Cameo begins drilling Katoro gold property

Cameo Begins Drilling Its 100% Owned Katoro Gold Property

(TheNewswire)

  

October 8, 2026 – TheNewswire - SURREY, British Columbia – Cameo Resources Inc. (CSE: MEO FSE: Z88) (“Cameo” or the “Company”) is pleased to announce that the first ever drilling campaign has commenced at its 100% owned, 19.58 square kilometer, Katoro Gold Property (“Katoro” or the “Property”), located in the Geita region of the Lake Victoria Goldfields of Tanzania.

 

Highlights of the Katoro Property:

 

• Located within the Sukumaland Greenstone Belt (SGB”) on the Buckreef Mine mineralized shear zone trend, within the Lake Victoria Goldfields in north-west Tanzania. 

• 19.58 km roadaccessible land package, approximately 170 km southwest of Mwanza city, 63 km southwest of Geita Region. 

• There are current hard rock mining and milling operations surrounding the Property less than 1 kilometer from property boundaries in most directions.  

• The Company has sampled massive to semi-massive sulphide materialization from two mining operations less than 500 meters north of Katoro’s northern claim boundary that have returned gold values of 238.74g/t (8.42oz) Au and 169.22g/t (5.97oz) Au 

• Gold bearing quartz vein material from surface in an alluvial setting is the current focus of mining of local miners in the area. The company has yet to determine the limits of this type of mineralization however 6 samples taken from active artisanal mining pits on the Property returned an average grade of 12.26g/t Au.  

• Regional geophysical and structural settings support a strong exploration potential for significant gold mineralization within the project area. 

• Only ~35% of the Property has been covered by with Induced Polarization yielding a total of 80 targets proposedfor drilling 

• The prospective mineralized zones are characterized by moderate to high chargeability values of up to 250 mV/V, and generally low-intermediate resistivity values of ~10 Ωm to 700 Ωm. The zones are presumed to be associated with zones of disseminated and semi-massive sulphides with gold mineralization within the Precambrian rocks and quartz veins foundwithin shear zones. 

• Interpretation of the Property geophysical results has resulted in five distinct mineralized zones identified at varying depths ranging from a few meters below the surface to ~120 m.  

• These zones appear to extend west and/or east beyond the boundaries of the project areaand/or surveyedblocks, indicating additional potential areas for gold mineralization 

• These zones depict three significant trends aligned with the magnetic lineaments interpreted as faults and/or shear zones with the most dominant E-W trend mirroring the Tembo gold deposit of Buckreef Gold Mine. 

  

Phase 1 Drilling at Katoro

 

The Company plans to systematically evaluate the multiple drill targets generated on the five blocks from the geophysical exploration completed earlier this year, see press release dated January 7, 2026. Cameo has engaged HETAMIS Mineral Services Ltd. (“HETAMIS”) of Dar es Salam, Tanzania to manage the drill program at Katoro. HETAMIS offers a comprehensive suite of consulting services that encompass environmental, technical, and operational aspects.

 

Mr. Brian Thurston, Director, states: "The team has proven their commitment to shareholders by fast tracking targeting for this first ever drill campaign. Using modern scientific tools as a guide, Cameo has proven that the Katoro property is prospective to host Buckreef-style gold mineralization and we are extremely encouraged by similarities between the Katoro Property and the on-trend, Tembo Gold Deposit and Buckreef Gold Mine. We look forward to delivering our first discovery through this inaugural drill campaign which will focus on priority targets from Block 1 of the Property.”

 

Phase 1 drilling will consist of between 10-15 drillholes selected from the first of five blocks that were tested by induced polarization by the Company, the remaining blocks will be tested in subsequent drill campaigns. The first phase drillholes will target the northern project area’s magnetic anomalies with E-W trending magnetic lineaments that are believed to be highly prospective, typical of gold mineralization at the Tembo gold deposit, part of the Buckreef Gold Mine, and the Nyamalimbe gold deposit. Coincidental IP anomalies in this area have chargeability readings as high as 250mV/V believed to represent massive to semi-massive sulphide within shear zones. The Company has sampled massive to semi-massive sulphide materialization from mining operations less than 500 meters north of Katoro’s northern claim boundary that have returned gold values of 238.74g/t (8.42oz) Au and 169.22g/t (5.97oz) Au. The targeted anomalies are all relatively shallow, starting from below the surface alluvial material to a depth of 120-150 meters, which mimics the mineralized depths at Tembo and Buckreef Mines, ~7km and ~14km to the northeast of the Katoro property, respectively.

 

Qualified Person

 

Brian Thurston, P.Geo., the Company’s director, technical advisor and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.

  

Private Placement

 

As a result of additional last minute interest, the Company has accepted an additional  $31,950 (213,00 units) over and above those disclosed in the Company’s press release from October 6, 2026.  

 

The Company has accepted subscriptions for 2,809,666 units totaling $421,550 representing the final closing of this previously announced non-brokered private placement. Each unit consists of one common share and one half of a share purchase warrant, with each whole warrant exercisable at $0.30 for a period of 2 years.  A total of $1,038,150 before commissions and costs was raised .  

 

Securities issued on this closing shall be subject to a hold period ending February 8, 2027.

 

Net proceeds will be used for drilling on its Katoro Gold Property in Tanzania, marketing and general working capital.

 

About Cameo Resources Inc.

 

Cameo Resources Inc. is a dynamic mineral exploration company dedicated to discovering and developing valuable mineral deposits. Cameo’s Katoro property covers 19.58 Km2 situated within the prospective Sukumaland greenstone belt within the Lake Victoria goldfield (LVGF). One of the most important mining sites in Africa, Tanzania's LVGF holds several multimillion-ounce gold deposits and has continuing operations by some of the largest gold companies in the world. The concessions have not been explored by modern methods until now. For more information on Cameo Resources, please visit the website at www.cameoresourcesinc.com.

On behalf of the Board of Cameo Resources Inc.

Mr. Vanni Barbon, CFO

Phone Number: 1-800-325-1308

 

Investor Relations;

 

Email: IR@cameoresourcesInc.com

Phone Number: 1-800-325-1308

 

Forward Looking Information

 

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. All statements, other than statements of historical fact, included herein are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the

 

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.

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