Canada One Signs Letter of Intent to Review Princeton Copper Project in British Columbia
Vancouver, March 02, 2021 - Canada One Mining Corp. (the "Company" or "Canada One") (TSXV:CONE) is pleased to announce that the Company has signed a letter of intent ("LOI") to review the Princeton Copper Project ("Princeton Copper" or the "Project") located in British Columbia, Canada and held by Princeton Copper Corp. ("PCC"), a related party private company. Under the LOI, the Company intends to conduct a due diligence review of the Project in consideration of a potential acquisition. At this time, no terms have been agreed to by the parties and completion of any transaction with PCC is subject to satisfactory due diligence and any required regulatory and third-party approvals.
Princeton Copper Overview
The 7830 ha Project is located five kms south of Princeton BC. The Copper Mountain Mine property ("CMM") operated by Copper Mountain Mining Corp. is contiguous to the Project with its multiple deposits extending 2 to 10 kilometres south of the Project.
CMM and the Project share a common infrastructure network for access and power. Both are hosted by the Nicola volcanic rocks of the Quesnel terrane porphyry belt.
In 2020, PCC initiated an exploration program on a 500-ha section representing roughly 6% of the property. This program confirmed large overlapping anomalous porphyry targets. The geophysical responses are favourable and similar to those found, just to the south at CMM, specifically at the Copper Mountain, Ingerbelle and Virginia deposits. The primary target is a chargeable body (likely consisting of pyrite dominant sulphides) subcrops at approximately 60 metres and is roughly 400 metres wide by 500 metres in the north-south direction.
Readers are cautioned that the LOI entered by the Company does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized. Completion of any transaction is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of a definitive agreement in respect of such a transaction, the availability of financing on terms acceptable to the Company, and the receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction, will be completed at all.
Qualified Person
Mr. John Buckle, P. Geo is a Qualified Person in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Buckle has reviewed and approved the scientific and technical content of this news release.
On behalf of the Board of Directors of
Peter Berdusco
President and Chief Executive Officer
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.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the status of the Annual Filings and the Interim Filings, the anticipated completion of these filings, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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