- Canoe Mining Ventures (CLV) has received TSXV approval for its option to acquire 87 mineral claims in Ontario
- It may acquire the claims by issuing 1.9 million common shares and spending $250,000 to pay for the area’s expenses
- The company also announced it has received the final dataset from a survey on the area
- Anomalies were defined which may represent pegmatite dykes or graphite mineralization
- Canoe Mining Ventures (CLV) is up 77.78 per cent trading at $0.08 per share
Canoe Mining (CLV) has received TSXV approval for its option to acquire 87 mineral claims in Ontario.
Under the terms of the option agreement, Canoe Mining may acquire the claims by issuing 1.9 million common shares and spending $250,000 to pay for the area’s expenses. The cash and common shares will be paid on certain milestone events over a three-year period.
In other news, Canoe Mining has received the final dataset from a survey of the area by the current claims holder.
The survey includes a 34-kilometre line of geophysical data with identified anomalies of high frequencies showing conductive zones near-surface.
The conductive bodies have been defined to be mostly structurally controlled and may resemble pegmatite dykes or graphite mineralization.
The claims are for exploration work and cover approximately 1,961 hectares in Butt Township. The area is accessible year-round and has historically yielded uranium and rare earth-bearing mineralization.
The property has historical support for hosting graphite mineralization, with a large past-producing graphite deposit directly to the north of the claim package.
Canoe Mining Ventures (CLV) is up 77.78 per cent trading at $0.08 per share as of 12:50 p.m. EST.