Canada Carbon Inc. announced that it has completed its trenching and drilling campaign near the MC-8805 showing on the eastern part of the Asbury Property. Prospecting in 2021 returned mineralized grab samples (21.50 %, 5.85% and 18.80% Cg) in the NE part of the Property, near the MC-8805 showing. Historic drill holes (St-Pierre, 1988) in the vicinity of the showing returned 8.14% Cg over 18.9 meters.

This area was the main target for the Fall 2022 exploration campaign which consisted of 60.5m of trenching in 5 trenches and 830m of drilling in 6 diamond drill holes (“DDH"). In addition to drawing on extensive historical information, the trenching and drill survey used VTEM anomalies and EM conductors (Dubé, 2013) along with recently observed mineralization discovered during the latest surface exploration phase to find the local targets. Figure 1 show the location of the program along with some of the most prominent geological features of the area.

Observations of the core and channel samples indicate that the host rocks are skarns, massive quartzites and banded porphyroblastic paragneisses. Graphite is present in all three lithologies, either as disseminated, veins or massive intersections. Sulphides (pyrite, pyrrhotite and sometime galena) are present as traces, clusters, stringers or chunks.

Common alterations are carbonatization, ankeritization, chloritization or silicification. Trenching: In trenches, the main graphite corridor (>10% visual graphite) thicknesses ranges from 0.8m to 2.9m apparent thickness, the mineralization is hosted in metric sized lower grade graphite layers (>1% but <5% graphite). All of the graphite intersections (from trace to >10% visual graphite) appear to range in thicknesses from 0.4m to 11m with an average of 2.42m.

Laboratory results will better indicate the extent of the high grade and lower grade mineralization. A total of 63 channel samples have been sent to Actlabs laboratory in Ancaster (Ontario) for graphite package analysis (RX1 preparation and C-Graphitic analytical package). In Trench 1 (T1), a mineralized horizon was sampled from 4.5m to 13.5m.

This horizon has visible graphite content ranging from 10% to 25% at 4.5m and diminishes at the end (~2% graphite at 12.0m) (Photo 1). There were also 3 grab samples taken with visual estimates of 10 to 25% graphite content. In Trench 2 (T2), a mineralized horizon was sampled from 3.0m to 7.5m.

This horizon has approximately 2 to 5% visible graphite content. In Trench 4 (T4), a mineralized horizon was sampled from 3.0m to 5.5m. This horizon has graphite content ranging from 2% to 5% at 3.0m and increases at the end (~10 to 25% graphite content at 5.5m).

In Trench 5, a mineralized horizon was sampled from 0.0m to 6.5m. This horizon has graphite content ranging from 10% to 25% at 0.0m and decreases at the end (~2-5% graphite at 6.5m). A sub-metric and subcropping bloc, a few hundred kilograms in weight, has been collected near DDH-AS22-05.

It contains significant graphite mineralization and has been kept for future metallurgical testing. Drilling: The length of the holes was planned to mostly target shallow EM and VTEM anomalies (within 100m vertical depth). Where access was temporarily impossible (e.g. planned holes DDH-AS22-02 and DDH-AS22-07), the drill pads were moved further away from the target and increased in length to test the depth of the anomalies.

All the holes have a NQ diameter. A total of 504 samples were collected following the drilling and have been sent to Actlabs laboratory in Ancaster (Ontario), including standard samples for graphite package analysis (RX1 preparation and C-Graphitic analytical package). Pyrite, pyrrhotite and magnetite have been observed in drill cores and could be responsible for some of the VTEM anomalies, but the VTEM anomalies cannot be solely explained by these minerals, as the high concentration of these minerals are associated with high concentrations of graphite.

Intersections not associated with graphite have very low concentrations of pyrite and pyrrhotite. In DDH-AS22-02, a mineralized horizon was observed and sampled between 50.55m to 53.20m with visible graphite content ranging from trace to 5% in a fault gouge. In DDH-AS22-04 a mineralized horizon was observed and sampled between 32.20m to 35.15m with visible graphite content ranging from 10% to 25% in a massive band.

In DDH-AS-05, two main mineralized horizons were observed and sampled. The first mineralized horizon, between 40.35m to 41.73m has visible graphite content ranging from 20% to 40%. The second mineralized horizon, from 127.55m to 128.40m, has visible graphite up to 10%, and locally up to 20% in a fault from 127.90m to 128.10m.

In DDH-AS22-07, a mineralized horizon was observed and sampled between 137.10m to 144.35m with visible graphite content ranging from 10% to 25% in a massive band and disseminated. In DDH-AS22-09, a mineralized horizon was identified and sampled between 30.00m to 41.00m with visible graphite, pyrrhotite and pyrite content locally ranging from trace to 1%. In DDH-AS22-10, three mineralized horizons were identified and sampled.

The first mineralized horizon is between 16.15m to 24.00m, with visible graphite content of 2% and up to 10% in fault gouge. The second mineralized horizon is between 86.20m-97.10m with visible graphite content up to 5%, disseminated. The third mineralized horizon is between 117.35m-146.80m with visible graphite content of 5 to 25%.