October 25, 2022, Vancouver, B.C. – Carmanah Minerals Corp. (CSE: CARM), (“Carmanah” or the “Company”) is pleased to announce that the airborne magnetic and radiometric survey announced on July 15, 2022, had been completed on its Loljuh Project (the “Loljuh Project”). The Loljuh Project covers a surface area of 1656.73 hectares and is 40 km south of the community of Smithers, British Columbia, west of the community of Houston, BC, within the Omineca Mining Division.
A total of 185 line km was flown by Precision GeoSurveys Inc. (“Precision”). Precision conducted the survey at 100 m line spacing at a heading of north‐south (000°/180°) with tie lines flown at 1000 m spacing at a heading of east‐west (090°/270°). The objective of the airborne geophysical survey is to help map the exploration essentials of structure, alteration, and lithology. Magnetic gradient data was collected using Precision’s exclusive triple boom system to provide high resolution magnetic data related to the concentration and distribution of magnetic minerals. Precision also collected radiometric data, which may assist with providing insights into the hydrothermal history of the project area by mapping the radioelement geochemistry. The data has been received and is being reviewed by a consulting geophysicist. The Company will plan the next phase of the exploration program on the property after such review.
The technical information in this news release was reviewed by Fred Tejada, P.Geo., a Qualified Person as defined by National Instrument 43‐101 (NI 43‐101).
About Carmanah Minerals Corp.
Carmanah Minerals Corp. is a Canadian junior exploration company focused on diversified mineral resources. The Company recently signed an agreement with Marvel Discovery Corp. to earn 50% interest in the Walker Claims located in the Athabasca Basin, Saskatchewan. The Walker and KLR Properties lie within the Wollaston‐Mudjactic transition zone (WMTZ) of the eastern Athabasca basin, which is host to the highest‐grade uranium mines in the world. Carmanah is also actively exploring the Loljuh gold project, located in the Omineca mining division in British Columbia.
For further information, please view the Company’s filings at www.sedar.com.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
Telephone: +1 (604) 802‐8492
Disclaimer for Forward‐Looking Information:
This news release includes certain forward‐looking statements and forward‐looking information (collectively, “forward‐looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company’s projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company’s projects and mineral properties, the anticipated business plans and timing of future activities of the Company, anticipated completion of the Private Placements, including the approval of the Canadian Securities Exchange for the Private Placements, are forward‐looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward‐looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company’s properties, that the COVID19 global pandemic will not affect the ability of the Company to conduct the exploration program on its mineral properties, the availability of financing on suitable terms, and the Company’s ability to comply with environmental, health and safety laws.
Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s proposed expenditures for exploration work on its mineral projects, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID–19, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated April 4, 2022, and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward‐looking statements. The Company undertakes no obligation to update any of the forward‐looking statements in this news release except as otherwise required by law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.