Canadian Critical Minerals Generates USD$246,000 in Revenue from Bull River Mine

Rhea-AI Summary

Canadian Critical Minerals generated $246,000 in revenue from the Bull River Mine project in June 2024, a significant increase from $103,000 in May. The company shipped 694 wet metric tonnes of copper, gold, and silver mineralized material, grading 4.67% Cu, 0.89 g/t Au, and 39.5 g/t Ag, to New Afton. This high-grade product was achieved through the use of an X-Ray Transmissive Ore Sorter. CCMI transitioned to a Monday to Sunday dayshift operation to increase daily throughput. The company's stockpiles include fines and rejects that can be economically processed once milling permission is granted.

CEO Ian Berzins highlighted the June results as the highest-grade product produced to date, with a 305% improvement in metal grades. The company expects some fluctuation in results in the coming months due to stockpile grade variability.

Positive

• Canadian Critical Minerals reported record revenues of $246,000 for June 2024, a significant increase from $103,000 in May 2024.
• The company achieved a grade improvement of over 305% for copper, gold, and silver using the ore sorter.
• The mineralized material sent to New Afton in June 2024 graded 4.67% Cu, 0.89 g/t Au, and 39.5 g/t Ag.

Negative

• The stockpile is not homogeneous in terms of grade, leading to expected fluctuations in results.
• The company is yet to receive permission to restart the mill for economically processing fines and reject material.

Calgary, Alberta--(Newsfile Corp. - July 10, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to report record revenues for the Company from the sale of stockpiled copper, gold and silver mineralized material at the Bull River Mine ("BRM") project near Cranbrook, BC. During the month of June 2024, the Company trucked 694 wet metric tonnes ("wmt") of mineralized material to New Afton and the Company received a provisional payment of approximately USD$246,000 for the June 2024 shipments versus approximately USD$103,000 for May 2024 shipments. The mineralized material sent to New Afton graded 4.67% Cu, 0.89 g/t Au and 39.5 g/t Ag.

The Company is using a Steinert KSS 100 X-Ray Transmissive Ore Sorter ("Ore Sorter") to pre-concentrate coarse mineralized material from a large surface stockpile at the BRM prior to transporting to New Afton for processing under an Ore Purchase Agreement ("OPA") (see press release dated October 5, 2023, on Sedar+). During June 2024, the Company transitioned to a Monday to Sunday dayshift only operation to better utilize the ore sorter and increase daily throughput. Rejects from the sorter are being stockpiled next to the fines stockpile. The fines stockpile, which represents approximately 25% of the total material on surface, was created during the original crushing and screening process and represents material that is less than 5/8 inches in size and too fine to be separated by the XRT process. Rejects are grading between 0.4% Cu and 1.0% Cu. The cut off grade ("COG") for milling copper mineralized material at the BRM that is already on surface is 0.4% Cu. This means that virtually all the fines and reject material can be economically processed at the Bull River Mine once the Company has received permission to restart the mill.

2024 Revenues from Sale of Stockpiled Material Bull River Mine in $USD (Monthly)

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Ian Berzins, President and CEO commented, "We are encouraged by the June 2024 results which represent the highest-grade product produced to-date at the BRM through pre-concentration of stockpiled material. The run of mine mineralized material from the surface stockpile grades 1.39% copper, 0.29 g/t gold and 11 g/t silver, so we generated grade improvements of over 305% for all metals using the ore sorter during the month. The stockpile is not totally homogeneous in terms of grade, so we expect to see some fluctuation in results in coming months."

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 30% 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/216074

FAQ

How much revenue did Canadian Critical Minerals generate from Bull River Mine in June 2024?

Canadian Critical Minerals generated $246,000 in revenue from the Bull River Mine in June 2024.

What was the grade of the material shipped by Canadian Critical Minerals in June 2024?

The material shipped in June 2024 graded 4.67% Cu, 0.89 g/t Au, and 39.5 g/t Ag.

What improvements did Canadian Critical Minerals achieve using the ore sorter?

Canadian Critical Minerals achieved a grade improvement of over 305% for copper, gold, and silver using the ore sorter.

What are the future expectations for Canadian Critical Minerals' stockpile results?

Canadian Critical Minerals expects some fluctuation in stockpile results due to variability in grades.

Has Canadian Critical Minerals received permission to restart the mill?

Canadian Critical Minerals is yet to receive permission to restart the mill for processing fines and reject material.