Canamera Energy Metals starts 1,500‑metre Schryburt Lake drill program
The Ontario rare-earth and niobium campaign has a C$1.7M budget, alongside an announced one-for-six share consolidation.
Theo Marchetti
Canamera Energy Metals Corp. CNSXEMET OTCMKTSEMETF FRA4LF0, a Canadian Securities Exchange explorer, said on Monday that its maiden Schryburt Lake diamond drill program began Oct. 22, targeting 1,500 metres in northwestern Ontario. The rare-earth and niobium campaign has an approximately C$1.7 million budget and advances spending toward an initial 51 per cent project interest, according to its Nov. 2 release.
Google Finance's CNSXEMET quote showed shares at C$0.075, down 6.25 per cent, as of 4 p.m. EDT on Oct. 30, before the drilling announcement.
The program comprises three inclined holes of approximately 500 metres each at the Blue Jay, Starling and Blackbird targets. These are planned down-hole lengths, with the holes designed to test near-surface projections of magnetic anomalies.
Canamera also announced a one-for-six share consolidation in the same Nov. 2 release.
Holes Test Magnetic Targets
Magnetic modelling described in the Nov. 2 release identified pipe-like anomalies extending from approximately 600 metres to more than 1,000 metres below surface. The initial holes target their shallower projections rather than the full modelled depth.
The program is the property's first diamond drilling and its first drilling of any kind since six shallow reconnaissance holes totalling 293 metres in 1977.
"This is the first diamond drill program ever undertaken at Schryburt Lake," chief executive Brad Brodeur said in the release.
The property comprises 252 unpatented mining claims covering approximately 4,947 hectares north-northeast of Pickle Lake in Ontario's Kenora district.
The Ontario Ministry of Energy and Mines permit took effect Sept. 10, 2026, and allows up to 19 drill sites. It expires Sept. 9, 2029. The field crew includes members of Nibinamik First Nation under an exploration agreement announced Oct. 8.
The 12-person crew is based at a nearby lodge and supported by helicopter, according to the Nov. 2 release.
Canamera said in the Nov. 2 release that program expenditures advance the C$1.5 million spending condition for its first option. The broader agreement allows it to earn up to 90 per cent through aggregate expenditures of C$9 million.
Canamera's Oct. 16 financing release reported gross rights-offering proceeds of C$765,246.13. That notice said proceeds were expected to fund Brazilian exploration, U.S. claim management and administration. It also said other capital raising initiatives would be pursued; its stated uses did not include Schryburt Lake.
Rare-earth explorer Spark Energy Minerals Inc. CNSXSPRK OTCMKTSSPARF FRA8PC reported Cruzeta results on Oct. 28 in Brazil. Its headline interval ran 52 metres at 1,906 parts per million total rare-earth oxides from surface. The interval is a down-hole length, with true width unknown and no metallurgical recovery demonstrated.
Read more: Spark Energy Minerals reports 52m rare-earth intersection at Cruzeta
Canamera's next results will follow receipt of assays and review by its qualified person; the Nov. 2 release gives no dated assay milestone.
