Canada One Mining Completes MMI Soil Geochemical Survey at 100% Owned Copper Dome Project, Princeton
Vancouver, 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 Corp.'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
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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
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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
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Past exploration has identified the presence of palladium (Pd), platinum (Pt) and gold (Au) mineralization on the Property
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Multiple zones of mineralization have been discovered on the Property to date
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Excellent infrastructure provides year-round access with low-cost exploration and low jurisdictional risk
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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 Corp., 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.
Qualified Person
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 info@evolvemgmt.net.
On behalf of the Board of Directors of
Peter Berdusco
President and Chief Executive Officer
1 877 844 4661
Forward-Looking Statements
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