Mr. Peter Berdusco reports

CANADA ONE COMMENCES FIELD WORK PROGRAM AT 100 PER CENT OWNED COPPER DOME PROJECT, PRINCETON, BRITISH COLUMBIA

Canada One Mining Corp. has commenced exploration fieldwork at its 100-per-cent-owned Copper Dome project located south of Princeton, B.C.

The project is contiguous to the south of Copper Mountain Mining Corp.'s (TSX-V: CMMC) currently producing Copper Mountain mine, which hosts a proven and probable mineral reserve of 702 Mt (million tonnes) of 0.24 per cent Cu (copper). Copper Dome's northern boundary lies 1.5 kilometres from the mine's deposits.

Regionally, it is located within the lower portion of the Quesnel trough porphyry belt, a well-established mining district. The belt extends north from the Copper Mountain mine, through the Elk, Brenda, Craigmont, Highland Valley and New Afton mines. Canada One's exploration work will include geochemistry, geophysics and a drill program.

Past exploration highlights include:

• Airborne magnetics flown over the entire project;
• 51 km of induced polarization (IP) surveyed over areas of interest;
• Electromagnetics surveyed over half of the project area;
• 2,253 soil and 378 rock samples collected;
• Over 8,900 metres of diamond drilling;
• The palladium (Pd), platinum (Pt) and gold (Au) potential on the property has been underexplored;
• Multiple zones of mineralization have been discovered on the property;
• Majority of the property, predominantly the southern portion, has had little to no exploration.

Exploration fieldwork

Snow has abated and the fieldwork season can now start in full earnest at the Copper Dome. The project has a long history of exploration dating back 50 years. Several drilling programs and geophysical surveys have been conducted over the years and are currently being compiled into a digital Leapfrog model (see news release dated, June 1, 2023). The fieldwork program outline is larger than past programs conducted by previous operators and therefore some gaps in the survey data exist. The objective of the survey work is to close those existing gaps.

Exploration fieldwork details

Mobile metal ion (MMI)

Currently, the company is completing a MMI geochemistry survey. The survey is intended to overlap with the older geochemical and 2010 Titan IP geophysical grid. This MMI work will be used to confirm the outline of the induced polarization (IP) grid scheduled for later this summer.

MMI is a recently developed geochemical technique that measures in parts per billion the trapped metal ions in the upper soil horizon. One of the advantages to this type of survey is the ability to detect a mineralized body beneath a body of unmineralized, transported surficial cover, like glacial till.

Titan survey

The Titan survey is a distributed array-based geophysical system that collects two separate geophysical surveys; direct current induced polarization (DCIP) as well as magnetotelluric (MT). DCIP provides resistivity and chargeability sections, and the MT provides a deeper resistivity section. The technology behind Titan allows the system to sample data very rapidly and measure very small signals. The DCIP data is typically and routinely collected to depths of 500 to 750 m and the MT data are collected to depths of 1,500 m and greater allowing for survey detection at much deeper levels than more traditional surveys.

Phased drill program

Th is summer work will be used to refine drill targets for a first phase diamond drill program. While surface targets for drilling have already been identified the company believes merging the 2010 and 2023 IP data with the magnetics and MMI geochemistry will further refine these targets, outlining more specifically, porphyry mineralization for testing.

Current financing

The company announced that it is undertaking, a listed issuer financing exemption (LIFE) offering of up to three million units, and a non-brokered private placement of up to 15 million units on the same terms, for gross proceeds of up to $1.8-million (see news release dated April 25, 2023). As disclosed in the offering document, the company intends to use the net proceeds from the life offering and private placement to finance its exploration and development of the company's properties, extinguish liabilities and payables, and for general administrative and working capital expenses. The company's field work program is subject to the closing of the private placement.

Exploration history

Friday Creek zone

In 2007, diamond drilling was performed by the company on the Friday Creek zone in the northwest corner of the project and returned the following highlighted intercepts (AR 33852):

• DDH FC-11: 156 m 0.09 per cent Cu, including 10 m of 0.7 per cent Cu and 0.8 g/t Au;
• DDH FC-12: 42.6 m of 0.28 per cent Cu, including six m of 1.5 per cent Cu and 0.7 g/t Au.

Combination Creek zone

The Combination Creek zone located within the northeast corner of the project shows stockwork veining associated with hornfels within the volcanic and sedimentary rocks adjacent to the Copper Mountain stock. The best mineralization in the Combination Creek zone drilled to date is found in a 70 to 100 m wide section of Nicola volcanics extending at least 250 m east-west, bounded to the north by the Copper Mountain stock and to the south by a coarse pink feldspar porphyry syenite dike.

Drilling by the company in 2010, 2011 and 2012 in the Combination Creek zone returned the following highlighted intercepts (AR 33070, AR 33852):

• DDH PT-10-01: 50 m of 0.15 per cent Cu, including 12 m 0.28 per cent;
• DDH PT-10-02: 45 m of 0.17 per cent Cu, including 10 m 0.44 per cent;
• DDH PT-10-06: 19.5 m of 0.71 per cent Cu, including 6.4 m 1.25 per cent;
• DDH PT-11-18: 102.7 m of 0.14 per cent Cu, including six m 0.29 per cent;
• DDH PT-11-21: 32 m of 0.21 per cent Cu, 10 m of 0.19 per cent, 33 m of 0.14 per cent, 38 m of 0.56 per cent;
• DDH PT-12-26: 20 m of 0.67 per cent Cu, including 14 m of 0.86 per cent.

The sampling was done to the standards of the time and is considered historical in nature and is not National Instrument 43-101 compliant and cannot be relied upon. The results are listed here to show why the company is interested in this area. Future work and drilling may not repeat similar results.

Copper Mountain mine

The Copper Mountain mine, which is contiguous to the north of Copper Dome, is a conventional open pit, truck and shovel operation. The mine has a 45,000-tonne-per-day plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. A new life of mine plan to expand the mill to 65,000 tonnes per day, further increases average annual production to 138 million pounds of copper equivalent and reduces all-in costs to $1.76 (U.S.) per pound of copper over the first 20 years of a 32-year mine life. The 65,000-tonne-per-day mill expansion, including the integration of New Ingerbelle, brings Copper Mountain mine's after-tax NPV (net present value) at an 8-per-cent discount to $1,245-million (U.S.) (see life of mine plan expansion study technical report, Copper Mountain Mining Corp., September, 2022). Further potential exists through the upgrading of mineral resources to mineral reserves and further exploration to continue to extend the mine life and add value.

The company cautions the discoveries and observations on properties in proximity to the company's properties are not necessarily indicative of the presence of similar mineralization or geology on the company's properties.

Qualified person

The technical information contained in this news release has been reviewed and approved by Freeman Smith, PGeo, a qualified person for the purposes of National Instrument 43-101.

We seek Safe Harbor.