Canada Carbon Reports Its Prospecting Results on the Asbury Property

Rhea-AI Summary

Canada Carbon announced the assay results from rock samples taken during the 2021 geochemical survey on its Asbury Property. The survey confirmed graphite mineralization in all tested conductors, with lengths ranging from 350 to 1,075 meters. Notably, a 1,075-meter conductor contained a grab sample graded at 21.5% Cg. Only 30% of the conductors have been tested, with further trenching and channel sampling planned. CEO Ellerton Castor expressed optimism about the high-grade graphite potential. The company is also planning metallurgical testing for commercial usage validation.

Positive

• Confirmed graphite mineralization in all tested conductors.
• High-grade graphite sample graded at 21.5% Cg.
• Only 30% of conductors tested, indicating further exploration potential.
• Plans for trenching and channel sampling to define thickness and volume.
• Scheduled TDEM survey to optimize exploration.

Negative

• None.

TORONTO, March 16, 2022 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB), (OTC: BRUZF), (FF:U7N1) is pleased to announce its first assay results from the rock samples taken as part the 2021 geochemical survey on its Asbury Property (the “Property”) (see news release dated July 21st, 2021). Canada Carbon’s objective was to investigate identified conductors located on the Property to see if they could be explained by graphitic mineralization.

This survey confirmed that all of the tested conductors bear graphite mineralization (Figure 1), while multiple conductors are still to be tested. The confirmed conductors are between 350 and 1,075 metres in length. The 1,075-metre-long conductor contained a grab sample that graded 21.5% Cg and is located in the Northeast section of the Property. This sample is near a potential folding of the graphitic mineralization, which could increase its thickness and provide considerable size. The interpreted fold is also located near the MC-8805 showing, which returned 8.14% Cg over 18.9 metres (St-Pierre, 1988). Historic grab samples in the vicinity of the showing returned 2.67%Cg and 2.31%Cg (Mathieu & Lafrance, 2013). Approximately 250 metres Northeast of the mentioned fold are located two grab samples containing 5.85% Cg and 18.8% Cg.

Only 30% of the conductors have been tested. Those located along the VTEM anomalies are a prime target for the next exploration survey which will consist of trenching and channel sampling along multiple conductors to better define their thickness and volume. Additionally, a ground TDEM survey is already planned for Spring 2022 to cover the conductors. This will better define their location while also defining the areas where the conductors are closest to surface. This, in turn, will allow the Company to optimize a program to efficiently trench the targets.

Chief Executive Officer, Ellerton Castor, said: “The Asbury results are very encouraging. Limited surface exploration work allowed us to better define the potential of the Property with the discovery of high-grade graphite mineralization. We are excited to plan a trenching program that will reveal additional bedrock to our technical team, which will allow us to better investigate the multiple conductors on the Property. We are comforted by the fact that all conductors tested so far, were caused by graphitic mineralization. The Company will also plan bulk samples for the purpose of metallurgical testing to verify that the graphite quality is suitable for commercial usage. It is important to note that the graphite output from the historical Asbury Mine was located in the same geological unit, on the Property. A meeting with the Notre-Dame-du-Laus municipality has already been scheduled to discuss the results and outline our next steps.

Advancing our development plan for the Asbury property is critical to the Company’s core strategic objectives: 1) continue our focus on the nuclear graphite product in order to leverage the innate purity of the Miller Deposit; 2) demonstrate our ability to supply multiple verticals through a robust program of product qualification and metallurgical testing; and 3) provide security of supply to our potential clients through development of multiple deposits."

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Methodology
At the SGS Laboratories, rocks samples are prepared by drying, crushing (>3 kg) up to 75% passing 2mm, riffle splitting (250 g) and pulverizing (mild steel) to 85% passing 75µm. Graphite was assayed using the GC_CSA05V package from SGS laboratory, which consists of roasting, HCL leach, combustion and infrared measurement (Leco) with reporting limits of 0.05% Cg to 50% Cg.

Qualified Person
This press release was prepared by Steven Lauzier, 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.

References
Mathieu, G., Lafrance, B., 2013. Rapport des Travaux de Prospection, Projet Asbury. Focus Graphite Inc., GM 67860.

Rive, M., Latulippe, M., Gobeil, A., Duquette, G., Marcoux, D., Vallières, A., 1984. Rapport des Géologues Résidents - 1983. Ministère des Ressources Naturelles., DV 84-06.

St-Pierre, S., 1988. Journeaux de Sondage, Campagne d'Automne 1988, Projet McGill. Stratmin Inc. GM 48577.

CANADA CARBON INC.
Ellerton J. Castor
Chief Executive Officer and Director

Contact Information
E-mail inquiries: info@canadacarbon.com
P: (905) 407-1212

“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.”

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).

FAQ

What are the assay results from Canada Carbon's Asbury Property?

The assay results confirmed graphite mineralization in all tested conductors, with a notable 1,075-meter conductor graded at 21.5% Cg.

What is the significance of the 21.5% Cg sample found at Asbury Property?

The 21.5% Cg sample indicates high-grade graphite potential, which could enhance the commercial viability of the project.

What percentage of conductors have been tested on the Asbury Property?

Only 30% of the conductors have been tested so far, suggesting significant further exploration opportunities.

What are Canada Carbon's next steps following the assay results?

Canada Carbon plans trenching and channel sampling to better define the thickness and volume of the conductors.

When is the ground TDEM survey planned for the Asbury Property?

The ground TDEM survey is scheduled for Spring 2022 to optimize the exploration of the conductors.