Canada Carbon Receives Complete Results on Its Asbury Property with Interpretations That Include 5.00%Cg Over 33.35m

 

Drilling Highlights

 

• Results for two drill holes testing the conductor to the south (see Figure 1) show consistency with historic drilling and highlight the possible northeast extension of the graphite mineralization reported in showing MC8805 (8.14% Cg over 18.9 m)
• DDH22-AS-10,
  • 00% (Cg) over 33.5 m including 13.86% (Cg) over 5.05m.
  • 73% (Cg) over 18.2 m including 9.53% (Cg) over 1.35m
• DDH22-AS-07, 2.21% (Cg) over 58.85 m including 9.21% (Cg) over 7.25m.
• These intercepts confirm that graphite mineralization can explain the VTEM conductor previously identified by Focus Graphite (Dubé, 2013).
• Both holes intercepts confirm the presence of a mineralized graphite body and the probable northeastward extension of the MC8805

  Channel Sampling Highlights  

• Trenching and channel sampling show mineralization as coarse flake graphite hosted in marbles, skarns and paragneiss, which is consistent with actual and historic drilling observations and descriptions.
• CS-AS22-01,
  • 01% (Cg) over 10.0 m including 1.99% (Cg) over 3.0m.
• CS-AS22-02,
  • 67% (Cg) over 13.5 m.
• CS-AS22-05a,
  • 24% (Cg) over 6.5 m including 9.15% (Cg) over 1.5m.
• All the trenches intercepted graphite mineralization

  The planned objective of the survey was to test the northeastern part of a regional trend. The trend is composed of multiple conductors and VTEM anomalies, that connect the Asbury historical mine to the recently worked area (see figure 1). According to Dubé (2013), this trend extends more than 4km from the Asbury deposit to the northeast. Historical mining operations at the Asbury (Graphex) Mine extracted 875,000 metric tons of graphite at a 6%(Cg) cut-off grade (Charbonneau 2012).   The 2022 program consisted of 6 diamond drillholes “DDH” (previously reported) totaling 830 meters, and 6 trenches which returned over 60.5m of channel samples. The drill program aimed to test some targeted VTEM anomalies and conductors at depth.  

The Company next steps will be to send additional samples from unassayed sections, to potentially increase the length of the intersects and to prepare the next drilling phases. The Company is also planning to further test the area with ground geophysics, between the mine and the recently drilled area, where numerous conductors remain untested. This geophysical survey is aimed to better define the conductors where high grade mineralization might be located. Eventually, the Company expects to be able to demonstrate that the whole 4km conductor trend is graphitic in nature, and then start a resource estimate on the discovered mineralization.

  Figure 1: Overview of Asbury Project & Preliminary Results of Fall 2022 Campaign   Table 1: Drill Holes Assay results  

Drill Hole Id	From (m)	To (m)	Length (m)	Average Results % (Cg)
DDH22-AS-02	49.7	53.7	4	0.34
including	50.55	52	1.45	1.34
DDH22-AS-04	26.7	44.5	17.8	1.95
including	32.3	35.15	2.85	9.36
DDH22-AS-05	20.75	30	9.25	1.94
including	25	29	4	3.01
DDH22-AS -05	37	54.5	17.5	1.48
including	40.35	41.73	1.38	10.40
DDH22-AS -07	86.65	145.5	58.85	2.21
including	137.1	144.35	7.25	9.21
DDH22-AS -07	129.5	146.5	17	4.95
including	137.1	143	5.9	10.53
DDH22-AS -09	63.35	72.35	9	0.76
DDH22-AS -10	84.7	102.9	18.2	2.73
including	95.75	97.1	1.35	9.53
DDH22-AS -10	117.35	130.85	13.5	8.57
including	115	148.35	33.35	5.00

    Table 2: Channel Samples Assay results  

Channel	From (m)	To (m)	Length (m)	Average Results % (Cg)
CS-AS22-01	3	13.5	10	1.01
includes	4.5	7.5	3	1.99
CS-AS22-02	0	14.5	13.5	0.67
includes
CS-AS22-02b	0	4	4	0.75
includes
CS-AS22-04	0	7	7	0.62
includes	4.5	6	1.5	3.87
CS-AS22-05a	0	6.5	6.5	4.24
includes	3.5	5	1.5	9.15
CS-AS22-05b	0	5	5	1.60
CS-AS22-06	0	8	8	0.50
CS-AS22-06b	0	8	8	0.50

    QAQC   A QAQC program was conducted during the drilling campaign. It consisted in the introduction of Certified Reference Materials (CRM) standard, either blank material (without graphite) or standardized value. Along the 480 drill core samples and 63 trenches samples, a total of 14 blank and 11 graphite standards were inserted. The total QAQC program represents 4.4% of total analyzed samples   Next Steps   Initial interpretation of the results indicates significant graphitic mineralization, which in turn explains the conductor anomalies. The Company is still reviewing results at this time and will publish a future news release upon the completion of its review when upcoming exploration plans are completed. 538 m of cores were analyzed out of a total of 830m. Some drilling sections have not been yet assayed and additional sections will be assayed to better define the mineralized horizons. Ground geophysics is also planned between the mine and the recently drilled area, to better define the conductors where high-grade mineralization might be located. Finally, a second phase of drilling will be aimed at supporting a resource estimate for the Asbury Property.   Chief Executive Officer, Ellerton Castor, said: "This first drill program on this section of the Asbury deposit allowed us to better define graphite mineralization responsible for the conductor anomalies that are located across the Asbury Property. We still have multiple conductors to inspect that reach from the historical Asbury mine, which produced very high quality graphite, up to the northeaast corner of the Property, which represent a distance of approximately 4.5km. All of the evidence to date suggests that graphitic mineralization will explain the anomalies between the northeast corner of the Property and the Asbury historical mine site. We are truly excited about the tremendous possibilities suggested by this Phase 1 trenching and drilling program at Asbury and will expedite completion of a resource statement."  

This was prepared by Steven Lauzier, P.Geo, OGQ; by David Fafard, P.Geo OGQ and by Pierre-Alexandre Pelletier, P.Geo OGQ, who are qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

  Charbonneau, R., 2012 Technical Report on The Asbury Graphite Property, In accordance with National Instrument 43-101 McGill Township, Quebec, Canada, Submitted to Canada Carbon Inc, 61 pages   Dube, J., 2013. Heliborne Magnetic and TDEM Survey, Island and Asbury Properties. Prospectaire Geosurveys Inc for Focus Graphite Inc.47 pages GM 67561.