Cameo Resources Signs LOI for 51% Interest in Katoro Gold Property, Tanzania

Cameo Resources Inc. has signed a letter of intent to acquire a 51% interest in the Katoro Gold Properties in Tanzania, which covers 12.52 square kilometers. The transaction involves cash payments totaling USD$500,000 and the issuance of 8,000,000 common shares. Concurrently, the company plans a private placement to raise $1.5 million for continued exploration activities.

Cameo Resources Inc. has announced its signing of a binding letter of intent (LOI) with 1154308 B.C. Ltd. to acquire a 51% stake in the Katoro Gold Properties, located in Tanzania’s Geita region. The acquisition is subject to specific conditions outlined in an Option Agreement. The properties extend over 12.52 square kilometers and are positioned strategically in the Sukumaland Greenstone Belt, an area renowned for significant gold deposits.

Situated approximately 170 km southwest of Mwanza city, the Katoro Properties are notable for their exploration potential for gold mineralization, owing to favorable regional geological conditions. Souhail Abi-Farrage, the President and CEO of Cameo, expressed enthusiasm about the acquisition, highlighting the immediate exploitation opportunities presented by the property’s established higher-grade gold mineralization zones.

The agreement entails Cameo making total cash payments of USD$500,000 and issuing 8,000,000 common shares, with expected completion by April 30, 2025. The company also plans a concurrent private placement of up to $1.5 million to support further exploration work at Katoro as well as ongoing efforts on existing properties.

Additionally, Cameo Resources is pursuing an acquisition regarding the VMP Gold Property in Ecuador and is negotiating for an increased interest. Brian Thurston, the Company’s technical advisor, has confirmed that the associated technical information has been reviewed and approved, ensuring compliance with the National Instrument 43-101 standards of disclosure.

Cameo Resources Inc.’s acquisition of a 51% interest in the Katoro Gold Properties is a strategic move aimed at enhancing its exploration portfolio. The properties promise significant potential for gold mineralization within a well-known gold field in Tanzania. The company’s concurrent financing initiatives further demonstrate its commitment to advancing its growth and operational capabilities. As negotiations continue on other projects, Cameo Resources positions itself for expanded opportunities in mineral exploration.

Original Source: www.juniorminingnetwork.com