CANADA CARBON TO START SECOND PHASE OF DRILLING ON ITS ASBURY PROPERTY

Toronto, Ontario, Canada, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon” or ("CCB"), (TSX-V:CCB), (FF:U7N1) is pleased to announce it will begin a second phase of drilling on its Asbury Property located in Notre-Dame-du-Laus, Québec ("NDL"). The Company has entered into a contract with George Downing Estate Drilling, Ltd. to execute the drilling program which is expected to commence on or about October 16^th, 2023. Additionally, the Company has mandated SGS to complete a calculation of mineral resources in accordance with National Instrument 43-101 on the basis of its Phase 1 drill results (see news release dated March 27^th, 2023). A supplemental note to the mineral resource estimate will be issued upon completion of the Phase 2 drill campaign and the associated assay results. Finally, CCB has initiated a metallurgical testing program which will test the mineralization identified during the Phase 1 drill program. The metallurgical testing will provide information for a Preliminary Economic Study, to commence upon completion of the resource calculation.

Drilling
In this Phase 2 drill program, CCB expects to drill between 3,000 and 4,000 meters of core and will start on or about October 16^th, 2023. An extension of the previously issued forest intervention permits received in 2022 was obtained in March 2023, allowing CCB to use already permitted drill pads and trails. Multiple drillholes totalling approximately 1,800 meters are planned on already permitted pads while the balance of the program will be completed when the new permits are received. CCB expects to complete the program before the end of calendar year 2023.

The December 2022 drill program (Phase 1) intersected significant Graphite mineralization (see news release dated March 27^th, 2023), including 5.00% Cg over 33.35m. Other significant intersection includes 2.73% (Cg) over 18.2 m (including 9.53% (Cg) over 1.35m) and 2.21% (Cg) over 58.85m (including 9.21% (Cg) over 7.25m).

The current drill plan (Phase 2) consists of approximately 3,276 metres of drilling, in varying depths between 120 and 325 metres. The drilling will further test the depth and lateral extensions of known mineralization and will also be testing new conductor anomalies that were found along the main 4.5km conductor that connects the historical Asbury mine site and the current area on which the Phase 2 drilling program is focused. The drilling, which is expected to be completed on or about the 1^st of December, will be conducted by George Downing Estate Drilling, Ltd. from Calumet in Grenville-Sur-La-Rouge. SL Exploration Inc, of Acton Vale, will provide the geologists and technicians to execute the program. Given that both companies have previously worked on the Miller Project, their current involvement will ensure continuity and efficiency during the exploration of the Asbury Property. Samples from the cores will be taken at 1.5-meter intervals and will be analyzed for graphitic carbon (Cg) content by Activation Laboratories LTD, Ancaster, Ontario. The assaying method will consist of infrared spectroscopy (4FC-graphitic package)