Toronto, Ontario, Canada, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon” or ("CCB"), (TSX-V:CCB), (FF:U7N1) is pleased to announce it will begin a second phase of drilling on its Asbury Property located in Notre-Dame-du-Laus, Québec ("NDL"). The Company has entered into a contract with George Downing Estate Drilling, Ltd. to execute the drilling program which is expected to commence on or about October 16th, 2023. Additionally, the Company has mandated SGS to complete a calculation of mineral resources in accordance with National Instrument 43-101 on the basis of its Phase 1 drill results (see news release dated March 27th, 2023). A supplemental note to the mineral resource estimate will be issued upon completion of the Phase 2 drill campaign and the associated assay results. Finally, CCB has initiated a metallurgical testing program which will test the mineralization identified during the Phase 1 drill program. The metallurgical testing will provide information for a Preliminary Economic Study, to commence upon completion of the resource calculation.

Drilling
In this Phase 2 drill program, CCB expects to drill between 3,000 and 4,000 meters of core and will start on or about October 16th, 2023. An extension of the previously issued forest intervention permits received in 2022 was obtained in March 2023, allowing CCB to use already permitted drill pads and trails. Multiple drillholes totalling approximately 1,800 meters are planned on already permitted pads while the balance of the program will be completed when the new permits are received. CCB expects to complete the program before the end of calendar year 2023.

The December 2022 drill program (Phase 1) intersected significant Graphite mineralization (see news release dated March 27th, 2023), including 5.00% Cg over 33.35m. Other significant intersection includes 2.73% (Cg) over 18.2 m (including 9.53% (Cg) over 1.35m) and 2.21% (Cg) over 58.85m (including 9.21% (Cg) over 7.25m).

The current drill plan (Phase 2) consists of approximately 3,276 metres of drilling, in varying depths between 120 and 325 metres. The drilling will further test the depth and lateral extensions of known mineralization and will also be testing new conductor anomalies that were found along the main 4.5km conductor that connects the historical Asbury mine site and the current area on which the Phase 2 drilling program is focused. The drilling, which is expected to be completed on or about the 1st of December, will be conducted by George Downing Estate Drilling, Ltd. from Calumet in Grenville-Sur-La-Rouge. SL Exploration Inc, of Acton Vale, will provide the geologists and technicians to execute the program. Given that both companies have previously worked on the Miller Project, their current involvement will ensure continuity and efficiency during the exploration of the Asbury Property. Samples from the cores will be taken at 1.5-meter intervals and will be analyzed for graphitic carbon (Cg) content by Activation Laboratories LTD, Ancaster, Ontario. The assaying method will consist of infrared spectroscopy (4FC-graphitic package)

Metallurgical Tests
CCB also plans to complete a metallurgical testing program that will be conducted by SGS in (Lakefield) for the purpose of testing the metallurgical performance of graphite concentrate produced from the graphite mineralization found on the Asbury property. Three 50kg bulk samples will be produced from previously assayed cores and historical mineralization and will be tested in this program. One sample will consist of low-grade mineralization provided from the previous drill program (1/4 cores), a second sample will consist of high-grade mineralization from the same drill program (1/4 cores) and finally, mineralization from the historical Asbury mine site will also be tested (from outcrops). The results of the tests will allow the Company to better understand the geochemical consistency of the mineralization across the two extremities of the Asbury Property. Currently, the drilled area is located at the NE extremity of the Property, while the historical Asbury mine site is located approximately 4.5 km to the SW (see news release dated February 15th, 2023). A TDEM anomaly showing significant conductors connect both mineralization and will be investigated as the exploration work continues.

Chief Executive Officer, Ellerton Castor, said: "We are excited to follow up on the maiden drill program completed in December 2022 on the Asbury Property. The first drill program provided significant and encouraging assay results and allowed us to take an empirically modelled approach to mapping the Phase 2 drill program. The upcoming work will allow us to greatly advance the de-risking effort on the Asbury project. We are especially excited about the contemplated metallurgical testing program as we expect it to demonstrate a consistent geochemical signature across a 4.5Km strike. This would allow for development of a project of significant economies of scale and serve a cornerstone of economic development for the region. To that end, we recently met with municipal representatives to update them on plans and progress. This maintains the open lines of communication and constructive dialogue established with Mayor Cyr and the municipality of Notre Dame du Laus. CCB will continue in the spirit of full transparency as we progress through the extension and the definition of the mineralisation found at Asbury".

Qualified Person
This press release was prepared by Steven Lauzier, P.Geo, OGQ1430; and by David Fafard, P.Geo OGQ1814, who are qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

CANADA CARBON INC.

“Ellerton Castor”

Chief Executive Officer and Director

Contact Information

E-mail Inquiries: info@canadacarbon.com 

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 graphite deposit and financing thereof, future production from the Company’s Asbury deposit, 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.


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