CANADA CARBON ANNOUNCES COMPLETION OF MAIDEN RESOURCE ESTIMATION FOR ITS ASBURY GRAPHITE PROJECT IN NOTRE-DAME-DU-LAUS MUNICIPALITY, LAURENTIDES, QUEBEC

Toronto, Ontario, April 03, 2024 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB),(FF:U7N1) is very pleased to announce a Maiden Mineral Resource Estimate (MRE) for its flagship 100% owned Asbury Graphite Project located 80 kilometres (“km”) NNE of Gatineau, near Notre-Dame-du-Laus, Québec. The Resource Estimate was prepared pursuant to Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) by the independent firm SGS Canada Inc. (“SGS”) of Blainville, Quebec. The Maiden Resource Estimate consists of an inferred resource of 4.14 Mt with an average grade of 3.05% Cg, within the boundaries of an optimized open pit model. A Technical Report supporting the Resource Estimate will be filed to SEDAR within 45 days, as required by NI 43-101.

TABLE 1: GRAPHITE MINERAL RESOURCES

1. The classification of the current Mineral Resource Estimation into Inferred is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves
2. A fixed density of 2.80 t/m³ was used to estimate the tonnage from block model volumes.
3. Resources are constrained by the pit shell and the topography of the overburden layer.
4. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
5. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resources has a lower level of confidence than that applying to a Measured and Indicated Resources and must not be converted to a Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.  
6. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
7. Effective date March 28^th  2024.
8. The estimate of mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

The Company has thus far completed sufficient diamond drilling and bedrock channel sampling to result in a resource estimation with a maximal depth of the pit at 135 vertical meters. Geological modeling based on the drill results, surface trenching and mapping indicates that the deposit remains open at depth and on both strike extensions. The geological model also provides multiple exploration targets with the potential to further expand the graphite mineral resources. The portion of the Asbury Project which is the subject of the Resource Estimate occupies only about 7 % of the geophysical anomaly on the Asbury claim area held by the Company.

Canada Carbon Chief Executive Officer, Mr. Ellerton Castor remarked, “The substantial resource identified by the targeted drill programs of 2022 and 2023 reveals a promising scope for extensive mineralization across the claim area. The initial resource model will provide a robust foundation for all future exploration efforts on the Property. This MRE demonstrates the significant exploration upside available at Asbury. We have always believed that the Asbury Project has the potential to be a large, scalable deposit with the capacity to provide a long-term, secure source of supply to a myriad of industries participating in the green energy economy. We will continue to prove that out, with future de-risking initiatives such as a bulk sample program and battery cell testing.”

Mineral Resource Estimation Parameters

The Mineral Resources were estimated by Yann Camus, P.Eng., of SGS with an effective date of March 28, 2024. This estimate is the first Mineral Resource Estimate on the Asbury property. The Mineral Resources were estimated using the following geological and resource block modeling parameters which are based on geological interpretations, geostatistical studies and best practices in mineral estimation:

Graphite Mineral Resources

• Mineral Resources were estimated from the diamond drill holes and channels analytical results completed by Canada Carbon in 2022 and 2023, along with two nearby 1988 drill holes. A total of 17 drill holes (11 from 2023, 4 from 2022, 2 from 1988) and 1 channel were used for the MRE, comprising 1,309 assay intervals. The complete database consists of 101 drill holes (including 13 from 2023 and 6 from 2022) and 14 channels/trenches (including 11 channels from 2022), comprising 2,158 assays.
• The 3-D modeling of the graphite Mineral Resource was conducted using a minimum cut-off grade of 0.50 %Cg over a 5 m length. All modeling and estimations were done using SGS’s proprietary modeling software Genesis©.
• Assay data was composited to about 2 m without leaving remainders.
• The interpolation was conducted using inverse distance squared.
• The block model was defined with a block size of 5 m long by 1 m wide by 2 m thick and covers a strike length of approximately 1050 m to a maximal depth of 175 m below surface. The modeled graphite mineralization is open both at depth and strike.
• The Mineral Resources were constrained within the boundaries of an optimised pit shell using the parameters stated in Table 2 below. All parameters are derived from similar graphite projects. Any interpolated blocks of the resource model located outside of the optimised pit shell are not included in the Mineral Resources Estimate.
• All dollar values in Table 2 are expressed in Canadian dollars, except for the revenue value for the thermally treated graphite, assumed to be US$ 40,000/tonne.
  
  
  
  

TABLE 2: PARAMETERS USED TO MODEL OPTIMIZED GRAPHITE RESOURCES

Asbury Project Overview

The 100%-owned Asbury Graphite Project is a past producing property made up of 25 claims with a total surface area of 1,384.59 ha. It is located 8.1 km northeast of Notre-Dame-Du-Laus in the Laurentides Region of southern Quebec. The property is accessible via gravel roads from Provincial Road 309 and Chemin du Ruisseau Serpent in the Notre-Dame-du-Laus area. A power transmission line runs through the property. Mont-Laurier, located approximately 44 km north, provides all amenities needed to perform basic mineral exploration, such as a hospital, accommodations, restaurants, groceries and other primary services. Additional amenities for exploration, and a seasoned mining and exploration workforce, are available from nearby towns of Gatineau to the south.

Qualified Person

Mr. Yann Camus, P.Eng., from SGS Geological Services, an independent Qualified Person as defined by National Instrument 43-101 guidelines and has reviewed and approved the technical related content of this news release.

CANADA CARBON INC.

“Ellerton Castor”

Chief Executive Officer and Director

Contact Information

E-mail inquiries:

P: (905) 407-1212

FORWARD LOOKING INFORMATION

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking information in this press release includes statements regarding the development of the Company’s Miller deposit and financing thereof, the entering of the joint venture with Irondequoit Offering, future production from the Company’s Miller deposit, sales agreements and other matters related thereto. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; financial abilities; the ability to develop the Miller deposit; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

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