Toronto, ON, Canada, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) reports that it has filed on SEDAR the National Instrument  (“NI”) 43-101 report of the updated Mineral Resource Estimate for its flagship 100% owned Miller Graphite Project located 80 kilometres (“km”) west of Montréal, near Grenville, Québec. (See Company news release dated November 16th, 2022 for full details.)

The Resource Estimate was prepared pursuant to Canadian Securities Administrators’ NI 43-101 by the independent firm SGS Canada Inc. (“SGS”) of Blainville, Quebec. The updated Resource Estimate includes an indicated resource of 3.34Mt (“million tonnes”) with an average grade of 0.75% graphite, and an inferred resource of 10.48Mt with an average grade of 0.72% graphite, within the boundaries of an optimized open pit mine model.

The cut off grade for the Mineral resources was established at 0.50% graphite. The new pit constrained graphite resources have increased by 27% compared to what was reported in the Company’s Miller Project Preliminary Economic Assessment, filed to SEDAR on January 23rd, 2017.

Mineral Resource Estimation Parameters

The Mineral Resources were estimated by Marc-Antoine Laporte, P.Geo., M.Sc., of SGS with an effective date of November 8, 2022. This estimate is the most recent Mineral Resource Estimate produced by Canada Carbon since the acquisition of the Miller property in September 2013. The Mineral Resources were estimated using the following geological and resource block modeling parameters which are based on geological interpretations, geostatistical studies and best practices in mineral estimation:

Graphite Mineral Resources

• Mineral Resources were estimated from the diamond drill holes and channels analytical results completed by Canada Carbon since 2013. A total of 213 drill holes and 135 surface/channels, comprising 11,885 assays were used for the mineral resources model.
• The 3-D modeling of graphite Mineral Resources was conducted using a minimum cut-off grade of 0.45% Cg over a 2 m horizontal thickness within a preliminary lithological model. The initial mineralized solids were developed using Leapfrog©, and subsequently remodelled by incorporating the complete assay dataset into the Leapfrog model, within SGS’s proprietary modeling software Genesis©.
• Assay data were composited to 1.5m.
• The interpolation was conducted using Ordinary Kriging of the low-grade graphite mineralization and Indicator Kriging for the high-grade graphite veins.
• The block model was defined by a block size of 5 m long by 5 m wide by 5 m thick and covers a strike length of approximately 930 m to a maximal depth of 150 m below surface. The modeled graphite mineralization is open both at depth and strike.
• The Mineral Resources were constrained within the boundaries of an optimised pit shell using the parameters stated in Table 2 below. All parameters are derived from economic assessment process associated with the Company’s Miller Project PEA and adapted for use in developing the new Resource Estimate. Any interpolated blocks of the resource model located outside of the optimised pit shell are not included in the Mineral Resources.
• All dollar values in Table 2 are expressed in Canadian dollars, except for the revenue value for the thermally treated graphite, assumed to be US$ 40,000/tonne.
  
  

TABLE 1: PARAMETERS USED TO MODEL OPTIMIZED GRAPHITE RESOURCES

Cautionary Note: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. Inferred Resources are considered too geologically speculative to have mining and economic considerations applied to them and to be categorized as Mineral Reserves (as defined in NI 43-101). Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Measured or Indicated Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

MILLER PROJECT OVERVIEW

The 100%-owned Miller Graphite and Marble Project is located in the Outaouais Region of southern Québec, Canada, about 80 km west of Montréal, Québec and 90 km east of Ottawa, Ontario. The closest cities are Grenville, Québec (5 km to the south) and Hawkesbury, Ontario (8 km to the south). The property is easily accessible from Highway 50, which runs approximately 2 km to the south of the Project boundary, and Scotch Road, which traverses the property from south to north. A wide range of services are available locally in the town of Grenville and at the nearby cities of Hawkesbury or Lachute. Project-specific services such as tree cutting, excavating, drilling, and blasting are available from local operators. Other required services including emergency response, equipment maintenance shops, transport companies, mobile electricians, mobile mechanics, security firms, IT firms, engineering, environmental and geological consultants, restaurants and a variety of housing options are all available near the Property. The local skilled labour force is capable of supporting a mining operation. A power line crosses the southern part of the Property and a railroad runs parallel to Highway 50, near Grenville. The Project is 90 km via paved highway from the container port at Montreal.

Qualified Person

Mr. Marc-Antoine Laporte, P.Geo, M.Sc., from SGS Canada Inc., an independent Qualified Person as defined by National Instrument 43-101 guidelines, and has reviewed and approved the technical related content of this news release.

CANADA CARBON INC.

“Ellerton Castor”
Chief Executive Officer and Director
Contact Information
E-mail inquiries: info@canadacarbon.com 
P: (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.