CANADA CARBON ANNOUNCES COMPLETION OF MAIDEN RESOURCE ESTIMATION FOR ITS ASBURY GRAPHITE PROJECT IN NOTRE-DAME-DU-LAUS MUNICIPALITY, LAURENTIDES, QUEBEC

Toronto, Ontario, April 03, 2024 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB),(FF:U7N1) is very pleased to announce a Maiden Mineral Resource Estimate (MRE) for its flagship 100% owned Asbury Graphite Project located 80 kilometres (“km”) NNE of Gatineau, near Notre-Dame-du-Laus, 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 Maiden Resource Estimate consists of an inferred resource of 4.14 Mt with an average grade of 3.05% Cg, within the boundaries of an optimized open pit model. A Technical Report supporting the Resource Estimate will be filed to SEDAR within 45 days, as required by NI 43-101.

TABLE 1: GRAPHITE MINERAL RESOURCES

Cut-off Grade (%Cg)	Resource Category	Tonnage (Mt)	Average Grade (%Cg)	Contained Graphite (t)
1.00	Inferred	4.14	3.05	126,000

1. 
   

1. The classification of the current Mineral Resource Estimation into Inferred is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves
2. A fixed density of 2.80 t/m³ was used to estimate the tonnage from block model volumes.
3. Resources are constrained by the pit shell and the topography of the overburden layer.
4. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
5. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resources has a lower level of confidence than that applying to a Measured and Indicated Resources and must not be converted to a Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.  
6. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
7. Effective date March 28^th  2024.
8. The estimate of mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

The Company has thus far completed sufficient diamond drilling and bedrock channel sampling to result in a resource estimation with a maximal depth of the pit at 135 vertical meters. Geological modeling based on the drill results, surface trenching and mapping indicates that the deposit remains open at depth and on both strike extensions. The geological model also provides multiple exploration targets with the potential to further expand the graphite mineral resources. The portion of the Asbury Project which is the subject of the Resource Estimate occupies only about 7 % of the geophysical anomaly on the Asbury claim area held by the Company.