Canada Carbon Inc. (the “Company” or “Canada
Carbon” or “CCB”) (TSX-V:CCB),(FF:U7N1) is pleased to announce it
has received results from the Fall 2023 drilling program completed
on the eastern part of its Asbury Property, located in
Notre-Dame-du-Laus, Quebec (“NDDL”). These results consist of 909
core samples that showed graphite mineralization. Drilling was
conducted from October 16, 2023, to November 30, 2023. (see news
release dated October 5, 2023).
Figure 1: Overview of Asbury Project and
the Results of Fall 2023 Campaign’s Assays
The ProgramThe 2023 program
consisted of 13 diamond drill holes (“DDH”) totaling 2,457 metres
(see table 1). The drill program aimed to test depth and lateral
extensions of known mineralization in the north-eastern area of the
Property and to probe the new conductor anomalies found along the
interpreted mineralized corridor that connects the historical
Asbury mine site to the current area (See press release dated
October 5, 2023). The interpreted corridor hosts multiple
conductors and VTEM anomalies (see figure 1). This corridor also
extends approximately five (5) kilometres (“km”) from the
historical Asbury mine to the northeast (See press release dated
March 27, 2023). Historical mining operations extracted 875,000
tons of graphite at a 6% (Cg) cut-off grade (Charbonneau
2012).
Initial interpretation of the results indicates
significant graphitic mineralization, which in turn explains the
conductor anomalies. The results can be found in Table 2, below.
The Company will utilize these results, along with those of other
campaigns and legacy exploration work, to design and plan future
drilling campaigns, and will publish additional targets for future
exploration work. With the current results obtained, the technical
team is confident that the complete conductor anomaly will be
explained by graphitic mineralization on the Property. It is of
note that the 5 km corridor appears to host two different anomalies
and that both anomalies have shown extensive graphite
mineralization so far.
Table 1: Drill Collar Table
|
Hole ID |
Easting (NAD 83) |
|
Northing (NAD 83) |
|
Elevation (m) |
|
Depth (m) |
|
Azimuth |
|
Dip |
|
|
AS23-01 |
459682 |
|
5113220 |
|
351 |
|
225.00 |
|
315 |
|
-45 |
|
|
AS23-02b |
459836 |
|
5113279 |
|
335 |
|
300.00 |
|
145 |
|
-45 |
|
|
AS23-03 |
459682 |
|
5113220 |
|
351 |
|
116.35 |
|
135 |
|
-50 |
|
|
AS23-06 |
459895 |
|
5113441 |
|
312 |
|
263.50 |
|
135 |
|
-45 |
|
|
AS23-08 |
459980 |
|
5113472 |
|
338 |
|
201.00 |
|
135 |
|
-45 |
|
|
AS23-11 |
460136 |
|
5113402 |
|
304 |
|
213.50 |
|
135 |
|
-53 |
|
|
AS23-12 |
460136 |
|
5113402 |
|
304 |
|
204.00 |
|
105 |
|
-55 |
|
|
AS23-13 |
460322 |
|
5113628 |
|
275 |
|
120.40 |
|
135 |
|
-45 |
|
|
AS23-14 |
460322 |
|
5113628 |
|
275 |
|
102.00 |
|
315 |
|
-60 |
|
|
AS23-15 |
460408 |
|
5113671 |
|
276 |
|
114.95 |
|
135 |
|
-45 |
|
|
AS23-16 |
460408 |
|
5113671 |
|
276 |
|
192.00 |
|
25 |
|
-45 |
|
|
AS23-17 |
460050 |
|
5113365 |
|
308 |
|
216.00 |
|
155 |
|
-53 |
|
|
AS23-18 |
460050 |
|
5113365 |
|
308 |
|
189.00 |
|
170 |
|
-48 |
|
Table 2: Preliminary Drill Holes Rush
Assay Results From Selected Intervals
|
Drill Hole Id |
|
From (m) |
|
To (m) |
|
Interval(m) * |
|
Average Results %(Cg) |
|
TrueThickness(m) ** |
|
|
DDH-AS23-01 |
|
140.50 |
|
162.50 |
|
22.00 |
|
1.36 |
|
|
|
|
including |
|
147.35 |
|
158 |
|
10.65 |
|
1.66 |
|
8.28 |
|
|
DDH-AS23-02b |
|
176.70 |
|
198.00 |
|
21.30 |
|
1.00 |
|
|
|
|
DDH-AS22-03 |
|
49.50 |
|
69.00 |
|
19.50 |
|
0.89 |
|
|
|
|
including |
|
48.00 |
|
62.60 |
|
14.60 |
|
4.09 |
|
|
|
|
including |
|
48.00 |
|
51.55 |
|
3.55 |
|
9.59 |
|
|
|
|
DDH-AS23-08 |
|
21.00 |
|
60.00 |
|
39.00 |
|
4.46 |
|
|
|
|
including |
|
26.85 |
|
32.00 |
|
5.15 |
|
9.26 |
|
3.97 |
|
|
including |
|
39.30 |
|
43.00 |
|
3.70 |
|
14.73 |
|
2.85 |
|
|
including |
|
51.35 |
|
52.50 |
|
1.15 |
|
18.40 |
|
0.89 |
|
|
DDH-AS23-11 |
|
104.70 |
|
153.15 |
|
48.45 |
|
1.77 |
|
|
|
|
including |
|
127.20 |
|
133.20 |
|
6.00 |
|
4.38 |
|
|
|
|
DDH-AS23-12 |
|
78.85 |
|
175.30 |
|
96.45 |
|
1.80 |
|
50.80 |
|
|
including |
|
121.65 |
|
129.8 |
|
8.15 |
|
5.20 |
|
42.38 |
|
|
including |
|
161.00 |
|
169.00 |
|
8.00 |
|
5.24 |
|
41.92 |
|
|
DDH-AS23-13 |
|
27.00 |
|
88.90 |
|
61.90 |
|
1.54 |
|
|
|
|
including |
|
54.55 |
|
58.00 |
|
3.45 |
|
3.15 |
|
|
|
|
DDH-AS23-14 |
|
20.10 |
|
42.90 |
|
22.80 |
|
1.96 |
|
|
|
|
including |
|
13.5 |
|
25.1 |
|
11.6 |
|
1.53 |
|
10.04 |
|
|
including |
|
38.45 |
|
39.85 |
|
1.4 |
|
14.3 |
|
|
|
|
DDH-AS23-16 |
|
113.50 |
|
129.80 |
|
16.30 |
|
3.31 |
|
|
|
|
including |
|
115.45 |
|
119.60 |
|
4.15 |
|
8.54 |
|
|
|
|
DDH-AS23-17 |
|
128.25 |
|
174.40 |
|
46.15 |
|
1.59 |
|
|
|
|
including |
|
132.30 |
|
141.85 |
|
9.55 |
|
4.94 |
|
|
|
|
DDH-AS23-18 |
|
78.85 |
|
118.50 |
|
39.65 |
|
7.81 |
|
|
|
|
including |
|
80.40 |
|
87.75 |
|
7.35 |
|
19.58 |
|
|
|
* Assay intervals reported are
core lengths;** True thickness has been modelized by SGS following
the review of the geological model and vary between 43% and 96% of
the true intersects.
Highlights
-
Results for drill holes targeting the conductor to the south (see
zoomed map below) show consistency with historic drilling and
highlight the possible northeast extension of the graphite
mineralization reported in historic drill hole MC-8805 (8.14% Cg
over 18.9 m).
-
DDH-AS23-01, 1.36% (Cg) over 22.00m*
-
DDH-AS23-06, 4.09% (Cg) over 14.60m* including
9.59% (Cg) over 3.55m*;
-
DDH-AS23-08 4.46% (Cg) over 39.00m* including
14.73% (Cg) over 3.7m* or 14.73% (Cg) over 2.85m**;
-
DDH-AS23-11, 1.77% (Cg) over 48.45m*, including
4.38% (Cg) over 6.00m*
-
DDH-AS23-13, 1.54% (Cg) over 61.90m*;
-
DDH-AS23-14, 1.96% (Cg) over 22.80m*, including
14.30% (Cg) over 1.4m*
-
DDH-AS23-16, 3.31% (Cg) over 16.30m* including
4.15% (Cg) over 8.54m*;
-
DDH-AS23-17, 1.59% (Cg) over 46.15m* including
4.94% (Cg) over 9.55m*;
-
DDH-AS23-18, 7.81% (Cg) over 39.65m* including
19.58% (Cg) over 7.35m*;
-
These intercepts tested the depth and lateral extensions of the
graphitic mineralization;
-
Results for the new conductor anomalies along the mineralization
corridor are sufficient to interpret the conductor anomaly as being
graphitic in nature, with various thicknesses of mineralization
along the conductor anomaly that extends from the historical mine
to the NE portion of the Property, over a total length of 4
km.
Next StepsThe Company is
currently analyzing these final results and will provide additional
information in a subsequent news release. These results have also
been shared with SGS Canada in order to produce a geological model
that will help with the interpretation of the results. This work
with SGS will allow the Company to complete a maiden resources
calculation on the Asbury Property’s north-east area in the
following weeks.
The Company also plans further exploration work,
which will include some combination of geophysics, geological
mapping and drilling to cover the area between the historical mine
and the recently completed drill program, since numerous conductors
remain untested over a significant distance. The updated geological
model will allow the Company to continue its exploration work to
further increase the resource on the Property.
Chief Executive Officer, Ellerton Castor, said:
“We’re working on significant conductors that connects the
currently investigated area to the historical Asbury mine, where
commercial graphite production was achieved. The current program
was located approximately 4 km from the Asbury mine and the
conductor anomalies clearly connect the two extremities of the
Asbury claim area. The Company believes that these results support
our view that there is significant graphite mineralization that
extends between the two extremities of the Property and explain the
conductor anomalies. This is expected to result in a scalable
resource with significant continuous graphite mineralization as
already demonstrated from the observations in the cores and
trenches we recently completed.”
QA/QC and Core Sampling
ProtocolsAll drill core samples were collected under the
supervision of SL Exploration Inc. employees. The drill core were
transported from the drill platform to the logging facility where
it was logged, photographed, attributed a serialized number and
split with a hydraulic blade. Core samples were split in half at
1.5m intervals while higher grade mineralization was sampled
separately to better identify its grade. Samples were then bagged
with their serial number written on each bag. Blanks and certified
reference materials were inserted at regular intervals in the
sequence of samples. Groups of continuous samples were placed in
large bags, placed on skids and wrapped in plastic. Everything was
shipped to Actlabs laboratory in Ancaster, Ontario. At the Actlabs
laboratory, rocks samples are prepared by protocol Rx-1, which
consists in drying, crushing (<7 kg) up to 90% passing 10 mesh,
riffle splitting (250 g) and pulverizing (mild steel) to 95%
passing 105µ. Graphitic carbon (Cg) was determined at Actlabs
Laboratories by protocol 4F-C Graphitic, which is a multistage
furnace treatment and infrared absorption, with a 0.05% detection
limit. Graphitic carbon was determined by calculating the
difference from the carbon assay (after ashing) by tube
furnace/coulometer minus the carbonate carbon (after ashing) by
coulometry.
A QA/QC program was conducted on the 2023
drilling campaign. QA/QC samples were inserted approximately every
20 samples in the sample series, alternating between standards,
blanks and duplicates. A total of 34 standards, 33 blanks and 19
duplicates were sent with the core samples, representing
respectively 3.7%, 3.6% and 2.1% of the assayed samples, for a
total of 9.4% which is within industry standards.
Three graphite standards were used during the
drilling program, one low-grade graphitic carbon (0.13% graphitic
carbon: GGC-07); three high-grade graphitic carbon (2.41% graphitic
carbon: GGC-09; 2.03% graphitic carbon: OREAS 722 and 5.87%
graphitic carbon: OREAS 723) standards. GGC-07 and GGC-09 standards
were taken from certified supplier (Geostats PTY Ltd.) and are
certified for graphitic carbon and a carbon/sulphur analysis. OREAS
722 was taken from certified supplier (Ore Research &
Exploration Pty Ltd (Oreas)) and is certified for graphitic carbon
analysis. Except for one value slightly above one standard
deviation (but below 2 standard deviations), the reported values
fall within the expected threshold.
From the 33 blanks analyzed, 32 of them returned
values less than 0.05% graphite carbon, which is the detection
limit. One sample was considered not having enough material to be
assayed.
Core duplicates were produced during the drill
program. They were made by first splitting the core in half, where
one half was sent as the original sample; and the second half was
again split in half, resulting in a quarter split. For homogeneous
rock a difference of less than 10% would be acceptable. This QA/QC
campaign presents 8 out of 19 duplicates above or below 10%
difference. The graphite grain size at the Miller Property is
considered coarse and range from 2mm to 10mm. This grains size,
compared to the size of a quarter split core piece, make the local
variability a greater challenge to duplicate core sample,
especially with greater graphitic values.
Stock Option PlanAt the
Company’s annual and special shareholders’ meeting held on January
31, 2024, shareholders of the Company approved the adoption of a
rolling stock option plan, as more particularly described in the
Company’s management information circular dated December 22,
2023.
Qualified Person This press
release was prepared by Steven Lauzier, P.Geo, OGQ and by
Pierre-Alexandre Pelletier, P.Geo OGQ, who are qualified persons as
defined under National Instrument 43-101, and who reviewed and
approved the geological information provided in this news
release.References
SourcesCharbonneau, R., 2012
Technical Report on The Asbury Graphite Property, In accordance
with National Instrument 43-101 McGill Township, Quebec, Canada,
Submitted to Canada Carbon Inc, 61 pagesDube, J., 2013. Heliborne
Magnetic and TDEM Survey, Island and Asbury Properties.
Prospectaire Geosurveys Inc for Focus Graphite Inc.47 pages GM
67561.
CANADA CARBON INC. “Ellerton
Castor”Chief Executive Officer and Director Contact Information
E-mail inquiries: info@canadacarbon.comP: (905) 407-1212
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.
A photo accompanying this announcement is
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/57348f6a-1bf9-40f8-aa6b-e227e2e4dd84
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