Vancouver, B.C., August 3, 2023 – Canada One Mining Corp. (“Canada One” or the “Company”) (TSXV: CONE) is pleased to provide the following update on certain ongoing corporate developments.
Copper Dome Project
The Company is focusing its 2023 exploration program on its wholly-owned Copper Dome Project (the “Project”) located south of Princeton, British Columbia and contiguous to the producing Copper Mountain Mine recently purchased for US$439 million and now operated by Hudbay Minerals Inc. A comprehensive drill permit for the Project has recently been submitted to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (the “Ministry”), which includes allowance for geochemical and geophysical surveys in addition to diamond drilling. The Company anticipates a first review of the drill permit application by the Ministry to be completed by September of this year with the potential of a granted permit in time for a fall drilling program.
As part of the permitting process, the Company has engaged consultation with numerous groups, including First Nations. The exploration team has completed a Mobile Metal Ion (MMI) soil geochemical survey over two previously identified zones of interest, the Friday Creek and Road Haul zones, and one new zone of interest, the Boundary Road zone. All samples have been submitted to SGS Labs. A detailed compilation of recent geophysical and past drilling programs into one cohesive data package is also ongoing, and which will allow for comprehensive geological review in three dimensions of all past work and surveys performed.
Completion of further exploration and development work on the Project remains subject to market conditions and additional financing being received by the Company.
Matabitchuan Cobalt Project / Franelle Copper Project
As previously announced on April 25, 2023, the Company confirms that it will not be proceeding with transactions involving the Matabitchuan Cobalt Project and the Franelle Copper Project, and that any such transactions and associated financing have been cancelled. In connection with the termination, the Company has not assumed any ongoing obligations or liabilities related to the Matabitchuan Cobalt Project or the Franelle Copper Project. A non-refundable deposit of $50,000 was advanced by the Company in connection with the proposed transaction involving the Franelle Copper Project. The TSX Venture Exchange has not reviewed or accepted the proposed acquisition of the Matabitchuan Cobalt Project or the Franelle Copper Project or the related deposit.
Resumption of Trading
The Company has applied to the TSX Venture Exchange to resume trading in its common shares. The resumption of trading remains subject to the satisfactory completion of a review by the TSX Venture Exchange and the Company will provide further information once such a review has been completed and a date confirmed for the resumption of trading.
About the Copper Dome Project
The Copper Dome Project’s is located 1.5 kilometers south of the Copper Mountain Mine open pit deposits. The Project lies within the lower portion of the Quesnel Trough porphyry belt, a well-established mining district. The belt extends north from the Copper Mountain Mine, through the Elk, Brenda, Craigmont, Highland Valley, and New Afton mines
Previous drilling has confirmed the presence of high-grade copper associated with northeast running geological structures similar to those seen at the Copper Mountain Mine, as well as palladium (Pd), platinum (Pt) and gold (Au) mineralization. Multiple zones of mineralization have been discovered on the Property to date. Excellent infrastructure provides year-round access with low-cost exploration and low jurisdictional risk
The technical information contained in this news release has been reviewed by Freeman Smith, P.Geo, a Qualified Person for the purposes of National Instrument 43-101.
For further information, interested parties are encouraged to visit the Company’s profile on SEDAR (www.sedar.com) or contact the Company at [email protected].
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
President and Chief Executive Officer
1 877 844 4661
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. 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. Forward-looking statements in this press release relate to, among other things: statements relating to the planned exploration and development of the Copper Dome Project. Actual future results may differ materially. 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 statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.