This is The Capital Compass. Today we’re heading to one of Africa’s most prolific gold districts — the Lake Victoria Gold Fields — to take a closer look at Cameo Resources (CSE:MEO) and its Katoro Project.
This is a region that has attracted some of the world’s largest gold producers, and Cameo has assembled a significant land package right in the middle of that activity. After completing extensive preliminary work, the company has identified 80 high-priority drill targets — and is now preparing to test 10 to 15 of those in its upcoming drill program.
Joining me now to walk us through the project, the targets, and what investors can expect next is Brian Thurston, Professional Geologist for Cameo Resources. Welcome to the Capital Compass.
Brian: Hi Ricki, thanks for having me.
Host: Brian, let’s start with the big picture. The Katoro Project is located in the Lake Victoria Gold Fields — a region that’s well known in the gold space. What makes this jurisdiction so important, and why is it such a compelling place to be exploring right now?
Brian: Tanzania is Africa’s 3rd largest gold producer, producing nearly 50 TONS annually, with multiple Tier 1 producers as well as over 1m small scale artisanal miners. With a mining friendly government, the industry contributing to over 50 per cent of the country’s total exports, it’s the ideal place to explore and potentially discover new Tier 1 deposits.
Host: This area is home to several major gold producers. How important is it to be operating alongside established players, and what does that tell you about the geological potential of your ground?
Brian: Being in the mist of mining titans, such as Anglo’s Geita Mine, Barricks Bulyanhulu and North Mara mines, Perseus’ new Nyangaza mine, TRX’s Buckreef mine, amongst others, shows the potential for very large deposits and potential for new discoveries. We are along the same major fault line as Buckreef on our Eastern boundary and also another significant fault to our West, making our Kataro Project a very prospective area.
Host: You’ve assembled a sizeable land package in the district and recently completed technical work that generated 80 high-priority drill targets. Can you walk us through what that work involved and what stands out to you about those targets?
Brian: Our exploration team first started with an air-borne magnetic survey over the entire project, which identified numerous anomalous areas. Our Team then narrowed down 5 priority blocks, making up only 15 per cent of the project, and completed Pole-Dipole Induced Polarity. The results identified conductivity zones as high as 250 mV/V, this is very exciting as it indicates the potential of semi-massive to massive sulphides over large areas. With this geophysical data, we were able to identify 80 high priority drill targets.
Host: You’re now moving toward drilling 10 to 15 of the highest priority targets. What will this initial drill campaign focus on, and what would success look like in this first phase?
Brian: Our first round of drilling will target these high conductivity zones first. We believe this area to have the potential to be similar to samples taken from a nearby active small scale mining operation, that came in as high as 238 g/t.
Host: Finally, investors always want to know about timing. When do you expect drilling to begin, and when might we see the first results from this program?
Brian: We just successfully completed our local discussions with the Village counsel and negotiations with the respective landowners for access and to ensure a smooth start to our drilling campaign, which we expect to commence at the end of March, with our first assays in early April, at which point new results will be coming in on a weekly basis.
Host: Brian, thank you for joining us and walking us through the Cameo Resources story.
Brian: Thanks for having me and sharing our exciting story.
For more information, visit cameoresourcesinc.com.
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