CONE:CC - Canada One Conducts Data Compilation on 100% Owned Copper Dome Project Princeton British Columbia
(TheNewswire)
Vancouver, British Columbia – TheNewswire - June 01, 2023 - Canada One Mining Corp . ( TSXV:CONE ) (“ Canada One ” or the“ Company ”) has commenced a detailedcompilation of past exploration on its 100% owned Copper DomeProject (the “ Project ” or“ Property ”) located 18km south of Princeton, British Columbia andcontiguous to the Copper Mountain Mine.
“Due to the Project being adjacent to the CopperMountain Mine the area has received significant work over the past 50years. This work has typically been piecemealed over smaller parcelswhich have been consolidated under Canada One”, Peter Berdusco,President and CEO commented. “The Project area has had severalgeophysical surveys which will now be added to a 3D Leapfroggeological model. This model will provide a better understanding ofthe potential deposit model mineralization and alteration which occursimmediately south of the mine and will form the targeting model forfuture drill programs.”
Recent geophysical surveys, post-2008, include airbornemagnetics over the entire Project, electro-magnetics (EM) over half ofthe Project area and roughly 51km of induced polarization (IP) overareas of interest. The most recent drilling from 2008 through 2013combined was 8,906m of diamond drilling and 2,251 core samples whichwill, in addition to older drilling, be compiled into the overall 3Dmodel.
Copper Dome Highlights
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The Project lies within the lower portion of theQuesnel Trough porphyry belt which extends north from the CopperMountain Mine, through the Highland Valley, New Afton, Gibraltar, Mt.Polley, Mt. Milligan and Kemess mines
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The Project is contiguous to Copper Mountain whichreports P roven and Probable Mineral Reserves of702 Mt of 0.24% Cu (www.cumtn.com). Hudbay Minerals Inc. recently entered into an all-sharepurchase of Copper Mountain Mining Corp valued at USD$439million
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The Property’s northern border lies 1.5kms south ofthe Copper Mountain open pits
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Previous drilling has confirmed the presence ofhigh-grade copper associated with northeastrunning geological structures similar to those seen at Copper Mountain
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Potential for palladium (Pd), platinum (Pt) and gold(Au) exists within the western portion of the Property
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Excellent infrastructure provides year-round accesswith low-cost exploration and low jurisdictional risk
Objective of the CompilationProgram
The compilation will combine the recent geophysical andpast drilling program into one cohesive data package within theLeapfrog software allowing for the comprehensive geological review inthree dimensions of all past work and surveys performed. This will allow the Company to prepare a summer workprogram and also fill in any existing gaps in the data in preparationfor drilling.
Past Exploration Highlights
Friday Creek Zone
In 2007, diamond drilling was performed by the Companyon the Friday Creek Zone in the northwest corner of the Project andreturned the following highlighted intercepts (AR 33852):
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DDH FC-11: 156m 0.09% Cu, including 10m of 0.7% Cu and0.8 g/t Au
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DDH FC-12: 42.6m of 0.28% Cu, including 6m of 1.5% Cuand 0.7 g/t Au
Combination Creek Zone
The Combination Creek Zone located within the northeastcorner of the Project shows stockwork veining associated with hornfelswithin the volcanic and sedimentary rocks adjacent to the CopperMountain stock. The best mineralization in the Combination Creek zonedrilled to date is found in a 70 to 100m wide section of Nicolavolcanics extending at least 250m east west, bounded to the north bythe Copper Mountain Stock and to the south by a coarse pink feldsparporphyry syenite dyke.
Drilling by the Company in 2010, 2011 and 2012 in theCombination Creek Zone returned the following highlighted intercepts(AR 33070, AR 33852):
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DDH PT-10-01: 50m of 0.15% Cu, including 12m 0.28%
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DDH PT-10-02: 45m of 0.17% Cu, including 10m 0.44%
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DDH PT-10-06: 19.5m of 0.71% Cu, including 6.4m1.25%
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DDH PT-11-18: 102.7m of 0.14% Cu, including 6m 0.29%
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DDH PT-11-21: 32m of 0.21% Cu, 10m of 0.19%, 33m of0.14%, 38m of 0.56%
The sampling was done to the standards of the time andis considered “historical” in nature and is not NI43-101 compliantand cannot be relied upon. The results are listed here to show why theCompany is interested in this area. Future work and drilling may notrepeat similar results.
Copper Mountain Area Geology
The Copper Mountain area is a large, structurallycomplex, alkalic porphyry copper-gold system where historical miningoperations from 1927 to present have produced over 1.7 billion poundsof copper, 0.7 million ounces of gold, and 9 million ounces of silver (see Life of Mine Plan Expansion Study Technical Report, CopperMountain Mining Corp., Sept. 2022 ).
Mos t of the copper-goldmineralization at the Copper Dome Project and at the mine site is inthe form of veins, fracture fillings, and disseminations withinvolcanic rocks of the Nicola group and intrusive rocks of the LostHorse intrusive complex.
The Copper Mountain deposit is classified as an alkalicporphyry copper-gold deposit. Alkalic porphyry deposits typically havelow-pyrite and high-carbonate contents, and therefore have a lowprobability of issues with acid-rock drainage.
Copper Mountain Mine
The Copper Mountain Mine, which is contiguous to thenorth of Copper Dome Project, is a conventional open pit, truck andshovel operation. The mine has a 45,000 tonnes per day plant thatutilizes a conventional crushing, grinding and flotation circuit toproduce copper concentrates with gold and silver credits. A new lifeof mine plan to expand the mill to 65,000 tonnes per day, furtherincreases average annual production to 138 million pounds of copperequivalent and reduces all-in costs to US$1.76 per pound of copperover the first 20 years of a 32-year mine life. The 65,000 tonnes perday mill expansion, including the integration of New Ingerbelle,brings Copper Mountain Mine’s after-tax NPV at an 8% discount toUS$1.245 billion (see Life of Mine PlanExpansion Study Technical Report, Copper Mountain Mining Corp., Sept.2022). Further potential exists through theupgrading of Mineral Resources to Mineral Reserves and exploration tocontinue to extend the mine life and add value.
The Company cautions the discoveries and observationson properties in proximity to the Company’s property are notnecessarily indicative of the presence of similar mineralization orgeology on the Company's property.
The technical information contained in this newsrelease has been reviewed and approved by Freeman Smith, P.Geo., aQualified Person for the purposes of National Instrument43-101.
For further information, interested parties areencouraged to visit the Company’s profile on SEDAR ( www.sedar.com ) or contact the Companyat info@evolvemgmt.net.
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
Peter Berdusco
President and Chief Executive Officer
1 877 844 4661
Forward-LookingStatements
This press release includes certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included herein,without limitation, statements relating to the future operating orfinancial performance of the Company, are forward looking statements.Forward-looking statements are frequently, but not always, identifiedby 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 beachieved. Forward-looking statements in this press release relate to,among other things: statements relating to the successful closing ofthe Offering and anticipated timing thereof and the intended use ofproceeds. Actual future results may differ materially. There can be noassurance that such statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements. Forward looking statements reflect thebeliefs, opinions and projections on the date the statements are madeand are based upon a number of assumptions and estimates that, whileconsidered reasonable by the respective parties, are inherentlysubject to significant business, technical, economic, and competitiveuncertainties and contingencies. Many factors, both known and unknown,could cause actual results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-looking statements and the partieshave made assumptions and estimates based on or related to many ofthese 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-lookingstatements and information contained in this news release concerningthese times. Except as required by law, the Company does not assumeany obligation to update the forward-looking statements of beliefs,opinions, projections, or other factors, should they change, except asrequired by law.
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