CCB Canada Carbon Inc

Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB),(FF:U7N1) is pleased to announce that the Company has received preliminary assay results from the November 2022 drilling and trenching program completed on the eastern part of its Asbury Property (the “Deposit”), located in Notre-Dame-du-Laus, Quebec (“NDL”). Drilling and trenching were conducted from November 21st, 2022 to November 30th, 2022 (see news release dated January 9th, 2023).

Figure 1: Overview of Asbury Project and Preliminary Results of Fall 2022 Campaign

Please select to view image

Table 1: Drill Holes Assay results

Drill Hole Id	From (m)	To (m)	Length (m)	Average Results % (Cg)
DDH-AS22-02	49.7	53.7	4	0.34
including	50.55	52	1.45	1.34
DDH-AS22-04	26.7	44.5	17.8	1.95
including	32.3	35.15	2.85	9.36
DDH-AS22-05	20.75	30	9.25	1.94
including	25	29	4	3.01
DDH-AS22-05	37	54.5	17.5	1.48
including	40.35	41.73	1.38	10.40
DDH-AS22-07	86.65	145.5	58.85	2.21
including	137.1	144.35	7.25	9.21
DDH-AS22-07	129.5	146.5	17	4.95
including	137.1	143	5.9	10.53
DDH-AS22-09	63.35	72.35	9	0.76
DDH-AS22-10	84.7	102.9	18.2	2.73
including	95.75	97.1	1.35	9.53
DDH-AS22-10	115	148.35	33.35	5.00
including	117.35	130.85	13.5	8.57

Highlights

• Results for two drillholes targeting the conductor to the south (see zoomed map above) show consistency with historic drilling and highlight the possible northeast extension of the graphite mineralization reported in showing MC8805 (8.14% Cg over 18.9 m).
• DDH-AS22-10,
  • 5.00% (Cg) over 33.5m including 13.86% (Cg) over 5.05m.
  • 2.73% (Cg) over 18.2m including 9.53% (Cg) over 1.35m.
• DDH-AS22-07, 2.21% (Cg) over 58.85 m including 9.21% (Cg) over 7.25m.
• These intercepts confirm that graphite mineralization can explain the VTEM conductor previously identified by Focus Graphite (Dubé, 2013).
• Both hole intercepts confirm the presence of a mineralized graphite body and the probable northeastward extension of the MC8805.

The ProgramThe 2022 program consisted of 6 diamond drillholes (previously reported) totaling 830 meters, and 6 trenches which returned over 60.5m of channel samples. The drill program successfully tested some targeted VTEM conductors at depth. The primary objective of the program was to commence exploration of the eastern part of the regional trend. The trend is composed of multiple conductors and VTEM anomalies, that connect the Asbury historical mine to the recently drilled area (see figure 1). According to Dubé (2013), this trend also extends more than 4km from the Asbury deposit to the North-East. Historical mining operations extracted 875,000 tonnes 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 anomalous conductor. The Company is still reviewing results at this time and will publish a future news release upon the completion of its review. However, the drill work performed on the eastern part of the Deposit yielded significant results, with up to 2.21%(Cg) over 55.85m including 9.21% over 7.25 m in hole DDH-AS22-07; and 5% Cg over 33.5m including 8.57% (Cg) over 13.5m.

Next StepsOf the 830m of core collected, only 538m have, to date, been analyzed. The Company will continue its analysis of the additional samples from unassayed sections, with a focus on potentially increasing the length of the intersects, and on preparing future drilling programs. The Company also plans further tests on the Deposit, concentrating on geophysics covering the area between the historic mine and the recently completed drill program, where numerous conductors remain untested. This geophysical survey is aimed to better define the conductors where high-grade mineralization might be located. Eventually, the Company expects to be able to prove that the entire 4km conductor trend is graphitic in nature, following which, it will complete a resource estimate on the discovered mineralization.

Chief Executive Officer, Ellerton Castor, said: "We’re working on a significant conductor that connects the currently investigated area to the historical Asbury mine, where significant commercial graphite production was achieved. The current program was located approximately 4.5km from the Asbury mine and the conductor anomaly connects the two extremities. The Company believes that these preliminary results support our view that there is tremendous high-grade mineralization between the two extremities of the Deposit. This is expected to result in a resource with significant continuous graphite mineralization as already demonstrated from the observations in the cores and trenches we recently completed."

Qualified Person This press release was prepared by Steven Lauzier, P.Geo, OGQ; by David Fafard, 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.

ReferencesCharbonneau, 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 pages.

Dube, 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.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.

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