The Property consists of 87 mineral claims covering approximately 1,961 hectares in Butt Township, District of
Under the terms of the Option Agreement, the Company may exercise the Option upon: (i) the issuance of an aggregate of 1,900,000 common shares (the 'Common Shares') in the capital of the Company; and (ii) incurring an aggregate of
the issuance of 300,000 Common Shares to Griftco on the tenth business day following the receipt by the Company from the
Pursuant to the Option Agreement, in the event that the Company exercises the Option in full and acquires the Property, the Company will grant a 3% net smelter returns royalty (the 'NSR') to a third party.
Exploration Update
The Company is also pleased to announce receipt of the final dataset from an airborne Mobile MagnetoTellurics ('MobileMT') electromagnetic survey conducted by Griftco prior to the Option Agreement. The survey conducted on the Property included 348 line-km of geophysical data collection and was able to identify anomalies of high frequencies of apparent conductivity/VLF amplitude, showing conductive zones near-surface. These conductive bodies are determined to be mostly structurally controlled and could correspond to pegmatite dykes or graphite mineralization. See Figure 1 for a map of the results of the strongest geophysical conductors as well as the known historical mineral occurrences (Ontario Mineral Inventory Database).
Identified geophysical anomalies demonstrate zones of potential mineralization and have been prioritized as targets for follow-up exploration on the Property. Canoe is pleased to announce that it will initiate a prospecting and sampling program on the three identified areas in Figure 1 with a focus on graphite, rare earth element, and graphite mineralization. This program is expected to be completed in the coming weeks.
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This news release includes certain 'forward-looking statements' within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: general market conditions, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward-looking statements as well as the various risks and uncertainties facing the Company are described in greater detail in the 'Risk Factors' section of the Company's annual Management's Discussion and Analysis and other continuous disclosure documents filed with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update forward-looking information except as required by applicable law. The reader is cautioned not to place undue reliance on and the Company relies on litigation protection for forward-looking statements.
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