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Cameo Cobalt Intersects 117.7 Meter Fully Mineralized Zone Including 1.95% Nickel, 0.14% Cobalt and 0.22% Copper Over 2.70 Meters at The Gochager Lake Project

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VANCOUVER, British Columbia, July 25, 2018 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX:CRU) (OTC:CRUUF) (FWB:SY7N) (the "Company" or "Cameo Cobalt") is pleased to announce assays for Drillhole GL18001 has confirmed the presence of massive sulphide mineralization with high-grade Nickel and Cobalt values within a 117.7 meter mineralized interval.    

Cameo recently completed 725.4 meters of drilling in two drillholes, GL18001 and GL18002, at the Gochager Lake project, SK. Both drillholes were designed to test Nickel, Cobalt and Copper mineralization reported in historic drillhole I-12 drilled in 1966. Drillhole I-12 had reported high-grade Nickel and Cobalt intersections occurring within a mineralized zone that assayed 0.57% Nickel, 0.12% Copper over 290.5 meters. Assaying for Cobalt in drillhole I-12 was inconsistent.

Composite grade intervals for GL18001:

GL18001 Composite Grade Intervals

Drillhole # From (m) To (m) Interval (m) Ni % Co % Cu % NiEq %
GL18001 108.0 225.7 117.7 0.26 0.02 0.07 0.40
including 108.0 198.0 90.0 0.31 0.02 0.08 0.45
including 108.0 129.4 21.4 0.54 0.04 0.11 0.80
including 115.6 129.4 13.8 0.65 0.05 0.12 0.96
including 126.7 129.4 2.7 1.95 0.14 0.22 2.77
including 147.0 153.4 6.4 0.42 0.03 0.11 0.62
Including 147.5 150.0 2.5 0.68 0.05 0.18 1.02
including 173.0 188.0 15.0 0.43 0.03 0.16 0.66

*The intervals reported are not true widths
**NiEq (Nickel Equivalent) was derived utilizing Nickel, Cobalt and Copper prices July 17, 2018; $6.10/lb, $31.53/lb and $2.74/lb respectively (USD) and calculation assumes 100% recovery

  • Drillhole GL18001 was drilled south of and towards vertical drillhole I-12 at an inclination of -70°.
  • 63% of the samples within the 117.7m interval assayed >1000 ppm Nickel.
  • Within the 117.7m interval, disseminated to interstitial pyrrhotite (dominant) / chalcopyrite mineralization is consistent and locally occurs as zones of net-textured to semi-massive to locally massive mineralization.
  • Mineralization is hosted in a Gabbro that locally shows evidence of shearing; notably, sections of intense foliation, along with localized shear zones and numerous quartz veins hosting massive pyrrhotite that typically assayed >10,000 ppm Nickel.
  • The massive sulphide intersection at 126.7-129.4m is evidence that within the broad zone of mineralization, intervals of massive sulphide mineralization, and hence high-grade Nickel-Cobalt do occur.
  • Cameo is awaiting results from drillhole GL18002.

Cameo is very encouraged by these initial results and the presence of massive sulphide mineralization containing high-grade Nickel and Cobalt values within this broad mineralized system. The company has prepared a $2,000,000 Exploration Plan and Budget to be executed over the next 12 months. A major component of the Budget will be to do follow-up Borehole Electromagnetic (BHEM) surveying of drillholes GL18001 and GL18002 to delineate the zones of massive sulphide contained within both drillholes and to identify additional massive sulphide lenses within the mineralized system.

Quality Assurance / Quality Control (QA/QC)

Cameo has included a thorough QA/QC control program at the Gochager Lake Project. Drill core logging was performed by a geologist with a P.Geo. designation and the cutting and sampling of the drill core was overseen by the geologist. All the BQTW drill core in GL18001 was sawn in half, one half of the selected sample was placed in a sample bag with a sample tag, the other half remains in the core box. A Canmet certified standard, a blank standard and field duplicates were part of the sampling stream. Typically, every 20th sample in the sample stream was a QA/QC-type sample. 

Assaying was performed at TSL Laboratories in Saskatoon, SK; a certified laboratory. A multi-acid, multi element ICP-MS analyses was performed on all samples sent to the lab. All Nickel and Copper over limit results (>10,000 ppm) were subjected to an Ore Grade Nickel and Copper fire assay. Cameo inserted an ore grade Canmet certified standard within the over limit sample stream for QA/QC purposes.

Qualified Persons

Ian Fraser, BSc., P.Geo., is a qualified person as defined in National Instrument 43-101. He conducted the Gochager Lake drill program.  He has reviewed and is responsible for the technical information presented in this news release regarding the Gochager Lake drilling.

CAMEO COBALT CORP.
 " Akash  Patel"          

For more information contact:
(778) 549-6714

Or Email: lucasbirdsall@gmail.com www.cameocobalt.com

Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company's proposed acquisition, exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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