C3 Metals Reports Maiden Resource of Over 560 Million Lbs. of Contained Copper, 320,000 Oz. Gold in First of 13 Skarn Targets at Jasperoide, Peru

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Overig advies 24/05/2023 06:27
Toronto, Ontario--(Newsfile Corp. - May 23, 2023) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ("C3 Metals" or the "Company") is pleased to announce an initial Mineral Resource estimate for the Montana de Cobre Zone ("MCZ") on its 100%-owned Jasperoide Project in southern Peru.

The MCZ is the first copper-gold skarn zone that C3 Metals has systematically explored along a 28km belt ("Jasperoide Belt") that extends along the eastern side of the Company's 300 sq. km (30,000-hectare) mineral concession and application package (Figure 1). Thirteen separate skarn occurrences have been mapped along the Jasperoide Belt to date.

A second, parallel belt of copper-gold mineralization (the "Khaleesi Belt") is located approximately 10km west of the Jasperoide Belt. The Khaleesi Belt hosts the Company's 100%-owned Khaleesi porphyry and skarn project. The Company is currently working through the Declaration de Impacto Ambiental (DIA) permitting process to enable exploration drilling at Khaleesi.

MCZ Mineral Resource Estimate Highlights

MCZ Mineral Resources breakdown:
Measured & Indicated Mineral Resources - 51.9 million ("M") tonnes ("t") at 0.50% total copper and 0.20 g/t gold for 569.1 million pounds of copper and 326,800 ounces of gold.
Measured Mineral Resources - 28.6Mt at 0.60% total copper, 0.24 g/t gold for 380.0M pounds of copper and 218,200 ounces of gold.
Indicated Mineral Resources - 23.3Mt at 0.37% total copper, 0.15 g/t gold for 189.1M pounds of copper and 108,600 ounces of gold.
Inferred Mineral Resources - 4.0Mt at 0.32% total copper, 0.11 g/t gold for 28.3M pounds of copper and 14,600 ounces of gold.
Mineral Resources are reported based on a conceptual constraining pit shell ("CCPS") to demonstrate reasonable prospects for eventual economic, open pit extraction. Assumptions include $3.75/lb copper price and an estimated 75% copper recovery. Calculated breakeven cut-off grade is 0.14% copper.
The MCZ deposit comprises a shallow-dipping copper-gold skarn that is oxidized to greater than 200m vertical depth and with a 50m to 250m true thickness.
Copper oxide mineralization at the MCZ increases significantly with depth, with multiple drill holes intersecting 30m to 80m thick zones of greater than 2.0% copper oxide mineralization.
Dan Symons, President & CEO, stated, "We are very pleased to announce this significant milestone of
our Company. The maiden mineral resource estimate at the MCZ demonstrates a near-surface, high-grade, copper-gold oxide deposit that we expect will benefit from a very low strip ratio. There is also potential to extend the MCZ to the north, south and west. Importantly, the MCZ is the only prospect to be systematically drilled out of 13 prospects on the 28km long Jasperoide Belt. As demonstrated by the MCZ, we see a tremendous opportunity to delineate more of these near-surface targets along the belt."

Dan Symons added, "It is important to emphasize the strategic location of C3 Metals' 300 sq. km concession package within the mineral district and to recognize the undrilled potential of the Company's untested Khaleesi skarn and porphyry belt on the western side of our property. We have confirmed outcropping porphyry, skarn and epithermal mineralization along the parallel Khaleesi Belt and intend to drill test these targets once drill permits are in hand. It is clear that we have assembled a very large, strategic land package in Peru - the second largest copper producing jurisdiction in the world."

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