Cameo completes 50% of survey over Katoro

Executive Summary

• Cameo Resources Inc. has completed over 50% of the initial induced polarization (IP) geophysical survey on its 100%-owned Katoro gold property in Tanzania.
• Initial raw, unprocessed data from the survey reveals multiple priority targets coincident with previous magnetic surveys, with high chargeability readings up to 250 millivolts per volt.
• The IP data indicates that potential gold mineralization in the northern part of the property is near-surface (within the top 60 meters of weathered bedrock), similar to depths found at the nearby Tembo gold deposit.

Key Details

• Survey Progress: Over 50% of the initial IP survey is complete, with groundwork finished and raw data collected for more than half of the project area.
• Survey Scope: The initial dipole-dipole IP survey consists of 58 line kilometers across five grids, covering a total area of 3.1855 square kilometers. Three of the five grids have been completed with raw data captured.
• Contractor: Hetamis Mineral Services Ltd. is conducting the survey in collaboration with Dr. Didas M. Mabula.
• Geophysical Findings:
  • Raw data shows multiple priority targets coincident with previously completed magnetic geophysical surveys.
  • High chargeability readings of up to 250 millivolts per volt have been identified.
  • Depth of IP targets in the northern project area is similar to the Tembo gold deposit (Buckreef gold mine), suggesting mineralization presides near-surface within the top 60 meters of weathered bedrock.
• Property Analysis: Approximately 65% of the 19.58-square-kilometer Katoro property shows structural features indicating prospectivity for gold mineralization.
• Targeting Strategy: Due to the large prospective area, the company is focusing targeting efforts mainly on the northern and central portions of the property.
• Next Steps: The company will wait for all field data to be collected and processed before finalizing drill hole priorities. Fieldwork is anticipated to be completed in the next two to three weeks, with the goal of fast-tracking the inaugural drill program.
• Qualified Person: Brian Thurston, PGeo, the company's technical adviser and a qualified person under National Instrument 43-101, reviewed and approved the technical information.

Notable Quotes

• "It is exciting to see the initial raw and unprocessed data already indicating the high prospectivity for gold mineralization to be discovered on the Katoro property. We continue to see similarities between the Katoro property and the Buckreef gold mine just 15 kilometres northeast an we now have IP data that suggests depths of potential mineralization comparable to what is known to occur at the Tembo gold deposit of the Buckreef gold mine. We continue to follow good science as it leads toward fast-tracking the inaugural drill program." — Brian Thurston, PGeo