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Cameo to acquire historical nickel-copper-cobalt project from US Lithium

Cameo Resources Corp. said March 8 that it signed an agreement to acquire the 3,759-hectare Gochager Lake nickel-copper-cobalt project in Saskatchewan from U.S. Lithium Corp.

The company will issue 1 million shares and pay US$60,000 and will incur a US$225,000 spend on the property by July 12, 2019. An underlying vendor will retain a 2% net smelter returns royalty on the project. Cameo will have the option to buy back a 1% NSR for US$1.3 million.

Historical exploration identified semimassive and massive nickel-copper occurrences with significantly elevated levels of cobalt on the claims, the company said.