With stocks getting cuffed around Monday, one ray of hope was offered in the mining industry by one of its more innovative firms.
Vancouver-based junior gold miner Cameo Industries Corp. (TSX-Venture:CRU) announced the completion of a three-dimensional inversion model of a magnetic anomaly identified on its 100%-owned Big Mac property. The company previously completed a helicopter-borne magnetic survey over the Big Mac property, located in British Columbia's prolific Golden Triangle, 16 kilometres northwest of the Eskay Creek mine.
Interpretation of the airborne magnetic data identified a strong magnetic anomaly stretching more than five kilometres in a generally north-northeast trend across the Big Mac East block claims. This anomaly appears to be up to approximately one kilometre wide and is interpreted to potentially reflect a buried back-arc spreading centre.
According to CEO Akash Patel,“Cameo is thrilled to receive such positive results from its Big Mac 3D modeling initiatives and is committed to continuing to advance this high impact Golden Triangle property. The Company looks forward to leveraging the information derived from these initial modeling exercises to hone our exploration focus on the 2019 season.”
Shares rose half a cent, or 4.4%, to 12 cents, on volume of 159,000.