Cameo Resources outlines gold targets at Katoro

Executive Summary

• Cameo Resources Inc. released the final report from a high-resolution drone magnetic survey on its 100%-owned Katoro gold property in Tanzania, identifying high-priority gold targets based on structural correlations with nearby productive mines.
• The survey confirms the property lies on the Buckreef shear trend, with specific magnetic lineaments in the north and south indicating potential for gold-mineralized structures, particularly at the intersections of northeast-southwest and east-west trends.
• Concurrently, the company closed a private placement of 3,420,667 units at $0.15 per unit, raising gross proceeds of $513,100.05 for exploration and working capital, with warrants expiring in September 2027.

Key Details

• Survey Results: Final report received for high-resolution drone magnetic survey conducted mid-August 2025 by Hetamis Mineral Services Ltd. and SkyPM Solutions Ltd.
• Property: 19.58-square-kilometre Katoro gold property (including merged Kempton property) in the Geita region, Lake Victoria goldfield, Tanzania.
• Structural Findings:
  • Southern part: Strongly affected by faults/shear deformations along northeast-southwest-trending magnetic lineaments, interpreted as potential mineralized shear zone consistent with the Buckreef main shear zone.
  • Northern part: East-west-trending magnetic lineaments highly prospective for gold mineralization, typical of the Tembo gold deposit (Buckreef mine) and Nyamalimbe gold deposit.
  • High-priority zones identified at intersections of these structural trends.
• Proximity to Production:
  • Zone 1 is 550 metres from a known small-scale gold operation.
  • Zone 4 is 600 metres from a medium-scale gold operation.
• Future Plans: Aggressive exploration including geochemical sampling, pitting, trenching, geological mapping, and induced polarization geophysics, followed by a fast-tracked drilling program.
• Financing: Closed private placement of 3,420,667 units.
• Price: $0.15 per unit.
• Gross Proceeds: $513,100.05.
• Warrant Terms: Each unit includes one common share and one share purchase warrant.
• Exercise Price: $0.30 per warrant share.
• Warrant Expiry: September 24, 2027 (two years from issuance).
• Acceleration Clause: Warrants accelerate if share price >= $0.50 for 10 consecutive trading days, occurring 4+ months after issuance; expiry becomes 30 days from notice.
• Use of Proceeds: Exploration activities and general working capital.
• Hold Period: Statutory hold period expires January 24, 2026.
• Finders' Fees: None paid.

Notable Quotes

• "The findings from the magnetic work of Hetamis and Dr. Didas Mabula demonstrate the high prospectivity for gold mineralization to be discovered on the Katoro property. We now have geophysical confirmation that we are on the Buckreef shear trend, which is exactly what we expected. We can now see the entire property has high-priority zones for follow-up..." — Brian Thurston, PGeo, Technical Adviser.