Canadian Orebodies Extends Mineralization in the Wire Lake Gold System and Commences Summer Work Program at Pic Project

TORONTO, July 31, 2019 - Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) is pleased to announce the initial results of its sampling program of historic core and the beginning of surface work at the Pic Project. Crews are now mobilized to the Wire Lake Camp for the fieldwork component, and have been in Timmins for the re-logging and sampling of historic drill core since the end of May.

The main objectives of the exploration program are to define the geological controls on higher-grade mineralization in preparation for diamond drilling, and to demonstrate the potential of the Wire Lake Gold System (“WLGS”) to host a large tonnage gold deposit. The geological and assay data collected during this exploration program will improve the continuity of mineralization in the historic holes drilled in the WLGS and will optimize the targeting matrix for future drilling.

Highlights:

• Additional gold discovered in samples taken from previously unsampled intervals in historic holes contain up to 4.36 g/t Au over 0.91m.
• Gold over 0.1 g/t Au exists in 72 samples taken from historic core.
• Sampling of historic core is improving the understanding of the continuity of the Wire Lake Gold System.

Table 1 – Intersections with Au >= 0.1 g/t discovered in the sampled Wire Lake historic core

Note: Assay results reported over intersection length and do not represent true width.

“The sampling of historic core is producing promising results and is reinforcing our theory that zones of gold mineralization were not identified in the Wire Lake Gold System. Our exploration program is also indicating that higher-grade mineralization in the WLGS is spatially associated with the presence of porphyry dykes, an association that is typically observed in the prominent gold mineralization zones of the Hemlo Greenstone Belt,” said Gordon McKinnon, President and CEO of Canadian Orebodies. “The geological data acquired during the ongoing program will provide us with a framework to plan the next phase of the exploration program to expand the known zones of mineralization in the WLGS.”

Wire Lake Gold System

The Wire Lake Gold System (WLGS) extends over a strike length of >3 km and has a complex and protracted history of tectonic deformation, gold mineralization, hydrothermal alteration and magma injections. The WLGS consists of broad zones of gold mineralization that are not visually evident and the controls on mineralization remained elusive to the previous operators. The review of the sampling patterns in the historic holes completed in the WLGS is also revealing that historic sampling missed some areas now recognized as zones of gold mineralization.

The ongoing exploration program is showing that the mafic volcanic sequence is intruded by networks of syn-deformation feldspar and feldspar-biotite porphyry dykes. The porphyry dykes are proving to exert a major control on the distribution of higher-grade gold mineralization in the WLGS. The dykes consist of “swarms” with individual porphyry dykes varying in width between 0.1 metres to greater than 4 metres. A swarm can include tens of porphyry dykes of variable width spaced by a few metres to tens of metres. The stacking of the porphyry dykes in the dyke networks may contribute to the large footprints of gold mineralization in the WLGS. In areas where the networks of porphyry dykes intersect major structural corridors, the contacts between the porphyry dykes and their host mafic volcanics become preferential zones of deformation and of gold deposition. The understanding of the geometry of the networks of porphyry dykes and of the main structural corridors in the WLGS will be used to optimize the definition of drill targets and prospecting targets to be tested during the ongoing surface exploration program. A better understanding of the geometry of the porphyry dyke networks could also lead to the discovery of new zones of higher-grade mineralization in the WLGS.

Analytical methods and Quality Assurance/Quality Control (QA/QC”) Measures

Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of drill core. All the sampled historic drill cores is completed on sawed half-cores, with the second half of the core kept for future reference. Groups of samples are then placed into durable rice bags and then transported in security-sealed bags to Activation Laboratories Ltd. in Timmins, ON for preparation and assay. Routine gold analyses are fire assay with an AA (atomic absorption) finish. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed. In addition to the standard quality control of the laboratory, as part of its QA/QC program the Company inserts external gold standards and blanks every 20 and 25 samples respectively.

Qualified Person

This press release has been prepared under the supervision of Mr. Quentin Yarie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Yarie has verified the technical data disclosed in this press release.

About Canadian Orebodies Inc.

Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area projects: the Pic Project and the North Limb.

For more information please contact:

Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
http://www.canadianorebodies.com

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.