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Cameo completes acquisition of PGM Projects in Thunder Bay

Oct 16, 2020

Cameo Industries Corp. has closed the share purchase acquisition of 2743282 Ontario Inc., which holds a 100% right, title, and interest in the Richview Pine and Sammy Ridgeline platinum-group metals projects in Thunder Bay. As consideration for the Acquisition, the Company issued an aggregate of 12,400,000 common shares to the shareholders of 2743282 Ontario Inc. (collectively the "Vendors") and paid the sum of $75,000 to a certain Vendor for reimbursement of staking costs. In addition, the Company has granted a combined 2% net smelter returns royalty ("NSR") in favour of certain Vendors in respect of the Properties, subject to the right and option of the Company to purchase 1% of the NSR for a price equal to $2,000,000 at any time, on or before the seventh anniversary of the date of grant of the NSR.

The Properties are along trend and in close proximity to active PGM-focused exploration projects owned by Clean Air Metals Inc. and Generation Mining Limited. The Company plans to complete data compilation and structural interpretations of past exploration data on the Properties in preparation for an upcoming exploration program, further details of which will be provided in subsequent news releases.

The Richview Pine Project is located adjacent to Generation Mining Limited's Marathon palladium project ("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 (referenceNI 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 Limited.). 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 Sammy Ridgeline Project (also known as the ThunderPlats Project) is located immediately adjacent to Clean Air Metal Inc.’s Thunder Bay North property ("TBN Property"). The adjacent TBN Property contains a historical resource estimate completed in January 2011 for the TBN Property's previous owner, Magma Metals Limited, comprised 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, 2020filed on SEDAR under Clean Air Metals Inc.). 

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