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 maiden Mineral Resource Estimate for its 100%
owned Asbury Graphite Project located 80 kilometres (“km”) NNE of
Gatineau, near Notre-Dame-du-Laus, Québec . (See Company news
release dated April 2nd, 2024 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 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 mine model. The cut-off grade for the Mineral resources
was established at 1.0% Cg.
Mineral Resource Estimation Parameters
The Mineral Resources were estimated by Mr. Yann
Camus, P.Eng., from SGS Geological Services, an independent
Qualified Person as defined by National Instrument 43-101
guidelines with an effective date of March 28th, 2024.
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. 6) All
figures are rounded to reflect the relative accuracy of the
estimate and numbers may not add due to
rounding. 7) Effective
date March 28th
2024. 8) The
estimate of mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant issues.
The Company has thus far completed sufficient
diamond drilling and bedrock channel sampling to result in a
resource estimation with a maximal depth of the pit at 135 vertical
meters. Geological modeling based on the drill results, surface
trenching and mapping indicates that the deposit remains open at
depth and on both strike extensions. The geological model also
provides multiple exploration targets with the potential to further
expand the graphite mineral resources. The portion of the
Asbury Project which is the subject of the Resource Estimate
occupies only about 7 % of the geophysical anomaly on the Asbury
claim area held by the Company.
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:
TABLE 2: PARAMETERS USED TO MODEL
OPTIMIZED GRAPHITE RESOURCES
Parameters |
Value |
Unit |
Mining Cost – Mineralized Material |
5.00 |
CDN$/t mined |
Mining Cost – Waste |
4.00 |
CDN$/t mined |
Mining Dilution |
5 |
% |
Mining Recovery |
95 |
% |
Processing + G&A Costs |
13.65 |
CDN$/t milled |
Metal Price |
2,500.00 |
CDN$/tonne |
Concentration Recovery |
90 |
% |
Pit Slopes |
50 |
degrees |
Density of Mineralized Material |
2.80 |
t/m3 |
Density of Waste |
2.80 |
t/m3 |
|
|
|
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.
Asbury Project Overview
The 100%-owned Asbury Graphite Project is a past
producing property made up of 25 claims with a total surface area
of 1,384.59 ha. It is located 8.1 km northeast of
Notre-Dame-Du-Laus in the Laurentides Region of southern Quebec.
The property is accessible via gravel roads from Provincial Road
309 and Chemin du Ruisseau Serpent in the Notre-Dame-du-Laus area.
A power transmission line runs through the property. Mont-Laurier,
located approximately 44 km north, provides all amenities needed to
perform basic mineral exploration, such as a hospital,
accommodations, restaurants, groceries and other primary services.
Additional amenities for exploration, and a seasoned mining and
exploration workforce, are available from nearby towns of Gatineau
to the south.
Qualified Person
Mr. Yann Camus, P.Eng., from SGS Geological
Services, 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 DirectorContact
InformationE-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 Asbury
deposit and financing thereof, the entering of the joint venture
with Irondequoit Offering, future production from the Company’s
Asbury 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 Asbury 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.
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