Canoe Mining Ventures Enters into Option Agreement
CANOE MINING VENTURES ENTERS INTO OPTION AGREEMENT
Toronto, Ontario – August 10, 2022 – Canoe Mining Ventures Corp. (TSXV:CLV) ( the "Company") is
pleased to announce that it has entered into an arm's length option agreement (the " Option Agreement")
with Griftco Corporation ("Griftco") dated August 8, 2022, pursuant to which the Company was granted
an option (the " Option") to acquire a 100% legal and beneficial interest in certain mineral claims in the
Province of Ontario (the "Property").
The Property consists of 87 mineral claims covering approximately 1,961 hectares in Butt Township,
District of Nipissing, Ontario. It is accessible by year -round roads and logging trails. Uranium and rare -
earth bearing pitchblende was discovered on the Property in the early 1900’s. The Property lies within the
Kiosk geological domain and is underlain by mafic, quartzo -feldspathic, and metapelitic geological units.
These various geological units host radioactive granitic pegmatite dikes which c ontain minerals such as
allanite, uraninite, pyrochlore, columbite, and other rare earth and uranium-bearing minerals. The property
also has potential to host graphite mineralization, with a large past -producing graphite deposit directly to
the north of the claim package.
Significant recent target -generation exploration work has been completed on the Property, including
electromagnetic, magnetometer, and induced polarization geophysical surveys, geological mapping, and
prospecting. The Property has never b een drilled, but numerous historical trenching and very small -scale
mining operations have occurred on the Property. Significant prospects on the Property include: the William
Elliot & Mica Lake prospects, discovered in 1919 from which highly selective grab samples returned up to
79.5 % U3O8 along with high-grade rare earth elements; the Ryan, Mann and Sheehan prospect, discovered
in 1921 from which selective grab samples returned up to 0.45 % U3O8 over a 3 foot chip sample; the E.J
Rivers prospect, discov ered in 1953 from which selective grab samples returned values of up to 9.75 %
U3O8 along with high -grade rare earth elements. In addition, the property is contiguous with G6 Energy
Corp.’s Kearney Mine property.
Under the terms of the Option Agreement, the Company may exercise the Option upon: (i) the issuance of
an aggregate of 1,900,000 common shares (the "Common Shares") in the capital of the Company; and (ii)
incurring an aggregate of $250,000 in expenditures (the " Expenditures") on the Property as follows:
• the issuance of 300,000 Common Shares to Griftco on the tenth business day following the
receipt by the Company from the TSX Venture Exchange of conditional approval for the
transaction contemplated by the Option Agreement (the "Closing Date");
• the issuance of 300,000 Common Shares and incurring $ 50,000 in Expenditures on or before
the first anniversary of the Closing Date;
• the issuance of 300,000 Common Shares and incurring an addition $100,000 in Expenditures
on or before the second anniversary of the Closing Date; and
• the issuance of 1,000,000 Common Shares and incurring and additional $100,000 in
Expenditures on or before the third anniversary of the Closing Date
The completion of the transactions contemplated by the Option Agreement remains subject to the approval
of all regulatory and other approvals, including the approval of the TSX Venture Exchange.
Qualified Persons Review
Kelly Malcolm, P.Geo., an Independent Qualified Person (" QP") as such term is defined by National
Instrument 43 -101 - Standards of Disclosure for Mineral Projects , has reviewed and approved the
geological information reported in this news release. The QP has not completed sufficient work to verify
the historic information on the Property, particularly with regards to historical sampling and regional
government-mapped geology. However, the QP assumes that sampling and analytical results were
completed to industry standard practices. The information provides an indication of the exploration
potential of the Property but may not be representative of expected results.
On Behalf of the Board of Directors
Scott Kelly
Director and CEO
+1 416 998 4714
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain “forward-looking statements” within the meaning of that phrase under
Canadian securities laws. Without limita tion, statements regarding future plans and objectives of the
Company are forward looking statements that involve various degrees of risk. Forward-looking statements
reflect management's current views with respect to possible future events and conditions a nd, by their
nature, are based on management's beliefs and assumptions and subject to known and unknown risks and
uncertainties, both general and specific to the Company. Although the Company believes the expectations
expressed in such forward-looking statements are reasonable, such statements are not guarantees of future
performance and actual results or developments may differ materially from those in our forward -looking
statements. The following are important factors that could cause the Company’s actual results to differ
materially from those expressed or implied by such forward looking statements: general market conditions,
the uncertainty of future profitability and the uncertainty of access to additional capital. Additional
information regarding the m aterial factors and assumptions that were applied in making these forward-
looking statements as well as the various risks and uncertainties facing the Company are described in
greater detail in the "Risk Factors" section of the Company’s annual Management's Discussion and
Analysis and other continuous disclosure documents file d with the Canadian securities regulatory
authorities which are available at www.sedar.com. The Company undertakes no obligation to update
forward-looking information except as required by applicable law. The reader is cautioned not to place
undue reliance on and the Company relies on litigation protection for forward-looking statements.