Canada Carbon Announces Completion of Maiden Resource Estimation for Its Asbury Graphite Project in Notre-Dame-Du-Laus Municipality, Laurentides, Quebec

TORONTO, 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)   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.