The Resource Estimate was prepared pursuant to Canadian Securities Administrators' NI 43-101 by the independent firm
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
Mineral Resource Estimation Parameters
Graphite Mineral Resources
Mineral Resources were estimated from the diamond drill holes and channels analytical results completed by
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.
All dollar values in Table 2 are expressed in Canadian dollars, except for the revenue value for the thermally treated graphite, assumed to be
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
Qualified Person
Mr.
"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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