Cameo Resources Corp. (OTC: CRUUF) (TSX-V: CRU) is pleased to note Softbank Group Corp’s intentions to invest up to $99,075,000 to acquire up to 9.9% of Nemaska Lithium Inc.’s outstanding common shares. Nemaska Lithium Inc. holds the Whabouchi Lithium deposit claims, which extend to within 1 km of Cameo’s Montagne Lake Property in central Québec. Nemaska Lithium’s Whabouchi lithium deposit is one of the most important spodumene lithium deposits in the world and Nemaska Lithium is currently raising funds for the construction and commissioning of its proposed Whabouchi Mine and Shawinigan Plant project.
Cameo’s WRL Project in Quebec covers more than 19,000 ha in two blocks on either side of Nemaska’s proposed Whabouchi lithium mine including Cameo’s 4,484ha Montagne Lake Property immediately to the west of Nemaska’s proposed Whabouchi lithium mine, and the Dumont Property 6 km to the east.
Fieldwork from the summer of 2016 on the WRL Project identified up to 344 ppm Li2O (equivalent to 160 ppm Li), as reported by independent Actlabs in Ancaster, Ontario from 182 chip grab samples. Cameo plans to start evaluating quotes for airborne magnetic surveys to run concurrently with a spring campaign on the WRL Project in the coming days.
“This investment in Nemaska is of monumental importance to the SoftBank Group’s strategy,” said Masayoshi Son, Chairman & CEO of SoftBank Group Corp. “We are extremely pleased to be further accelerating the Mobile Revolution, an era of IoT (Internet of Things) and electric vehicles enabled by the fusion of technology and energy storage.” (see Nemaska Lithium Inc’s news release dated April 5, 2018).
Cameo’s CEO, Akash Patel states, “Cameo’s WRL Project is strategically positioned next to Nemaska’s proposed Whabouchi lithium mine. We look forward to closely following this considerable investment into our next door neighbour”.
Harrison Cookenboo, Ph.D., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the technical information presented in this news release.
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