Canadian Critical Minerals Assays Stockpile Material at the Bull River Mine Project

Rhea-AI Summary

Canadian Critical Minerals Inc. (CCMI) (TSXV: CCMI) (OTCQB: RIINF) received initial assays on mineralized material from the surface stockpile at its flagship Bull River Mine (BRM) project near Cranbrook, BC. Approximately 40,000 tonnes of material has been screened and crushed, with the Fines graded at 2.51% copper, 0.32 g/t gold, and 18.45 g/t silver for a copper equivalent grade of 2.93%. The Company has entered into an Ore Purchase Agreement with New Afton to deliver up to 90,000 tonnes of material over two years. The stockpile contains approximately 180,000 tonnes of mineralized copper, gold, and silver material on the surface at BRM. The Company is reassembling the ore sorter and plans to complete recommissioning in early to mid-January 2024.

Calgary, Alberta--(Newsfile Corp. - December 13, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has received initial assays on mineralized material from the surface stockpile at its flagship Bull River Mine ("BRM") project near Cranbrook, BC.

The Company began screening and crushing of stockpiled material in November 2023. To-date approximately 40,000 tonnes of mineralized material on surface has been screened and crushed. All this material has been reduced to minus 3 inches in size and material that is minus 5/8 inches in size ("Fines") has been placed in a separate pile. Approximately 30% of the material that has been screened and crushed has reported to the Files stockpile. The Fines have been sampled over a period of 17 days by mine personnel under the supervision of Gary Low P.Geo. Samples were sent to ALS Laboratories in North Vancouver, British Columbia for independent assay analysis. A summary of all assay results is presented below. On average, the Fines graded 2.51% copper, 0.32 g/t gold and 18.45 g/t silver for a copper equivalent ("CuEq") grade of 2.93%.

Summary of the Stockpile Assaying at Bull River Mine Project

	Weight	Cu	Au	Ag	CuEq
Sample ID	(kg)	(%)	(g/t)	(g/t)	(%)
28251	1.57	0.85	0.10	5.00	0.97
28252	1.48	0.88	0.11	9.00	1.05
28253	1.59	4.04	0.31	32.00	4.58
28254	1.59	3.86	0.22	30.00	4.31
28255	1.52	1.43	0.25	10.00	1.72
28256	1.56	1.33	0.15	8.00	1.51
28257	1.35	3.63	0.90	27.00	4.57
28258	1.55	3.07	0.39	21.00	3.57
28259	1.78	3.77	0.39	28.00	4.33
28260	1.81	4.80	0.52	35.00	5.53
28261	1.38	2.15	0.25	17.00	2.50
28262	1.38	3.50	0.69	25.00	4.26
28263	1.45	2.41	0.25	17.00	2.76
28264	1.52	1.07	0.06	6.00	1.17
28265	1.56	1.09	0.14	9.00	1.28
28266	1.54	2.25	0.33	16.00	2.65
28267	1.65	2.02	0.43	15.00	2.49
	26.28	2.51	0.32	18.45	2.93​

*Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.80/lb Cu, US$ 2,000/oz Au and US$ 24/oz Ag with 100% metallurgical recoveries for all metals. Assays have not been capped. The formula used for the calculation is: CuEq = Cu % + ((Au grade) X (Au price / 31)) / (Cu price X 22) + ((Ag grade) X (Ag price/31)) / (Cu price X 22).

Previously, the Company announced that it had entered into an Ore Purchase Agreement ("OPA") with New Afton (see press release dated October 5, 2023, on Sedar+). Under the terms of the OPA, CCMI will deliver up to 90,000 tonnes of mineralized material from the Bull River Mine to the New Afton Mine near Kamloops, British Columbia over a period of two years. The Company currently has a large stockpile of approximately 180,000 tonnes of mineralized copper, gold and silver material on surface at BRM. Under the OPA, stockpiled material will be screened and crushed and then sorted through an X-ray transmissive ore sorter prior to transporting to the New Afton mill facility. Ore sorting will separate low grade and waste from higher grade material so that only higher-grade material will be transported. In April 2021, the Company completed an ore sorting study on stockpiled material from the BRM using similar X-Ray transmissive technology ("XRT") (see press release dated April 19, 2021, on Sedar+). In that study, 61% of the material reporting to the sorter was accepted as mineralized and 39% was rejected as non-economic low-grade or waste, with the average grade of rejected material at 0.17% CuEq which is below the cut off grade ("COG") for the mill. Only coarse material that was greater than 5/8 inch in size was used in the study.

The Company estimates that approximately 25% of the entire stockpile will be Fines which, at minus 5/8 inch in size, are too fine to be effectively separated by the ore sorter. The OPA does not currently contemplate sending Fines to New Afton, but given the grade of Fines to-date, the Company may elect to send some of this material to New Afton in addition to the higher-grade material separated by the ore sorter. The Company cautions readers that these initial assay results for the Fines may be higher than what will be achieved by screening and crushing the entire stockpile.

The Company is currently reassembling the ore sorter in its in-door 5,000 square foot maintenance facility. Pending arrival of transfer conveyors, the Company plans to complete recommissioning of the ore sorter in early to mid-January 2024. The Company is reviewing options for transportation of mineralized material to New Afton by truck and/or rail. Once a transportation option is selected, the Company could send initial shipments to New Afton from the Fines stockpile.

Ian Berzins, President and CEO commented, "We are pleasantly surprised by the overall grade and consistency of these initial assay results from the Fines stockpile. The Company had initially planned to send approximately two thirds of the mineralized material in the stockpile to New Afton and retain the Fines for processing at our existing mill. Should we continue to see assay results in excess of 2.5% CuEq for the Fines, we may have optionality to increase the amount of material sent to New Afton under the OPA."

Qualified person

CCMI's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Gary Low P.Geo., who serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101.

About Canadian Critical Minerals Inc.

CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 34% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.

Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to 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 and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190898

FAQ

What are the initial assay results for the Fines stockpile at Bull River Mine Project?

The Fines graded at 2.51% copper, 0.32 g/t gold, and 18.45 g/t silver for a copper equivalent grade of 2.93%.

What is the content of the Ore Purchase Agreement with New Afton?

CCMI will deliver up to 90,000 tonnes of mineralized material from the Bull River Mine to the New Afton Mine over a period of two years.

How much mineralized material is on the surface at Bull River Mine?

The stockpile contains approximately 180,000 tonnes of mineralized copper, gold, and silver material on the surface at BRM.

When is the ore sorter expected to be recommissioned?

The Company plans to complete recommissioning of the ore sorter in early to mid-January 2024.

Who is the Qualified Person responsible for the technical disclosure in the news release?

Gary Low P.Geo. serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101.