Canada Carbon Announces Completion of a New Resource Estimate for Its Miller Project in Grenville-Sur-la-Rouge, Quebec (English)
November 16th, 2022, Toronto, Ontario - Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB),(FF:U7N1) is very pleased to announce an updated Mineral Resource Estimate for its flagship 100% owned Miller Graphite Project located 80 kilometres (“km”) west of Montréal, near Grenville Sur-la-Rouge, Québec. The Resource Estimate was prepared pursuant to Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) by the independent firm SGS Canada Inc. (“SGS”) of Blainville, Quebec. The updated Resource Estimate includes an indicated resource of 3.34Mt (“million tonnes”) with an average grade of 0.75% Cg, and an inferred resource of 10.48Mt with an average grade of 0.72% Cg, within the boundaries of an optimized open pit model. The new pit constrained graphite resources have increased by 27% compared to what was reported in the Company’s Miller Project Resource Update Technical Report, dated January 23rd, 2017. A Technical Report supporting the new Resource Estimate will be filed to SEDAR within 45 days, as required by NI 43-101.
TABLE 1: GRAPHITE MINERAL RESOURCES
*Rounded to the nearest thousand
Following completion of the revised resource statement, the Company will evaluate the impact of the exclusion of any potential maple syrup habitat in preparation for the filing of its revised CPTAQ application. Additionally, it is important to note that the Company will reduce focus on any potential marble quarry operations and prioritize its ability to develop Miller’s potential as a high-quality graphite deposit. This is consistent with multiple developments in the energy sector indicating that the Miller graphite is a strategic resource for Quebec and Canada for small modular nuclear reactors and the electric battery sectors.
Canada Carbon Chief Executive Officer, Mr. Ellerton Castor remarked, “The significant increase in the resource estimate following December’s limited drill program enhances our understanding of the mineralization through out the claim area. The revised resource model will serve as the basis of future updates of the company’s Preliminary Feasibility Assessment. The larger resource is consistent with the Company’s efforts to expand its potential universe of clients in the Aerospace, Defense, and Small Modular Reactor (SMR) sectors. Additionally, we believe that it gives us an increased degree of flexibility in future pit design. This will be critical in streamlining our application to and approval by CPTAQ, as well the facilitating the work needed for the remainder of the licensing and permitting process.”
Mineral Resource Estimation Parameters
The Mineral Resources were estimated by Marc-Antoine Laporte, P.Geo., M.Sc., of SGS with an effective date of November 8, 2022. This estimate is the second Mineral Resource Estimate produced by Canada Carbon since the acquisition of the Miller property in September 2013. The Mineral Resources were estimated using the following geological and resource block modeling parameters which are based on geological interpretations, geostatistical studies and best practices in mineral estimation:
Graphite Mineral Resources
TABLE 2: PARAMETERS USED TO MODEL OPTIMIZED GRAPHITE RESOURCES
MILLER PROJECT OVERVIEW
The 100%-owned Miller Graphite and Marble Project is located in the Outaouais Region of southern Québec, Canada, about 80 km west of Montréal, Québec and 90 km east of Ottawa, Ontario. The closest cities are Grenville, Québec (5 km to the south) and Hawkesbury, Ontario (8 km to the south). The property is easily accessible from Highway 50, which runs approximately 2 km to the south of the Project boundary, and Scotch Road, which traverses the property from south to north. A wide range of services are available locally in the town of Grenville and at the nearby cities of Hawkesbury or Lachute. Project-specific services such as tree cutting, excavating, drilling, and blasting are available from local operators. Other required services including emergency response, equipment maintenance shops, transport companies, mobile electricians, mobile mechanics, security firms, IT firms, engineering, environmental and geological consultants, restaurants and a variety of housing options are all available near the Property. The local skilled labour force is capable of supporting a mining operation. A power line crosses the southern part of the Property and a railroad runs parallel to Highway 50, near Grenville. The Project is 90 km via paved highway from the container port at Montreal.
Mr. Marc-Antoine Laporte, P.Geo, M.Sc., from SGS Canada Inc., an independent Qualified Person as defined by National Instrument 43-101 guidelines, and has reviewed and approved the technical related content of this news release.
CANADA CARBON INC.
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 Miller deposit and financing thereof, the entering of the joint venture with Irondequoit Offering, future production from the Company’s Miller deposit, sales agreements 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 Miller 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.