Canoe Mining Ventures Corp. announce that it has entered into an arm's length option agreement with Griftco Corporation dated August 8, 2022, pursuant to which the Company was granted an option to acquire a 100% legal and beneficial interest in certain mineral claims in the Province of Ontario. The Property consists of 87 mineral claims covering approximately 1,961 hectares in Butt Township, District of Nipissing, Ontario. It is accessible by year-round roads and logging trails. Uranium and rare-earth bearing pitchblende was discovered on the Property in the early 1900's. The Property lies within the Kiosk geological domain and is underlain by mafic, quartzo-feldspathic, and metapelitic geological units. These various geological units host radioactive granitic pegmatite dikes which contain minerals such as allanite, uraninite, pyrochlore, columbite, and other rare earth and uranium-bearing minerals. The property also has potential to host graphite mineralization, with a large past-producing graphite deposit directly to the north of the claim package. Significant recent target-generation exploration work has been completed on the Property, including electromagnetic, magnetometer, and induced polarization geophysical surveys, geological mapping, and prospecting. The Property has never been drilled, but numerous historical trenching and very small-scale
mining operations have occurred on the Property. Significant prospects on the Property include: the William Elliot & Mica Lake prospects, discovered in 1919 from which highly selective grab samples returned up to 79.5 % U3O8 along with high-grade rare earth elements; the Ryan, Mann and Sheehan prospect, discovered in 1921 from which selective grab samples returned up to 0.45 % U3O8 over a 3 foot chip sample; the E.J Rivers prospect, discovered in 1953 from which selective grab samples returned values of up to 9.75 % U3O8 along with high-grade rare earth elements. In addition, the property is contiguous with G6 Energy Corp.'s Kearney Mine property. Under the terms of the Option Agreement, the Company may exercise the Option upon: the issuance of an aggregate of 1,900,000 common shares in the capital of the Company; and incurring an aggregate of $250,000 in expenditures on the Property as follows: the issuance of 300,000 Common Shares to Griftco on the tenth business day following the receipt by the Company from the TSX Venture Exchange of conditional approval for the transaction contemplated by the Option Agreement; the issuance of 300,000 Common Shares and incurring $50,000 in Expenditures on or before the first anniversary of the Closing Date; the issuance of 300,000 Common Shares and incurring an addition $100,000 in Expenditures on or before the second anniversary of the Closing Date; and the issuance of 1,000,000 Common Shares and incurring and additional $100,000 in Expenditures on or before the third anniversary of the Closing Date.