Cameo Resources Inc. has signed a LOI to acquire a 51% interest in Katoro Gold Properties in Tanzania, with plans to pay $500,000 and issue shares to finalize the deal. The properties are located in a promising area for gold exploration within the Sukumaland Greenstone Belt. The company is also working on a private placement to raise $1.5 million and is negotiating an increased stake in the VMP Property in Ecuador.
Cameo Resources Inc. (CSE: MEO) has signed a binding letter of intent (LOI) with 1154308 B.C. Ltd. to acquire a 51% interest in the Katoro Gold Properties located in Tanzania’s Geita region. This acquisition will be formalized through an Option Agreement, contingent on certain terms outlined in the LOI.
The Katoro Properties encompass 12.52 square kilometers within the Sukumaland Greenstone Belt, known for its significant gold deposits. The area has seen extensive artisanal mining activities and is strategically positioned alongside other major gold operations in the Lake Victoria Goldfields.
Cameo’s President & CEO, Souhail Abi-Farrage, emphasized the potential of the Katoro Property due to its high-grade gold mineralization and unexplored buried porphyry prospects, stating the company is eager to begin development work.
To secure the 51% interest, Cameo will make cash payments totaling USD $500,000 and issue 8 million common shares. The first payment of $250,000 is due upon due diligence completion and signing of a definitive agreement. The acquisition is expected to close on or before April 30, 2025, subject to due diligence and requisite approvals.
Cameo Resources plans to engage in a private placement to raise up to $1.5 million at $0.15 per unit, which will facilitate further exploration initiatives on the Katoro Property and continue operations on existing projects.
Additionally, progress continues on the acquisition of the VMP Gold Property in Ecuador, where negotiations aim to secure a greater interest in the site, with updates forthcoming for shareholders.
Cameo Resources Inc. focuses on exploring and developing mineral deposits, particularly lithium in Nevada, while seeking opportunities in precious metals. For more information, visit their website.
Cameo Resources Inc. is making a significant move by entering into a LOI to acquire a 51% stake in the Katoro Gold Properties in Tanzania, which possess substantial exploration potential for gold. This not only strengthens the company’s mineral portfolio but also reflects strategic growth through joint efforts in financing and exploration. Continued updates on negotiations for other properties, like the VMP Gold Property, will contribute to shareholder interests and overall company development.
Original Source: www.juniorminingnetwork.com
