Canada One Announces MMI Survey Results; Anomalous Levels of Nickel, Copper and Silver Encountered at Abitibi East Project,
Canada One Announces MMI Survey Results;
Anomalous Levels of Nickel, Copper and
Silver Encountered at Abitibi East Project,
Timmins, Ontario
Vancouver, British Columbia--(Newsfile Corp. - December 14, 2023) -
Canada One Mining
Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31)
(
"Canada One"
or the
"Company"
) is
pleased to announce it has received results from SGS Labs for its Abitibi East Project ("
Abitibi East
" or
the "
Property
") near Timmins Ontario.
Highlights
109 soil samples taken
100m line spacing and 50m sample spacing
3 areas of interest identified
Anomalous ion levels of nickel, copper and silver ions encountered
Anomalous levels of nickel ions were confirmed in an area previously explored for nickel
Anomalous levels of copper ions were confirmed in an area previously discovered having copper
mineralization
These three areas will be the focus of follow-up Mobile Metal Ion (MMI) survey work and
electromagnetic surveys to define mineralization and provide drill targets for testing.
Mr. Peter Berdusco, President and CEO of Canada One, commented:
"We believe the results of
this survey further support our investment in MMI technology as an exploration tool that not only
assists in the discovery of mineralization, but does so at depth. Identifying specific areas anomalous
in Ni, Cu and Ag ions will guide the technical team's next phase of MMI and geophysics at these
locations."
MMI Survey Results
A magnetic survey was conducted earlier this year and was immediately followed-up with prospecting
and MMI soil sampling in areas of interest. Figure 1 below shows the location of the MMI lines on the
magnetic map. The goal of the MMI survey was to determine if the MMI response provided any insight
into the magnetic highs in these locations.
The reconnaissance MMI surveys appear to be a viable tool for identifying geochemically anomalous
areas. 109 soil samples were taken, conducted at 100m line spacing with 50m sample spacing. As a
result, three areas anomalous in base metals ions (see Figure 1) were located:
1
.
Target-A is a volcanogenic massive sulphide (VMS) prospect showing anomalous copper and
silver ions, which is favourable for a VMS Target
2
.
Target-B shows anomalous nickel ions which may be due to hydrothermal reactivation and
subsequent concentration of nickel from the ultramafic host rocks
3
.
Target-C also shows anomalous nickel ions which may be due to hydrothermal reactivation and
subsequent concentration of nickel from the ultramafic host rocks
These three areas will be the focus of follow-up MMI survey work and electromagnetic surveys to define
mineralization.
Figure 1: 2023 MMI lines plotted on Magnetics Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/191030_6d3af8b4c42cf899_002full.jpg
MMI geochemistry is a proven advanced geochemical exploration technique known to find mineral
deposits. It is especially well suited for buried mineral deposits. MMI measures metal ions that travel
upward from mineralization to unconsolidated surface materials such soil, till, sand and so on. These
mobile metal ions are released from mineralized material and travel upward toward the surface. Using
careful soil sampling strategies, sophisticated chemical ligands and ultra-sensitive instrumentation,
enabling the measurement of these ions. After interpretation, MMI data can indicate anomalous areas.
The intent of the survey was to determine if MMI could be used effectively over the thick glacial deposits
in this area. The surveys appear to have been successful in that the assays show anomalous nickel in an
area of past nickel exploration and anomalous copper in an area of past copper mineralization. The MMI
surveys will need to be expanded to evaluate the size of the anomalous areas.
Abitibi East
The Property is located on the western end of the world-class Abitibi greenstone belt, central to the
Timmins Mining Camp (119 Moz Au and 337 Moz Ag historical production)
[1]
, the Kidd Creek Volcanic
Massive Sulphide (VMS) deposit (2.5 Mt Zn, Cu, Ag Proven and Probable)
[2]
, and the Alexo-Dundonald
nickel deposit (1,254 kt Ni, Cu, Co Indicated)
[3]
.
References
1
digigeodata.com
2
miningdataonline.com
3
class1nickel.com
Qualified Person
The technical information contained in this news release has been reviewed and approved by Freeman
Smith, P.Geo., a Qualified Person for the purposes of National Instrument 43-101.
Contact Us
For further information, interested parties are encouraged to visit the Company's website at
www.canadaonemining.com
, or contact the Company by email at
, or by phone at
1.877.844.4661.
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
Peter Berdusco
President and Chief Executive Officer
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/191030