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Vancouver, BC - TheNewswire - June 22, 2023 - Canada One Mining Corp. (“Canada One” or the “Company”) (TSXV:CONE) is pleased to announce that it has completed a Mobile Metal Ion (MMI) soil geochemical survey at its 100% owned Copper Dome Project (the “Project”, “Property” or “Copper Dome”), located south of Princeton, BC.
MMI Survey Overview
As part of the Company’s 2023 exploration program, the MMI soil survey was completed over two previously identified zones of interest, the Friday Creek and Road Haul zones, and one new zone of interest, the Boundary Road zone.
Friday Creek Zone
The MMI survey covered 3.2 line-kms with samples being collected at nominal 100m line spacings and 50m sample intervals over the area of interest in a north south direction. Prior exploration work at the Friday Creek zone has identified palladium (Pd), platinum (Pt), and gold (Au) mineralization (minfile 092HSE033).
Road Haul Zone
The Road Haul zone survey covered 4.8 line-kms with samples being collected at nominal 100m line spacings and 50m sample intervals over the area of interest in a north south direction encompassing a historical high induced polarization (IP) signature.
The Boundary Road Zone
The Road Boundary zone is located 1km from the Property’s northern border that it shares with the Copper Mountain Mine. The survey covered over 4.8 line-kms with samples being collected at nominal 100m line spacings and 50m sample intervals over the area of interest in an east west direction.
All samples have been submitted to SGS Burnaby with results expected within the next 4 to 6 weeks.
Project Overview
Copper Dome, located 18km south of Princeton, British Columbia, is contiguous to Copper Mountain Mining Corporation’s (TSXV: CMMC) currently producing Copper Mountain Mine, which hosts a Proven and Probable Mineral Reserve of 702 Mt of 0.24% Cu (cumtn.com). Copper Dome’s northern boundary lies 1.5kms from the mine’s deposits.
Currently, the Company is compiling past exploration data, initiated fieldwork and submitted a drill permit application in anticipation of a potential fall drill program. Following this summer’s fieldwork, Canada One will turn its attention to defining the best drill targets with the intent of validating the work that has been done to date and outlining areas of copper mineralization.
Project Highlights
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
Past exploration has identified the presence of palladium (Pd), platinum (Pt) and gold (Au) mineralization on the Property
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
Past exploration includes, airborne magnetics flown over the entire Project, 51km of induced polarization (IP) surveyed over areas of interest, Airborne Magnetics and electro-magnetics (EM) surveyed over half of the Project area, 2,253 soil and 378 rock samples collected, over 8900m of diamond drilling and over 1km of trenching
Copper Mountain Mine
The Copper Mountain Mine, which is contiguous to the north of Copper Dome, is a conventional open pit, truck and shovel operation. The mine has a 45,000 tonnes per day plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. A new life of mine plan to expand the mill to 65,000 tonnes per day, further increases average annual production to 138 million pounds of copper equivalent and reduces all-in costs to US$1.76 per pound of copper over the first 20 years of a 32-year mine life. The 65,000 tonnes per day mill expansion, including the integration of New Ingerbelle, brings Copper Mountain Mine’s after-tax NPV at an 8% discount to US$1.245 billion (see Life of Mine Plan Expansion Study Technical Report, Copper Mountain Mining Corporation, Sept. 2022). Further potential exists through the upgrading of Mineral Resources to Mineral Reserves and further exploration to continue to extend the mine life and add value.
The Company cautions the discoveries and observations on properties in proximity to the Company’s properties are not necessarily indicative of the presence of similar mineralization or geology on the Company's properties.
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.
Peter Berdusco
President and Chief Executive Officer
1 877 844 4661
Forward-Looking Statements
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 successful closing of the Offering and anticipated timing thereof and the intended use of proceeds. 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.
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