CANADA CARBON TO START SECOND PHASE OF DRILLING ON ITS ASBURY PROPERTY - Seite 2

Metallurgical Tests
CCB also plans to complete a metallurgical testing program that will be conducted by SGS in (Lakefield) for the purpose of testing the metallurgical performance of graphite concentrate produced from the graphite mineralization found on the Asbury property. Three 50kg bulk samples will be produced from previously assayed cores and historical mineralization and will be tested in this program. One sample will consist of low-grade mineralization provided from the previous drill program (1/4 cores), a second sample will consist of high-grade mineralization from the same drill program (1/4 cores) and finally, mineralization from the historical Asbury mine site will also be tested (from outcrops). The results of the tests will allow the Company to better understand the geochemical consistency of the mineralization across the two extremities of the Asbury Property. Currently, the drilled area is located at the NE extremity of the Property, while the historical Asbury mine site is located approximately 4.5 km to the SW (see news release dated February 15^th, 2023). A TDEM anomaly showing significant conductors connect both mineralization and will be investigated as the exploration work continues.

Chief Executive Officer, Ellerton Castor, said: "We are excited to follow up on the maiden drill program completed in December 2022 on the Asbury Property. The first drill program provided significant and encouraging assay results and allowed us to take an empirically modelled approach to mapping the Phase 2 drill program. The upcoming work will allow us to greatly advance the de-risking effort on the Asbury project. We are especially excited about the contemplated metallurgical testing program as we expect it to demonstrate a consistent geochemical signature across a 4.5Km strike. This would allow for development of a project of significant economies of scale and serve a cornerstone of economic development for the region. To that end, we recently met with municipal representatives to update them on plans and progress. This maintains the open lines of communication and constructive dialogue established with Mayor Cyr and the municipality of Notre Dame du Laus. CCB will continue in the spirit of full transparency as we progress through the extension and the definition of the mineralisation found at Asbury".