. Based on past geological work, similar trending faults that intersect the Marathon Palladium Project and the Coldwell Complex may also intersect the Richview Pine Project, and Cameo intends to investigate these potential faults further as part of its upcoming exploration programs.
Sammy Ridgeline Project
The Sammy Ridgeline Project (also known as the ThunderPlats Project) is approximately 22,500 hectares in size and divided into two properties (Figure 2), located approximately 50 km northeast of Thunder Bay, Ontario in the northern part of the Proterozoic Midcontinent Rift region, an emerging Ni-Cu-PGM province. The Sammy Ridgeline Project is located approximately 65 km south of Impala Platinum Holding’s Lac des Iles PGM mine and located immediately adjacent to Clean Air Metals’ Thunder Bay North property. The adjacent Thunder Bay North property contains a historical resource estimate completed in January 2011 for Magma Metals (previous owner) comprising of an open-pit Indicated Resource of 8.46 million tonnes at 1.04 g/t Pt and 0.98 g/t Pd (2.13 g/t PtEq) resulting in 282,000 oz contained Pt and 266,000 oz contained Pd (580,000 oz PtEq), and an underground Indicated Resource of 1.03 million tonnes at 1.63 g/t Pt and 1.51 g/t Pd (3.48 g/t PtEq) resulting in 54,000 oz contained Pt and 50,000 oz contained Pd (115,000 oz PtEq). The open-pit mineral resources were reported within an LG pit shell at a cut-off grade of 0.59 g/t PtEq and underground mineral resources were reported at a cut-off grade of 1.94 g/t PtEq (reference: NI 43-101 Technical Report on the Thunder Bay North and Escape Lake Properties, Northern Ontario, Canada for Regency Gold Corp. and prepared by Clark Exploration Consulting with an effective date of January 31, 2020, filed on SEDAR under Clean Air Metals Inc.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Sammy Ridgeline Project (please refer to additional cautionary statements below).
The Sammy Ridgeline Project consists of regional sedimentary rocks and granitic intrusions, cross-cut by regional east-west trending faults, which are the major controlling structures on the Thunder Bay North property. Similar to exploration work undertaken on adjacent properties, Cameo will aim to explore for ultramafic-mafic intrusions that intersect these regional lithological packages.
Transaction Terms
The Acquisition was carried out in accordance with the terms of an arm’s length share purchase agreement (the “Purchase Agreement”) dated August 18, 2020 between the Company, 2743282 Ontario Inc. (the “OntCo”), and the shareholders of OntCo (the “Vendors”). Pursuant to the Purchase Agreement, the Company has acquired all of the issued and outstanding common shares of OntCo, which holds a 100% right, title and interest in and to the Properties, in consideration of: (i) issuing to the Vendors an aggregate of 12,400,000 common shares in the capital of the Company (the “Consideration Shares”); and (ii) paying to a certain of the Vendors the sum of CDN$75,000. The Acquisition is subject to receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
Source: Company Press Release