- Canada One Mining (TSXV:CONE) will be acquiring Rockhound Copper and its 2,974 acres of prospective ground next to the company’s Copper Dome project
- The expansion will increase Canada One’s Copper Dome Project exploration area from 2,262 hectares to 5,236 hectares
- Located in British Columbia, the Copper Dome South is roughly six kilometres south of the Copper Mountain Mine site
- Shares of Canada One are down 5.56 per cent to C$0.08 as of 10:44 am ET
Canada One Mining (TSXV:ONE) is gearing up to expand its Copper Dome Project’s exploration area in British Columbia.
In a news release, the Vancouver-based company said it will be acquiring an additional 2,974 hectares of prospective ground next to the project, located in British Columbia, through the acquisition of Rockhound Copper.
Canada One Mining said the expansion will increase the project’s exploration area from 2,262 hectares to 5,236 hectares.
“We feel very fortunate to secure a large contiguous land package in the highly sought after, competitive location just south of the Copper Mountain Mine operated by Hudbay Minerals,” Peter Berdusco, CEO of Canada One MIning, said in a statement. “This not only doubles our land position, but it will also provide us with additional prospective ground greatly expanding our exploration at Copper Dome.”
Historical work done on Copper Dome South includes several exploration programs dating back to 1972, although no major exploration programs were done on the property until 2009.
The most recent exploration work on the property has delineated two soil geochemical anomalies for copper/zinc and elevated precious and platinum group metals.
Under the terms of the agreement, the company will issue 12 million of its shares to Rockhound Copper and make a cash payment of $20,000.
If Canada One Mining drills 0.15 per cent copper or more on Copper Dome South, it will issue an additional 1 million shares to Rockhound Copper.
Shares of Canada One Mining are down 5.56 per cent to C$0.08 as of 10:44 am ET.
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