Canamera Energy Metals Corp. (CSE: EMET) announced that diamond drilling commenced on October 22, 2026 at its Schryburt Lake Rare Earth Element-Niobium Project in northwestern Ontario — the first drill program ever conducted on the property. The 1,500-metre, three-hole program carries a budget of approximately C$1.7 million and targets near-surface projections of pipe-like magnetic anomalies at the Blue Jay, Starling, and Blackbird zones. Separately, the company confirmed a 6:1 share consolidation with a record date of November 6, 2026, giving investors two concurrent developments to track.

Key Points

  • Canamera Energy Metals Corp. (CSE: EMET | OTCQB: EMETF | FSE: 4LF0)
  • Maiden diamond drill program commenced October 22, 2026 at Schryburt Lake, Ontario — the first drilling of any kind at the project since 1977
  • Program comprises approximately 1,500 metres across three NQ holes, each approximately 500 metres, with a budget of approximately C$1.7 million; 6:1 share consolidation record date set for November 6, 2026
  • Investors may be watching for assay results once received and reviewed by the company's Qualified Person

First Drilling at Schryburt Lake in Nearly 50 Years

Forage Fusion Drilling Ltd. of Hawkesbury, Ontario began turning the drill on October 22, 2026, marking the first mechanised drilling at the Schryburt Lake carbonatite complex since six shallow reconnaissance holes totalling 293 metres were completed in 1977. The three inclined NQ holes are each designed to reach approximately 500 metres down-hole, testing near-surface projections of pipe-like magnetic anomalies modelled to extend from approximately 600 metres to more than 1,000 metres below surface. Hole locations were informed by historical data, magnetic inversion modelling, radiometric and surface sampling results, and drill-targeting analysis completed by ExploreTech, which the company engaged in May 2026.

Community Partnership and Earn-In Expenditure Progress

The 12-person field crew includes members of Nibinamik First Nation, whose traditional homelands encompass the project area, and operates under the exploration agreement between Canamera and Nibinamik First Nation announced on October 8, 2026. Program expenditures count toward the C$1.5 million expenditure condition of the first option under the JV Option Agreement with Dixon Metals (Ontario) Corporation and Bindi Metals Limited (ASX: BIM), through which Canamera may earn an initial 51% interest in the project. The full earn-in structure allows Canamera to acquire up to a 90% interest through aggregate expenditures of C$9.0 million across three stages.

6:1 Share Consolidation Set for November 6, 2026

Canamera also confirmed a 6:1 share consolidation, with one post-consolidated share issued for every six pre-consolidated shares. The record date and expected trading effective date on the CSE is on or about November 6, 2026, subject to CSE approval. Following the consolidation, approximately 25,516,517 shares will be issued and outstanding, subject to rounding adjustments. The company's trading symbol remains EMET, and a new CUSIP number of 13711A209 (ISIN: CA13711A2092) will apply. Warrants and stock options will be proportionately adjusted. The consolidation proceeds on a push-out basis, so most shareholders need take no action.