Aug 19 2020
Cameo Industries Corp. reports that it has acquired two platinum-group metals projects located in the Thunder Bay Mining District of Ontario.
Richview Pine Project map. Image Credit: Cameo Industries Corp.
Measuring about 27,500 ha in size, the recently acquired platinum-group metals projects are called the Sammy Ridgeline (Sammy Ridgeline Project) property and the Richview Pine (Richview Pine Project) property.
Both properties are located along trend and very close to active exploration projects focused on platinum-group metals. These exploration projects are owned by Generation Mining Ltd and Clean Air Metals Inc.
Richview Pine Project
The Richview Pine Project spans about 5000 ha in size and is split into four properties, as shown in the above figure. These properties are situated about 30 km west of Marathon in Ontario and contiguous to Generation Mining’s Marathon Palladium Project located several kilometers to the east.
The neighboring Marathon Palladium Project hosts an open-pit Indicated and Measured Resource of 179.25 million tons at 0.18 g/t platinum (Pt), 0.56 g/t palladium (Pd), 0.07 g/t gold (Au), 0.20% copper (Cu), and 1.6 g/t silver (Ag) (1.24 g/t PdEq), yielding 1.06 million ounces (Moz) contained Pt, 3.24 Moz contained Pd, 0.39 Moz contained Au, 796 Mlb Cu, and 9.34 Moz contained Ag (7,130,000 PdEq oz) using an NSR cut-off value of C$13/ton.
Bot mineralization and mineral resource estimates on nearby and/or contiguous properties are not essentially indicative of mineralization identified on the Richview Pine Project.
The western margin of the Coldwell Complex is the focus of the Richview Pine Project. The Coldwell Complex is one of the biggest alkaline complexes located in North America. It hosts and/or is linked to the platinum-palladium mineralization identified in the Marathon Palladium deposit.
In the case of the Richview Pine Project, its geology contains sedimentary rock assemblages, felsic-mafic volcanic rocks, and gneissic tonalities—crosscut by mafic intrusions.
On the basis of previous geological work, analogous trending faults intersecting the Coldwell Complex and the Marathon Palladium Project are also expected to intersect the Richview Pine Project. As part of its upcoming exploration programs, Cameo Industries has planned to explore these prospective faults further.
Sammy Ridgeline Project
The Sammy Ridgeline Project—also called the ThunderPlats Project—spans about 22,500 ha in size and is split into two properties. These properties are situated about 50 km northeast of Thunder Bay in Ontario in the northern section of the Proterozoic Midcontinent Rift area, which is believed to be an emerging Ni-Cu-PGM province.
Furthermore, the Sammy Ridgeline Project is situated about 65 km south of the Lac des Iles PGM mine owned by Impala Platinum Holding. It lies right next to the Thunder Bay North property owned by Clean Air Metals.
The neighboring Thunder Bay North property includes a historical resource estimate that was concluded back in January 2011 for Magma Metals (previous owner). The resource estimate comprises an open-pit Indicated Resource of 8.46 million tons at 0.98 g/t Pd (2.13 g/t PtEq) and 1.04 g/t Pt, yielding 266,000 oz contained Pd (580,000 oz PtEq) and 282,000 oz contained Pt.
It also comprises an underground Indicated Resource of 1.51 g/t Pd (3.48 g/t PtEq) and 1.03 million tons at 1.63 g/t Pt, yielding 50,000 oz contained Pd (115,000 oz PtEq) and 54,000 oz contained Pt.
Within an LG pit shell, the underground mineral resources were reported at a cut-off grade of 1.94 g/t PtEq and the open-pit mineral resources were reported at a cut-off grade of 0.59 g/t PtEq.
Both mineralization and mineral resource estimates on contiguous and/or adjacent properties are not essentially indicative of mineralization identified on the Sammy Ridgeline Project.
The Sammy Ridgeline Project contains regional sedimentary rocks as well as granitic intrusions, which are cross-cut by regional east-west trending faults. These trending faults are the key controlling structures located on the Thunder Bay North property.
In line with the exploration program performed on neighboring properties, Cameo Industries will aim to study the ultramafic-mafic intrusions intersecting these regional lithological packages.
Transaction Terms
The latest acquisition was performed according to the terms of an arm’s length share purchase agreement (Purchase Agreement) dated August 18th, 2020 between 2743282 Ontario Inc. (OntCo), Cameo Industries, and the shareholders of OntCo (Vendors).
As per the Purchase Agreement, Cameo Industries has acquired all the issued as well as outstanding common shares of OntCo, which currently holds a 100% title, right, and interest in and to the Richview Pine and Sammy Ridgeline properties in consideration of (i) issuing an aggregate of 12,400,000 common shares in the capital of Cameo Industries (Consideration Shares) to the Vendors and (ii) paying the sum of CDN$75,000 to certain Vendors.
The latest acquisition is subject to receipt of all required approvals, such as the approval of the Canadian Securities Exchange.