Canada One to Focus 2023 Exploration ON 100% Owned Copper Dome Project, Princeton, British Columbia
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CANADA ONE MINING CORP.
#250 – 750 West Pender St.
Vancouver, British Columbia, V6C 2T7
CANADA ONE TO FOCUS 2023 EXPLORATION ON 100% OWNED
COPPER DOME PROJECT, PRINCETON, BRITISH COLUMBIA
Vancouver, B.C., April 25, 2023 - Canada One Mining Corp . (“ Canada One ” or the
“Company”) (TSXV: CONE) is pleased to announce that it will be focusing its 2023
exploration activities on its 100% owned Copper Dome Project (the “Project” or “Property”)
located 18 km south of Princeton, British Columbia and contiguous to the Copper Mountain
Mine, owned and operated by Copper Mountain Mining Company (TSXV: CMMC).
The Project has seen extensive exploration over the years including magnetics and induced
polarization geophysical surveys and several rounds of diamond drilling. Canada One has
a large land package of over 2,200 hectares that includes several drill ready targets.
Exploration History
Work completed to date , beginning in 1960 on the Property , consists of four drilling
campaigns totaling around 11,000 m in 66 holes. In addition, 2 ,253 soil and 378 rock
samples have been collected. Geophysical surveys include 281 km of ground magnetics,
114 km of induced polarization and 86 km of ground electro-magnetics.
In 2007, diamond drilling was performed by the Company on the Friday creek zone in the
northwest corner of the Project. Hole DDH FC-12 returned 42.6m of 0.28%Cu including 6m
1.5% Cu and 0.7 g/t Au. Hole DDH FC-11 returned 156m 0.09% Cu Including 10m of 0.7%
Cu 0.8 g/t gold (AR 33852).
The Combination Creek zone located within the northeast corner of the Project shows
stockwork veining associated with hornfels within the volcanic and sedimentary rocks
adjacent to the Copper Mountain stock. The best mineralization in the Combination Creek
zone drilled to date is found in a 70 to 100 m wide section of Nicola volcanics extending at
least 250 m east west and bounded to the north by the Copper Mountain Stock and to the
south by a coarse pink feldspar porphyry syenite dyke.
Drilling by the Company in 2010 and 2011 in the Combination Creek Zone returned the
following highlighted intercepts (AR 33070):
• DDH PT-10-01: 50 meters of 0.15% Cu, including 12m @ 0.28% Cu.
• DDH PT-10-02: 45 meters of 0.17% Cu, including 10m 0.44% Cu.
• DDH PT-11-18: 102.7 meters of 0.14% Cu including 6m 0.29% Cu.
The sampling was done to the standards of the time and are considered “historical” in nature
and cannot be considered 43 -101 compliant and cannot be relied upon . The results are
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listed here to show why the Company is interested in this area. Future work and drilling may
not repeat similar results.
Canada One will be pursuing an exploration permit this spring which will allow the Company
to expand on the existing IP and magnetics surveys. The Company will follow the IP
extension work with a compilation of the geophysics and conduct geochemical grids over
the areas of interest.
Private Placement of up to $1.8 million
The Company is pleased to announce a non -brokered private placemen t (the “ LIFE
Offering”) consisting of up to 3,000,000 units of the Company, (each, a “Unit”), at a price of
$0.10 per Unit. The Units will be offered in all Canadian provinces, except Quebec, pursuant
to the Listed Issuer Financing Exemption under National Instrument 45 -106 Prospectus
Exemptions (“NI 45-106”). There is an offering document (the “Offering Document”) related
to the LIFE Offering that can be accessed under the Company’s profile at www.sedar.com
and on the Company’s website at www.canadaonemining.com. Prospective investors
should read the LIFE Offering Document before making an inve stment decision . The
securities offered under the LIFE Offering will not be subject to a hold period in accordance
with applicable Canadian securities laws.
In addition, the Company announces that it is undertaking, concurrent with the LIFE Offering,
a non-brokered private placement of up to 15,000,000 Units on the same terms as the LIFE
Offering (the “Private Placement”), for gross proceeds of up to $1,800,000 from the LIFE
Offering and the Private Placement. The Units sold pursuant to the Private Placement shall
be subject to a four-month-and-one-day hold period and will be offered in all Canadian
provinces pursuant to the Accredited Investor Exemption under NI 45-106 and in such other
jurisdictions that will be determined by the Company.
Each Unit will consist of one (1) common share in the capital of the Company (each, a
“Common Share”) and one-half (1/2) of one Common Share purchase warrant (each whole
warrant, a “Warrant”). Each Warrant will be exercisable into one (1) Common Share (each,
a “Warrant Share”) at a price of $0.15 per Warrant Share for a period of three (3) years after
the closing date of the LIFE Offering and the Private Placement (the “Closing Date”), subject
to adjustment in certain events. If, at any time following the date that is four -months-and-
one-day following the Closing Date, the Common Shares have a closing price on the TSXV
Venture Exchange (the “TSXV”) of $0.25 or greater per Common Share f or a period of five
(5) consecutive trading days, the Company shall have the right to accelerate the expiry date
of the Warrants that is at least 60 days following the date of such notice to holders of
Warrants.
As disclosed in the Offering Document, the Company intends to use the net proceeds from
the LIFE Offering and Private Placement to fund its exploration and development of the
Company’s properties, extinguish liabilities and payables and for general administrative and
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working capital expenses. The Company may pay finder’s fees under the LIFE Offering as
permitted by the policies of the TSXV and applicable securities laws.
The LIFE Offering and Private Placement are expected to close concurrently on or about
May 26, 2023, subject to cust omary closing conditions, including, but not limited to, the
receipt of all necessary approvals including the approval of the TSXV.
Copper Mountain Area Geology
The Copper Mountain area is a large, structurally complex, alkalic porphyry copper-gold
system where historical mining operations from 1927 to 2019 have produced approximately
1.7 billion pounds (Blb) of copper, 700,000 ounces (oz) of gold, and 9 million ounces (Moz)
of silver. Most of the copper-gold mineralization at the Copper Dome Project and at the mine
site is in the form of veins, fracture fillings, and disseminations within volcanic rocks of the
Nicola group and intrusive rocks of the Lost Horse intrusive complex.
The Copper Mountain deposit is classified as an alkalic porphyry copper-gold deposit. Alkalic
porphyry deposits typically have low-pyrite and high-carbonate contents, and therefore have
a low probability of issues with acid-rock drainage.
Copper Mountain Mine
The Copper Mountain Mine, which is contiguous to the north of Copper Dome Project, 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 p roduce 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 pou nd 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 Corporation, 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.
Marketing Services Agreement
The Company ha s engaged Globull Technologies Inc. (Globull) for online marketing
services. Services include, but are not limited to, native advertising distribution, display
advertisement distribution, push notification distribution, search engine marketing, and lead
generation and capture. The term of the contract is for six months starting on April 24, 2023
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with the option to continue on a month -to-month basis thereafter. Globull will be
compensated $5,000 USD for the initial six-month period.
Cancelled Option Agreements
The Company has cancelled the fundamental acquisition of the Matabitchuan Cobalt Project
previously announced on August 23rd and September 6 th, 2022 pursuant to which the
Company was to acquire the right to earn an interest from arm’s length third parties in the
Matabitchuan, Eldridge Pubelow, Cooper and Golden Lake properties.
The Company has also cancelled its acquisition of the Franelle Copper Project located in
Quebec.
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.
For further information, interested parties are encouraged to visit the Company’ s profile on
SEDAR (www.sedar.com) or contact the Company at [email protected].
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
Peter Berdusco
President and Chief Executive Officer
1 877 844 4661
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, oth er 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, iden tified 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 fu ture 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 a nd 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 ti ming,
completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward -looking
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assume any obligation to update the forward -looking statements of beliefs, opinions, projections, or other factors, sh ould they change,
except as required by law.
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