Canamera Energy Metals Corp. has commenced diamond drilling at its Schryburt Lake Rare Earth Element-Niobium Project in northwestern Ontario, marking the project’s first diamond drilling campaign. The program began on Oct. 22, 2026, and is budgeted at approximately C$1.7 million, according to the company’s announcement disseminated via Canamera Energy Metals Corp..
The campaign includes three inclined holes totaling approximately 1,500 meters, targeting magnetic anomalies beneath the Blue Jay, Starling and Blackbird targets. Drill locations were selected using historical exploration data, geophysical surveys, surface sampling and artificial intelligence-driven modeling by ExploreTech. The 12-person field crew includes members of Nibinamik First Nation under an exploration agreement announced Oct. 8, 2026.
The program’s importance extends beyond exploration. Its expenditures will contribute toward the C$1.5 million spending requirement for Canamera to earn an initial 51% interest in the project, with the potential to earn up to 90% through a three-stage agreement. For investors, this means the drilling results could directly influence the company’s ownership stake and future development path at Schryburt Lake.
Separately, Canamera announced plans to consolidate its common shares on a one-for-six basis, subject to Canadian Securities Exchange approval. Trading on a consolidated basis is expected to begin on or about Nov. 6, 2026. Following the consolidation, approximately 25.5 million shares are expected to be outstanding, subject to rounding adjustments. The company’s name and trading symbol, EMET, will remain unchanged. Shareholders holding shares electronically will have their positions adjusted automatically, while holders of physical certificates will receive instructions for exchanging their shares. The consolidation is a structural change that can affect share price and liquidity, and investors should note the adjusted share count when evaluating the company.
Canamera Energy Metals is a rare earth elements exploration and development company with an expanding project portfolio across Brazil, the United States, and Canada. The company is focused on advancing ionic clay REE projects in Brazil and critical mineral assets in North America to support Western rare earth supply chain independence. The latest news and updates relating to EMETF are available in the company’s newsroom.
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