Cameo Begins Drilling Its 100% Owned Katoro Gold Property

SURREY, British Columbia — October 8, 2026 — Leads & Copy — Cameo Resources Inc. has commenced its inaugural drilling campaign at its 100% owned Katoro Gold Property in Tanzania's Geita region, marking a significant step in exploring the 19.58 square kilometer property. The Katoro Gold Property is situated within the Sukumaland Greenstone Belt on the Buckreef Mine mineralized shear zone trend, part of the Lake Victoria Goldfields in northwest Tanzania.

The property is a road-accessible land package located approximately 170 km southwest of Mwanza city and 63 km southwest of Geita Region. The area is characterized by surrounding hard rock mining and milling operations within 1 kilometer of the property boundaries. Cameo Resources has reported substantial gold values from nearby mining operations, with samples returning 238.74g/t and 169.22g/t Au from massive to semi-massive sulphide mineralization less than 500 meters north of Katoro’s northern claim boundary.

Local miners are currently focused on gold-bearing quartz vein material found in alluvial settings within the property. Initial sampling from active artisanal mining pits on Katoro returned an average grade of 12.26g/t Au. Regional geophysical and structural data indicate strong exploration potential for significant gold mineralization within the project area. Approximately 35% of the property has undergone Induced Polarization (IP) surveys, yielding 80 proposed drilling targets. The prospective mineralized zones exhibit moderate to high chargeability values up to 250 mV/V and low-intermediate resistivity values ranging from approximately 10 Ωm to 700 Ωm. These zones are believed to be associated with disseminated and semi-massive sulphides within Precambrian rocks and quartz veins in shear zones. Interpretation of geophysical results has identified five distinct mineralized zones at depths from a few meters to approximately 120 meters, suggesting potential extensions beyond the project area boundaries.

The Phase 1 drilling program will systematically evaluate multiple drill targets generated from geophysical exploration. Cameo Resources has engaged HETAMIS Mineral Services Ltd. of Dar es Salaam, Tanzania, to manage the drill program. Brian Thurston, Director of Cameo Resources, stated that the company has fast-tracked targeting for this first-ever drill campaign, guided by modern scientific tools. He expressed encouragement from the similarities between the Katoro Property and the on-trend Tembo Gold Deposit and Buckreef Gold Mine, anticipating the delivery of the company's first discovery through this inaugural campaign focused on priority targets from Block 1.

Phase 1 drilling will involve 10-15 drillholes targeting northern project area magnetic anomalies with E-W trending magnetic lineaments, believed to be highly prospective, similar to gold mineralization at the Tembo gold deposit and the Nyamalimbe gold deposit. Coincidental IP anomalies in this area show chargeability readings as high as 250mV/V, potentially representing massive to semi-massive sulphide within shear zones. These targeted anomalies are relatively shallow, ranging from below the surface alluvial material to depths of 120-150 meters, mirroring the mineralized depths at the Tembo and Buckreef Mines.

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

Additionally, Cameo Resources Inc. announced the final closing of a previously announced non-brokered private placement, accepting subscriptions for 2,809,666 units totaling $421,550, along with an additional $31,950 (213,000 units) in last-minute interest. Each unit comprises one common share and one-half of a share purchase warrant, exercisable at $0.30 for two years. The total amount raised was $1,038,150 before commissions and costs. Securities issued in this closing are subject to a hold period ending February 8, 2027. Net proceeds will be allocated to drilling on the Katoro Gold Property, marketing, and general working capital.

Cameo Resources Inc. is a mineral exploration company focused on discovering and developing mineral deposits. Its Katoro property is situated within the Sukumaland greenstone belt in Tanzania's Lake Victoria goldfield, an area known for several multimillion-ounce gold deposits and significant operations by major gold companies.