- Cameo Industries (CRU) has completed its acquisition of two platinum-group metals projects in the Thunder Bay Mining District of Ontario
- The Richview Pine and Sammy Ridgeline properties cover a total of 27,500 hectares and are in close proximity to several other active exploration projects
- Under the terms of the transaction, Cameo acquired 2743282 Ontario Inc, which previously held the projects, for 12.4 million common shares and C$75,000 in cash
- Cameo Industries (CRU) is currently steady at 19 cents per share
Cameo Industries (CRU) has completed its acquisition of two platinum-group metals projects in the Thunder Bay Mining District of Ontario.
The Richview Pine and Sammy Ridgeline properties cover a total of 27,500 hectares, and are along trend and in close proximity to several other active exploration projects owned by Clean Air Metals and Generation Mining.
Under the terms of the acquisition, Cameo acquired all of the issued and outstanding common shares of 2743282 Ontario Inc, which previously owned the properties, for a total of 12.4 million common shares and $75,000 in cash.
Located roughly 30 kilometres west of Marathon, the Richview Pine Project covers a total of 5,000 hectares.
It sits adjacent to Generation Mining’s Marathon Palladium Project, which hosts an estimated resource of 179.25 million tonnes at 0.2 per cent copper, 0.07 grams per tonne of gold and 1.6 grams per tonne of silver.
The Richview Pine Project focuses primarily on the western margin of the Coldwell Complex, which is considered one of the largest alkaline complexes in North America and is associated with the Marathon Palladium deposit.
According to previous geological work, a number of trading faults that intersect the Marathon Palladium Project and the Coldwell Complex may also intersect the Richview Pine Project. This theory will be evaluated by Cameo in future exploration programs.
The Sammy Ridgeline Project is significantly larger, covering 22,500 hectares roughly 50 kilometres northeast of Thunder Bay in the northern section of the Proterozoic Midcontinent Rift region.
The project also sits 65 kilometres south of Impala Platinum Holding’s Lac des Iles PGM mine and is immediately adjacent to Clean Air Metals’ Thunder Bay North property.
Comprised of regional sedimentary rocks and granitic intrusions, the Sammy Ridgeline Project is cross-cut by regional east-west trending faults, which are the major controlling structures on the Thunder Bay North property.
Cameo intends to explore the property for ultramafic-mafic intrusions that intersect these regional lithological packages.
Cameo Industries (CRU) is currently steady at $0.19 per share, as of 1:03pm EDT.