Canada One completes Airborne Survey at Abitibi East Project, Timmins

Canada One Mining Corp. has completed an airborne magnetic survey on the Abitibi East Critical Minerals Project (the "Project", "Property" or "Abitibi East") located 60 kms east of the prolific Timmins mining camp. 

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.

Mr. Peter Berdusco, President and CEO of Canada One, commented: "A property wide magnetics survey is one of the best methods for conducting a property evaluation. The survey is excellent for mapping covered bedrock geology. It can also identify areas of alteration and highlight structures that may host mineralization. Ultimately, this survey is instrumental in determining the next steps at Abitibi East and where to focus our efforts."

Airborne Magnetic Survey

The survey was conducted by SHA Geophysics (SHA) using their Heli-3G, 3-axis magnetic gradiometer system completing line spacing of 75m and a total of 1266-line kilometers of survey. This type of helicopter survey uses SHA's latest technology and sensors to get clean and consistent data.

The magnetic survey identified several areas for follow up exploration. The magnetic high seen in the southern central area of the Property (Figure 1, Target C), when reconnaissance drilled in 1995, identified ultramafic rocks showing nickel mineralization. The magnetic high at the southwestern most portion of the Property (Figure 1, Target A & B), when reconnaissance drilled in 1964, identified a potential VMS target. The NW-SE trending magnetic high in the northeast corner of the Property comprises of a low-lying terrain and has been mapped as mafic volcanics which may contain ultramafic units.

Figure 1 below also shows the location of the Mobile Metal Ion (MMI) lines (in black) on the magnetic map. The goal of the completed MMI survey was to determine if the mobile ion response from the MMI survey would provide any further insight into the magnetic highs on the Property areas identified above. MMI assay results are pending.

Figure 1: Magnetics map with location of historical drill collars and MMI soil samples lines in black.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/190214_canadaonefigure1.jpg

Abitibi East Project Highlights

• Poly-metallic critical mineral Property with additional base and precious metal potential
• (Cu-Zn-Ag, Ni-Pt-Pd and Au)
• Centrally located to the Timmins Gold Camp (Au), Alexo-DunDonald (Ni-Cu-Co) operating Nickel Mine (20kms), and the Kidd Creek (Cu-Zn-Pb-Ag) operating Copper mine (50kms)
• Abitibi East Project covers 8050 Ha on the western end of the world-class Abitibi greenstone belt
• No modern exploration - since 1995
• Historical sampling and assaying are incomplete or absent - modern multi-element techniques are required for Project geochemistry

Stock Option Grant

The Company further announces it intends to grant 2,300,000 incentive stock options under the Company's stock option plan to certain directors, officers, and consultants of the Company. These options will vest immediately and will be exercisable at a price of $0.075 for a period of sixty-months. The options are subject to TSX Venture Exchange approval.

Marketing & Consulting Agreement

The Company is also pleased to announce that it has entered into a marketing and consulting agreement (the "Agreement") with Hillside Consulting and Media Inc. ("Hillside"). Under the Agreement, Hillside will provide SEO/PPC, email and SMS awareness, web development, media buying and distribution. Hillside is located in Penticton, British Columbia and has been retained on a 10-month term at a monthly fee of C$20,000 for its services. After the initial 10-month period, either party may terminate the Agreement at any time by providing the other party with 30 days' prior written notice. Hillside is not a related party and is arm's length to the Company. Hillside currently owns shares in the Company and as such has an interest in the price of the securities of the Company. The Agreement is subject to TSX Venture Exchange approval.

About Abitibi East

The Abitibi East Property is underlain by Archean volcanic and sedimentary rocks which are intruded by gabbroic intrusives and (Matachewan) dolerite dykes. The Project is prospectable for several different deposit model types that include: Kambalda-type Ni-Cu-(PGE) ore deposits; bimodal mafic-ultramafic volcanic massive sulfide (VMS) deposit; and orogenic gold deposits hosted by shear zones.

The Project is located north of Iroquois Falls in an area that contains glaciofluvial and glaciolacustrine deposits making traditional soil sampling difficult because the soils have been transported by glaciers to their current locations.

Tags: Northern Ontario / Exploration / Gold / All Articles