Cameo Industries Corp Discusses Newly Acquired Starr Property and Announces $300,000 Private Placement
CAMEO INDUSTRIES CORP DISCUSSES NEWLY ACQUIRED STARR PROPERTY AND
ANNOUNCES $300,000 PRIVATE PLACEMENT
Vancouver, British Columbia – December 9, 2020 – Cameo Industries Corp. (CSE: CRU) (OTC: CRUUF)
(FWB: SY7N) (the “Company” or “Cameo”) is pleased to announce historical highlights from its recently
acquired Starr gold and silver property (“Starr Property”) (formerly called the Saganaga Property) located
120 km west of Thunder Bay, Ontario (Figure 1) (refer to Cameo news release dated November 25, 2020).
The Starr Property consists of 27 mineral claims (350 claim units) that cover a number of high-grade gold
and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan
Greenstone Belt in the Thunder Bay Mining District and is accessible year-round by highway and logging
roads.
Starr Property Summary
The Starr Property (formerly called the Saganaga Property) is located in the southwestern extension of
the Shebandowan Greenstone Belt, which is approximately 5 km wide and bounded to the north, east
and south by granitoid complexes , and to the southeast by older Northern Lights metagneisses. The
southeastern section of the Shebandowan Greenstone Belt is cut by two major NE-SW oriented faults; the
Greenwater Lake and Knife Lake faults. The Greenwater Lake fault cuts the Starr Property with left lateral
displacement along the fault system. These structures and related splays likely provide conduits for gold-
bearing fluids in the region.
The Starr Property consists mainly of pillowed mafic flows and massive mafic volcanics intruded by several
gabbroic plugs. In the eastern secti on of the property the mafic units are commonly interlayered with
sedimentary sequences which include volcaniclastics and chemical sediments composed of magnetite -
chert banded iron formation. In localized areas, particularly in the eastern portion of the property quartz-
feldspar porphyry (QFP) dykes are commonly found to cut the mafic volcanics.
The Starr Property contains several historical gold showings discovered by previous operators including
Teck Cominco and Benton Resources Inc . Gold has been found in a variety of geological settings, but
typically occurs in spatial relationship with geological unit contacts along secondary/tertiary shear zones.
Several of these gold showings are shown in Figure 1 and three of the most significant occurrences are
detailed below.
Figure 1: Starr Property Compilation Map
The Lakeshore Showing (also known as the Cunniah Lake gold occurrence)
The Lakeshore Showing was identified in 1934 and worked on sporadically by companies including Hemlo
Gold Mines, Band-Ore Resources, Benton Resources, and Teck Cominco. Gold is hosted by a vertically
dipping quartz vein, approximately 25 cm in width and striking N90E, which contains minor pyrite along
with gold-silver tellurides. A 423 kg bulk sample collected in 199 9 from selectively sampled high grade
vein material returned a weighted average grade of 356.3 g/t Au and 850 g/t Ag. (Source: Mineral Deposit
Inventory for Ontario MDI000000001080 – Cunniah Lake Gold Occurrence 2011 and Lakeshore Gold
Occurrence 2014)
The Starr Zone
The Starr Zone was discovered in 1991 by Wye Resources. Significant exploration work has been
completed since then including ground magnetic and induced polarization surveys, geological mapping,
trenching, channel sampling, and diamond drilli ng. Gold is found both in albitized metavolcanics where
hydrothermal pyrite is associated with disseminated gold as well as within quartz veins where higher
grade gold has been identified. Significant drill ing intercepts include up to 5.69 g/t Au over 20 m (Teck
Cominco, 2006) and 5.51 g/t Au over 8.2 m (Benton Resources, 2012) (Source: Mineral Deposit Inventory
for Ontario MDI000000001717 – Starr Zone 1991)
The Powell Zone
The Powell Zone was discovered in 1934 by the Powell Brothers (prospectors) of Sagan ana Lake.
Numerous exploration programs have been completed since then including stripping, mapping, channel
sampling, ground and airborne geophysics, and diamond drilling. A gold -bearing quartz vein striking 40 -
55 degrees, varying in width from 0.9 to 6 m , has been exposed over a strike length of 121 m. Gold
mineralization has been identified in a thick stratigraphic tuffaceous sequence with significant carbonate
and silica alteration. Drilling by Benton Resources in 2009 returned drilling intercepts up to 2.5 g/t Au over
4.25 m and 2.3 g/t Au over 4.85 m (Source: Mineral Deposit Inventory for Ontario MDI 52B07SW00007 –
Powell Occurrence 1934).
Data Verification Statement
A Qualified Person has not fully verified the historical results disclosed above includ ing any sampling,
analytical, and test results underlying this information, other than reviewing the geological information
and exploration results disclosed in the Mineral Deposit Inventory assessment files from previous
operators referenced above for the Starr Project, and any available public information. The Company and
a Qualified Person plan to complete a detailed review and verify the available scientific and technical
information on the Starr Project as part of its exploration planning over the next several months. However,
based on a preliminary assessment of this historical information it appears recent drilling and analytical
results by Teck Cominco and Benton Resources were completed using industry best practices and QAQC
protocols at the time . Th e historical information disclosed provides an indication of the exploration
potential of the Starr Project but may not be representative of expected results once the Company
completes its own exploration programs on the Starr Project.
Private Placement Financing
The Company is also pleased to announce a non -brokered private placement (the “Private Placement”)
of up to of 2,000,000 units (the “Units”) of the Company at a price of $0.15 per Unit for gross proceeds of
$300,000 (the “Offering”). Each Unit consists of one (1) common share (the “ Common Share”) and one
(1) transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof
to purchase one (1) additional Common Share of the Company for a period of two years from closing at a
price of $0.20 per common share. All securities issued pursuant to the Private Placement are subject to a
statutory four-month hold period pursuant to applicable securities laws of Canada.
Proceeds from the Offering will be used to advance the Company’s exploration projects in Canada and for
working capital purposes. In connection with the Offering, the Company may pay a finder’s fee subject to
the policies of the Canadian Securities Exchange. Any insider participation in the Offering is un known at
this time.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Paul
Ténière, M.Sc., P.Geo., CEO and Director of Cameo Industries Corp, who is a Qualified Person as defined
in NI 43-101.
On behalf of the Board of Directors
CAMEO INDUSTRIES CORP.
Paul Ténière, M.Sc., P.Geo.
CEO and Director
Suite 810 - 789 West Pender Street
Vancouver, BC V6C 1H2
Ph: (604) 687-2038
For more information about Cameo, please visit the Company’s SEDAR profile at
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005547
Forward-looking Information Statement
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 mining 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 oth er 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 a nd 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 Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accura cy of
this release.