CANADA CARBON announces the completion of a new resource estimate for the Miller Project in Grenville-sur-la-Rouge, Quebec. The Canadian Business Journal

TORONTO, ON, NOVEMBER 16, 2022 (GLOBE NEWSWIRE) — Canada Carbon Company (“Company” or “Canada Carbon” or “CCB”) (TSX-V:CCB), (FF:U7N1) is the newest mineral resource of its 100% owned Flagship Mirror Graphite Project located at 80 Km. We are very happy to announce the estimate. (“km”) West of Montreal, near Grenville-sur-La-Rouge, Quebec. Resource estimates were prepared by SGS Canada Inc. (“SGS”), an independent company of Brainville, Quebec, in accordance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”). The updated resource estimate includes an Indicated Resource of 3.34 Mt (“Million Tonnes”) with an average grade of 0.75% Cg and 10.48 Mt of Mt with an average grade of 0.72% Cg within the optimized open pit boundaries. Contains estimated resources. model. The new pit-bound graphite resource is 27% compared to what was reported in the company’s mirror project Resource Update Technical Report, Outdated January 23rd^rd, 2017. A technical report supporting the new resource estimate will be submitted to SEDAR within 45 days as required by NI 43-101.

Table 1: Graphite Mineral Resources

cut-off grade (% Cg)	resource category	Tonnage* (Mt)	Average grade (%Cg)	Graphite content
0.50	indicated	3,338,000	0.75	25,200
0.50	Estimate	10,478,000	0.72	75,400

*Rounded to the nearest thousand yen

1. The presentation of current Mineral Resource estimates and their classification into estimates are consistent with the current 2014 CIM Definition Criteria – Mineral Resources and Mineral Reserves.
2. Fixed density 2.81 t/m³was used to estimate the tonnage from the volume of the block model.
3. Resources are constrained by the topography of the pit shell and overburden.
4. Pit optimization results are used only for the purpose of testing the “reasonable prospects of economic extraction” by open pit mining and do not represent an attempt to estimate mineral reserves. The property has no mineral reserves. Results are used to assist in the preparation of Mineral Resource Statements and as a guide for selecting appropriate Resource Reporting Cutoff Grades.
5. Mineral resources that are not mineral reserves have not shown economic viability. Inferred Mineral Resources are less reliable than those applied to Measured and Indicated Resources and should and should not be converted to Mineral Reserves. It is reasonably expected that most of the Inferred Mineral Resources can be upgraded to Inferred Mineral Resources with continued exploration.
6. All numbers are rounded to reflect the relative accuracy of the estimates, and numbers may not add up due to rounding.
7. Effective November 8^th2022.
8. Mineral resource estimates can be materially affected by environmental, permitting, legal, property, taxation, socio-political, marketing or other related issues.

The company has completed sufficient diamond drilling and rock channel sampling to date to estimate the resource at a maximum depth of the pit of 150 meters vertically. Geological modeling, surface trenching and mapping based on drilling results indicate that the sediment remains open at depth and both strike extensions. The geological model also provides multiple exploration targets with the potential to further expand the graphite mineral resource. The portion of the Miller project covered by the updated resource estimates is Approximately 0.29 square kilometers 32 square kilometer Unlimited Continuous Mineral Claims owned by the Company.

Upon completion of the revised Resource Statement, we will assess the impact of potential maple syrup habitat exclusions in preparation for submitting a revised CPTAQ application. Additionally, it is important to note that the Company has reduced its interest in potential marble quarrying operations and prioritized its ability to develop Miller’s potential as a high-quality graphite deposit. This is consistent with multiple developments in the energy sector that point to Miller Graphite as a strategic resource for the small modular reactor and battery sectors in Quebec and Canada.

Canada Carbon CEO Ellerton Castor said: The revised resource model will serve as the basis for future updates to the company’s preliminary feasibility assessment. The greater resources are consistent with our efforts to expand our potential customer base in the aerospace, defense and small modular reactor (SMR) sectors. Additionally, we believe that future pit design flexibility will increase. This is important in streamlining CPTAQ submissions and approvals and facilitating the work required for the rest of the licensing and permitting process. ”

Mineral resource estimation parameters

The Mineral Resource was estimated by Marc-Antoine Laporte, P.Geo., M.Sc. of SGS with an effective date of 8 November 2022. Miller Property September 2013. Mineral Resources were estimated using the following geological and resource block modeling parameters based on geological interpretation, geostatistical studies, and mineral estimation best practices.

graphite mineral resources

• Mineral Resources were inferred from analyzes of diamond drill holes and channels completed by Canada Carbon since 2013. A total of 213 drill holes and 135 surfaces/channels were configured in 11,885 analyzes and used for the mineral resource model.
• 3-D modeling of the graphite mineral resource was performed in a preliminary rock model over a horizontal thickness of 2 m using a minimum cutoff grade of 0.45% Cg. The first mineralized solids were developed using his Leapfrog© and then retrofitted within SGS’ proprietary modeling software Genesis© by incorporating the full assay dataset into his Leapfrog model.
• Assay data were synthesized to 1.5m.
• Interpolation was performed using normal kriging for low-grade graphite mineralization and index kriging for high-grade graphite veins.
• The block model is defined with a block size of 5 m length, 5 m width and 5 m thickness, covering a strike length of approximately 930 m and a maximum depth of 150 m. The modeled graphite mineralization is open in both depth and strike.
• Mineral resources were constrained within the optimized pit shell boundaries using the parameters shown in Table 2 below. All parameters are derived from the economic evaluation process associated with our Miller Project PEA and adjusted for use in developing new resource estimates. Interpolated blocks in the resource model outside the optimized pit shell are not included in the mineral resource.
• All amounts in Table 2 are expressed in Canadian dollars, but the return value for heat treated graphite is assumed to be USD 40,000/tonne.

Table 2: Parameters used to model the optimized graphite resource

parameter	worth	unit
Exchange rate	0.75	CAD1=USDX
mining of minerals	7.24	$/t Mining
mining waste	3.00	$/t Mining
mining dilution	3.00	%
mining recovery	95.00	%
Crushing/processing	37.07	$/t Milling
Processing and purification	1,560.34	$/t concentration
General and administration	8.21	$/t Mining
From cargo mine to processing	1.00	$/t Mining
metal prices	40,000	$/t sales USD
Concentration recovery	88.00	%
royalty	3.60	%
pit slope	45.00	Every time
Mineral material and waste density	2.81	tons/m3

Overview of the Mirror Project

The 100% owned Miller Graphite and Marble Project is located in the Outaouais region of southern Quebec, Canada, approximately 80 km west of Montreal, Quebec and 90 km east of Ottawa, Ontario. The closest cities are Glenville, Quebec (5 km south) and Hawkesbury, Ontario (8 km south). National Route 50 runs approximately 2 km south of the property, and access from Scotch Road, which runs north-south through the property, is also good. A variety of services are available locally in the town of Grenville and the nearby cities of Hawkesbury and Lachute. Project-specific services such as tree felling, excavation, excavation and blasting are available from local operators. Other necessary services such as emergency responders, equipment maintenance shops, transportation companies, mobile electricians, mobile mechanics, security companies, IT companies, engineering, environmental and geological consultants, restaurants, and various housing options are all close to the property. available. A local skilled workforce can support mining operations. A power line traverses the southern part of the property and a railroad runs parallel to Highway 50 near Grenville. The project is 90 km from the Montreal container port via a paved highway.

qualified person

Marc-Antoine Laporte (P.Geo, M.Sc.) of SGS Canada Inc. is an Independent Qualified Person as defined by National Instrument 43-101 guidelines and has provided the technical content of this news release. Confirmed and approved.

Canada Carbon Company
“Eraton Caster”
Chief Executive Officer and Director
contact address
Email us: [email protected]
Phone: (905) 407-1212

Forward-Looking Information
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking information and are based on expectations, estimates and projections as of the date of this press release. Any statement discussing predictions, expectations, beliefs, plans, predictions, objectives, assumptions, future events, or performance (phrases such as “expect,” “do not expect,” “expect,” “predict,” etc.) is not always used) or “not expected”, “planned”, “budgeted”, “intended”, “forecast”, “estimate”, “believe”, “intend”, or such “could” or “could”, “could”, “could”, or “could” refer to variations of a word or phrase or a particular action, event or outcome “to be” is considered to occur or be achieved) may be forward-looking information rather than statements of historical fact. Forward-looking information in this press release includes the development and financing of our Miller deposits, the commencement of a joint venture with Irondequoit Offering, future production from our Miller deposits, sales agreements, and other related matters. contains a description of In disclosing the forward-looking information contained in this press release, we have made certain assumptions. Although we believe that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that the expectations reflected in such forward-looking information will prove correct. Known and unknown risks, uncertainties and other factors that could cause actual results or future events to differ materially from those expressed or implied by such forward-looking information.Such factors include, but are not limited to To: Comply with a wide range of government regulations. financial capacity; ability to develop mirror deposits; domestic and foreign laws and regulations that adversely affect our business and results of operations; Impact of COVID-19. General business, economic, competitive, political and social uncertainties. Readers should therefore not place undue reliance on the forward-looking information contained in this press release. Except as required by law, we make no forward-looking statements to reflect actual results as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements. disclaims any intention, and assumes no obligation, to update or correct any information relating to – Appearance information or otherwise.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

CBJ Newsmaker