CCB Canada Carbon Inc

Canada Carbon Inc. (the "Company") (TSX-V:CCB),(FF:U7N1) is pleased to announce it has received all the assay results from the December 2021 drilling program on its Miller Property located in Grenville Sur la Rouge, Quebec (“GSLR”). Drilling was conducted from November 28, 2021 (see news release dated December 8, 2021) to December 21st, 2021.

The primary objective of the drilling program was to better define and connect the area located between the two pits (Western and Eastern pits) of the Project as defined in its PEA (see news release dated March 4th, 2016). Figure 1 shows the recently completed drill holes in comparison of the previously defined pits.

The Company completed 3,024m of drilling in 32 holes varying in depth between 30 and 180 metres. The total length makes this program the largest drill campaign completed to-date on the Miller Property. The drilling was conducted by Downing Drilling based in Calumet at GSLR. SL Exploration Inc, a mineral exploration service company based in Acton Vale provided the geologists and technicians to complete the program. Core logging and sampling was completed in February 2022 and assays results were fully returned by July 2022. Generally, samples were taken every 1.5-meter interval throughout the core and were assayed for graphitic carbon (Cg) content by an independent laboratory while higher grade mineralization was sampled in smaller intersections to better identify the specific grade.

Figure 1: Drill Holes Location on the Property

The Survey

In this recent drill campaign, 2375 core samples were bagged and shipped to the laboratory. Additionally, the Company sent 51 blank samples, 78 standard samples and 133 quarter-split duplicate samples. Core samples were prepared by splitting core in half and were bagged and sent to Actlabs, Ancaster, for graphite assaying.

Results

The Miller property host widespread low grade graphite mineralization that allowed to define two pits for the Miller Project. Previous calculated cut-off grade of 0.50%Cg (see news release dated December 14th, 2016) indicate that some material from the current drill program will likely be incorporated into a new model for the Miller mineralisation. A subset of intersections is shown in table 1, below. Note that multiple other graphite intersections were observed in the drilling campaign but are not shown here and will be incorporated in an upcoming resource calculation.

TABLE 1: SELECTED MINERALIZED INTERSECTIONS

Drill Hole ID		From(m)	To(m)	Interval Length(m)	AverageResult (%Cg)
DDH21-219		3	64.8	61.8	0.78
	Including	3	37.5	34.5	0.91
DDH21-217		46.5	100.8	54.3	0.61
DDH21-214		3.57	40.5	36.9	0.64
DDH21-219		96.2	102.2	6.0	3.59
DDH21-222		38.4	57.5	19.1	0.94
DDH21-223		20.5	45.7	25.2	0.62

The previously updated Resource Estimate includes an indicated resource of 2.65Mt (“million tonnes”) with an average grade of 0.80% graphite, and an inferred resource of 7.56Mt with an average grade of 0.77% graphite, within the boundaries of an optimized open pit mine model, as shown in table 2, below. The cut-off grade used for the modelling was of 0.50%Cg (see news release dated December 14th, 2016 for additional information).

TABLE 2: GRAPHITE MINERAL RESOURCES

1. Inferred mineral resources are exclusive of the Measured and Indicated resources.
2. A fixed density of 2.83 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. Effective date December 14th, 2016.

For Reference, see: Ni 43-101 TECHNICAL REPORT for the Mineral Resources Estimation Of the Miller Project, Grenville Quebec Canada Carbon Inc., Jean-Philippe Paiement, M.Sc., P.Geo, January 23, 2017.

“The results of the December 2021 drilling program completed at Miller are critical to our ongoing efforts to complete the permitting process for the Miller Project. The drilling intersected multiple widely mineralized zones, as well as multiple graphite pods and veins. This will help to improve the geological model and allow SGS to better define, improve and enhance future pit designs. The work now being undertaken will allow Canada Carbon, Inc. to optimize our environmental management efforts and to proceed with the permitting activities for the Project,” said Ellerton Castor, Chief Executive Officer and a director of the Company.

Next Steps

The results will be used by SGS’s team to update the modelling on the Miller Property in order to update the resource and to update the pit design. This will allow the Company to provide to the CPTAQ some information that they requested in their latest analysis (see news release dated September 17th, 2021). The information will also be used throughout the next permitting stage of the Miller Project, including an upcoming resources calculation and economic studies; as well as to support the permitting process for the Ministry of Environment and Fight against Climate Change (MELCC), the Ministry of Energy and Natural Resources (MERN) and during the consultation process with the citizens of Grenville-sur-la-Rouge (GSLR), the Argenteuil RCM (Regional County Municipality) and other stakeholders.

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.

CANADA CARBON INC.“Ellerton Castor”Chief Executive Officer and DirectorContact InformationE-mail inquiries: info@canadacarbon.comP: (905) 407-1212

FORWARD LOOKING STATEMENTS

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 news 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 statements in this news release include statements regarding the Offering, including the use of proceeds. 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; 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.

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