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Drill Results

Cameo to Drill 10-15 High Priority Gold Targets at Katoro, Undertake Private Placement

By The Northwire Desk — AI Analysis Feb 05, 2026 · 08:31 MEO · 0.25 Cameo Resources Inc.
MEO · Price

Executive Summary

  • Cameo Resources Inc. has executed a Drilling Services Agreement with HETAMIS Mineral Services Ltd. to commence the first drilling campaign on its 100% owned Katoro Gold Property in Tanzania.
  • The company announced a non‑brokered private placement of up to $3,000,000 for 10,000,000 units at $0.30 per unit, each consisting of one common share and half a warrant (full warrant exercisable at $0.50). Proceeds are earmarked for exploration expenses and general working capital.
  • An option grant of 2,000,000 stock options was also issued to directors, officers and consultants, exercisable at $0.30 with immediate vesting.

Key Details

  • Drilling Services Agreement
  • Partner: HETAMIS Mineral Services Ltd., Dar es Salaam, Tanzania.
  • Objective: Initiate phased drilling campaigns on the Katoro property targeting 80 drill targets identified from recent geophysical work.
  • Phase 1: 10‑15 drill holes focusing on magnetic and IP anomalies in the northern project area; depth target up to ~120 m.

  • Sampled nearby massive sulphide material returned gold grades of 238.74 g/t (8.42 oz/ton) Au and 169.22 g/t (5.97 oz/ton) Au.

  • Private Placement

  • Amount: Up to $3,000,000.
  • Units: 10,000,000 units at $0.30 per unit.
  • Composition of each unit: 1 common share + ½ warrant (full warrant exercisable at $0.50).
  • Warrant term: 2 years from closing; expiry may be accelerated if the share price ≥ $0.60 for five consecutive days.

  • Use of proceeds: Exploration expenses and general working capital.

  • Option Grant

  • Quantity: 2,000,000 stock options granted under the company’s incentive stock option plan.
  • Exercise price: $0.30 per share.

  • Vesting: Immediate; exercisable for 2 years.

  • Qualified Person

  • Brian Thurston, P.Geo., qualified person (NI 43‑101) reviewed and approved the technical information.

Notable Quotes

“In only 42 months Cameo has taken unworked virgin ground and scientifically proven that it is a very prospective property to host Buckreef‑style gold mineralization… The results from the Technical Report indicate the high prospectivity for gold mineralization to be discovered on the Katoro property.” – Brian Thurston, P.Geo.

Materiality Assessment: Material – Positive (significant financing and commencement of first drilling campaign on a newly acquired gold property).

Read the original news release →

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Apr 15, 2026 · 08:00

Cameo Resources Initiates First Drilling Campaign on Katoro Property Following License Renewal

Drill Results Mar 23, 2026 · 17:52

Cameo Resources appoints Strasler as president, CEO

Management Feb 05, 2026 · 19:25

Cameo to begin drilling at Katoro

Drill Results Jan 07, 2026 · 18:03

Cameo identifies 80 drill targets at Katoro

Drill Results Jan 07, 2026 · 08:30

Katoro Final Technical Report Generates 80 High Priority Drill Targets

Technical Study Dec 04, 2025 · 20:01

Cameo completes data collection from Katoro survey

Drill Results