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Vancouver, B.C., November 09, 2023 - Canada One Mining Corp. (“Canada One” or the “Company”) (TSXV: CONE) (OTC: COMCF) (FSE: AU31) completed an orientation field program on the CM1 Copper Property (“CM1” or the “Property”), a 1,054 Ha land package that was recently added to Canada One’s Flagship Copper Dome Project (now totaling over 5800 Ha). CM1 is contiguous with the Copper Dome Project, located immediately south of Hudbay Mineral’s active Copper Mountain Mine near Princeton, British Columbia.
Mr. Peter Berdusco, President and CEO of Canada One, commented: “Positive indications for copper potential on CM1 include a large alteration footprint with intensely quartz-sericite-pyrite altered intrusions which together represent a new and distinct magmatic hydrothermal center adjacent to the Copper Mountain Mine. CM1 is highly prospective for porphyry copper-gold mineralization and we look forward to executing a systematic exploration program.”
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CM1 Highlights
CM1 contains geological features consistent with the distal coppery porphyry setting and has confirmed the potential for bulk copper-gold mineralization:
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Alteration footprint measuring at least 2.5 by 2.5 kilometers
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Favorable host rocks including Nicola Group mafic volcanic rocks
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Quartz-sericite-pyrite altered quartz-feldspar porphyry intrusions
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Property contains the Ox Copper Showing (disseminated chalcopyrite-magnetite)
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Located 4 km south of the Hudbay Mineral’s producing Copper Mountain Mine (1,132 Mt @ 0.22% Cu; 0.09 g/t Au; 0.64 g/t Ag; Total Measured and Indicated1,2)
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Figure 1. Location of the newly optioned CM1, the Copper Dome Project and Copper Mountain
Field Evaluation of CM1
An orientation field evaluation campaign was conducted on CM1 to examine alteration and mineralization associated with the Nicola Group volcanic rocks and younger intrusions. A total of 26 mapping station outcrops were reviewed and together outline an alteration footprint measuring at least 2.5 x 2.5 kilometers defined by chlorite-epidote-carbonate +/- pyrite with internal zones of quartz-sericite-pyrite alteration and zones of calc-silicate skarn development (Figures 2 and 3).
Economic Geology of CM1
CM1 is underlain by Triassic-Jurassic Nicola group basalt-andesite composition volcanic rocks which are intruded by hornblende-feldspar porphyry dikes that are interpreted to belong to the Early Jurassic Copper Mountain stock of the Copper Mountain Intrusions to the north. Recent field work has identified a large alteration footprint consisting of chlorite-epidote-carbonate-pyrite altered Nicola Group mafic fragmental volcanic rocks. Locally, carbonate-rich sedimentary rocks internal to the Nicola Group are altered to calc-silicate skarn (garnet-pyroxene-epidote) (Figure 3). The Property is cut by quartz feldspar porphyry dykes (diorite) which are overprinted by intense (texturally destructive) quartz-sericite-pyrite alteration and are limonitic in exposed outcrops.
The Nicola Group is considered highly prospective and is host to porphyry copper-gold deposits and mines in southern British Columbia including:
1- Copper Mountain Mine (Hudbay Minerals3) immediately north of CM1
2- MPD Exploration/Development project north of Princeton (Kodiak Copper4)
3- New Afton active block cave mine near Kamloops (Newgold5) *
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Figure 2. Geology and mineral occurrences of the Copper Mountain Mine (Hudbay Minerals) and adjoining Copper Dome Project area including CM1 (Canada One Mining).
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Figure 3. Examples of intense quartz-sericite-pyrite (and limonite) alteration (3A-3C) and quartz vein stockwork development in Nicola Group Volcanic rocks (3D) from CM1.
References
1 Klue, R., Redmond, P., Alberto, L.C., Simonian, B., Humala, A., Weston, S., 2022. COPPER MOUNTAIN MINE LIFE-OF-MINE PLAN AND 65 KT/D EXPANSION STUDY UPDATE NI 43-101 TECHNICAL REPORT BRITISH COLUMBIA, CANADA. Report Date: September 30, 2022. Effective Date: August 1, 2022.
2 The Copper Mountain Mine Mineral Resource Estimate includes a measured resource 597 Mt @ 0.23% Copper, 0.10 g/t Gold, 0.71 g/t Silver, an Indicated resource of 535 Mt @ 0.20% Copper, 0.09 g/t Gold, 0.57 g/t Silver and an inferred resource of 446 Mt @ 0.19% Copper, 0.09 g/t Gold, 0.54 g/t Silver
3 https://hudbayminerals.com/canada/default.aspx
4 https://kodiakcoppercorp.com/projects/mpd/
5 https://newgold.com/assets/#new-afton-mine
* The Company cautions that mineral deposits may not be present on CM1.
Qualified Person
All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, PGeo. Mr. MacNeil is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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
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 completion of the transaction and receipt of any required regulatory approvals. 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.
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