Toronto, ON, Canada, May 30, 2024 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) reports that it has filed on SEDAR the National Instrument (“NI”) 43-101 report of the maiden Mineral Resource Estimate for its 100% owned Asbury Graphite Project located 80 kilometres (“km”) NNE of Gatineau, near Notre-Dame-du-Laus, Québec . (See Company news release dated April 2nd, 2024 for full details.)
The Resource Estimate was prepared pursuant to Canadian Securities Administrators’ 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 mine model. The cut-off grade for the Mineral resources was established at 1.0% Cg.
Mineral Resource Estimation Parameters
The Mineral Resources were estimated by Mr. Yann Camus, P.Eng., from SGS Geological Services, an independent Qualified Person as defined by National Instrument 43-101 guidelines with an effective date of March 28th, 2024.
TABLE 1: GRAPHITE MINERAL RESOURCES
Cut-off Grade (%Cg)
Resource Category
Tonnage (Mt)
Average Grade (%Cg)
Contained Graphite (t)
1.00
Inferred
4.14
3.05
126,000
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 28th 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.
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:
TABLE 2: PARAMETERS USED TO MODEL OPTIMIZED GRAPHITE RESOURCES
Parameters
Value
Unit
Mining Cost – Mineralized Material
5.00
CDN$/t mined
Mining Cost – Waste
4.00
CDN$/t mined
Mining Dilution
5
%
Mining Recovery
95
%
Processing + G&A Costs
13.65
CDN$/t milled
Metal Price
2,500.00
CDN$/tonne
Concentration Recovery
90
%
Pit Slopes
50
degrees
Density of Mineralized Material
2.80
t/m3
Density of Waste
2.80
t/m3
Cautionary Note: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. Inferred Resources are considered too geologically speculative to have mining and economic considerations applied to them and to be categorized as Mineral Reserves (as defined in NI 43-101). Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Measured or Indicated Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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: [email protected] 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 Asbury deposit and financing thereof, the entering of the joint venture with Irondequoit Offering, future production from the Company’s Asbury 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 Asbury 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
