Canoe Mining Ventures Receives Approval FOR Option ON Butt Property
CANOE MINING VENTURES RECEIVES APPROVAL FOR OPTION ON BUTT PROPERTY
Toronto, Ontario – December 2, 2022 – Canoe Mining Ventures Corp. (TSXV:CLV) ( the "Company")
is pleased to announce that, further to its press release of August 10, 2022, the TSX Venture Exchange has
approved its option (the "Option") to acquire a 100% legal and beneficial interest in 87 mineral exploration
claims in the Province of Ontario (the "Property") pursuant to an arm's length option agreement (the
"Option Agreement") with Griftco Corporation ("Griftco") dated August 8, 2022.
The Property consists of 87 mineral claims covering approximately 1,961 hectares in Butt Township,
District of Nipissing, Ontario. It is ac cessible 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 contain 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.
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 d ay 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 b efore
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 a nd additional $100,000 in
Expenditures on or before the third anniversary of the Closing Date
Pursuant to the Option Agreement, in the event that the Company exercises the Option in full and acquires
the Property, the Company will grant a 3% net smelter returns royalty (the "NSR") to a third party.
Exploration Update
Figure 1: Terrain map of the Butt Township Property overlain by strong conductors and historical mineral occurrences. Note the
demarcated North, Center, and South Zones which will be the primary focus of the surface exploration program.
The Company is also pleased to announce receipt of the final dataset from an airborne Mobile
MagnetoTellurics ( "MobileMT") electromagnetic survey conducted by Griftco prior to the Option
Agreement. The survey conducted on the Property included 348 line-km of geophysical data collection and
was able to identify anomalies of high frequencies of apparent conductivity/VLF amplitude, showing
conductive zones near-surface. These conductive bodies are determined to be mostly structurally controlled
and could correspond to pegmatite dykes or graphite mineralization. See Figure 1 for a map of the results
of the strongest geophysical conductors as well as the known historical mineral occurrences (Ontario
Mineral Inventory Database).
Identified geophysical anomalies demonstrate zones of potential mineralization and have been prioritized
as targets for follow -up exploration on the Property. Canoe is pleased to announce that it will initiate a
prospecting and sampling program on the three identified areas in Figure 1 with a focus on graphite, rare
earth element, and graphite mineralization. This program is expected to be completed in the coming weeks.
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 info rmation 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 indica tion 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 limitation, 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 and, 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 un certainty of access to additional capital. Additional
information regarding the material 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.