C3 Metals Mobilizes Second Drill Rig to Jasperoide, Peru

Jasperoide Stage 2 Drill Program Highlights:

• Deeper capacity rig on site to test high priority copper-gold porphyry and stacked skarn targets at the Montaña de Cobre and Cresta Verde zones
• First hole at Montaña de Cobre has commenced testing coincident geophysical targets (Hybrid CSAMT and IP) proximal to the intersection of large scale faults which transect the nearby copper mine deposits at Las Bambas and Constancia
• Cresta Verde drilling to test for higher grades below massive sulphide skarn hosted copper-molybdenite mineralization intersected in 2021 drilling
• Drilling at the Montaña de Cobre copper oxide skarn deposit is expected to be completed shortly. The smaller capacity rig will then be demobilized

Kevin Tomlinson, President and CEO of C3 Metals commented, "The 2021 exploration season in Peru was very successful. The initial program of 11,700 metres of diamond drilling delineated a sizeable, shallow, high grade oxide copper-gold skarn system at the Montaña de Cobre zone and intersected highly promising skarn-hosted copper sulphide mineralization at Cresta Verde zone.

Our initial drilling coupled with newly acquired geophysical and geological data strongly supports our interpretation that a deeper-seated causative porphyry is driving the large mineralized hydrothermal system at Jasperoide. The presence of multi-phase intrusions, extensive skarn development, mineralized porphyry fragments, molybdenite mineralization, porphyry-style alteration and high sulphidation feeder structures are all features common in other large scale porphyry copper systems in Peru.

We are very excited to be drilling these compelling targets. The Jasperoide system is extensive with the high grade MCZ copper-gold deposit representing only part of the overall potential. The larger drill will enable us to more effectively test for additional copper-gold skarn bodies and the causative porphyry copper source at depth."

2021 Exploration Summary

The initial 2021 exploration program at Jasperoide comprised drilling, airborne magnetics, ground IP, Hybrid CSAMT ("HCSAMT"), TerraSpec4 Hi-Res spectrometer alteration mineralogy, petrology, core re-sampling, a structural analysis of the Jasperoide district, detailed relogging of drill core, geological mapping and sampling. Results have provided a wealth of information to advance our understanding of the hydrothermal processes at Jasperoide and the potential for discovery of a porphyry system at depth.

A total of 46 drill holes have been completed to date for 11,743m, comprising 8,552m in 40 holes at Montaña de Cobre zone and 3,191m in six holes at the Cresta Verde zone. Results of the drilling and associated exploration programs are consistent with a large scale porphyry / skarn hydrothermal system. At the Montaña de Cobre zone, drilling has defined a shallow dipping and well developed oxide copper-gold skarn deposit with associated structurally controlled high sulphidation mineralization. Figure 1 below details geological observations in drill core which provide strong supporting evidence for a proximal causative porphyry intrusion.

Figure 1: (Top Left) Polymictic breccia with a large, mineralized diorite fragment containing 5% disseminated chalcopyrite (Top Right) Massive sulphides at the Cresta Verde zone with coarse molybdenite mineralization (Bottom Left) Breccia, skarn fragments in a massive sulphide matrix, infilling the matrix at the Cresta Verde zone with strong pyrrhotite and chalcopyrite mineralization (Bottom Right) High sulphidation style breccia, intensely silicified and vuggy

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2661/112991_c3fig1enhanced.jpg

An interpretation of the recently completed first pass Hybrid CSAMT geophysical survey indicates the skarn / high sulphidation feeder structures observed at the Montaña de Cobre zone transition to a potential porphyry system at depth. Inversion of the Hybrid CSAMT data shows a sub-vertical resistive feature (silicified Benoni Fault) which appears to connect the Montaña de Cobre zone to a much larger resistive feature interpreted as a porphyry centre at depth (Figure 2).

Figure 2: (Left) Oblique 3D view of the Hybrid CSAMT interpolated model, looking northwest. (Right) Hybrid CSAMT north-south section showing large resistive feature below the Montaña de Cobre zone, an interpreted concealed skarn and porphyry system

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2661/112991_926b2f48542f8bdc_008full.jpg

An initial 5,000 metres of drilling is planned to assess the coincident geophysics, structural and geochemical target areas at the Montaña de Cobre and Cresta Verde zones. Figure 2 (Right) shows the projection of the first hole at the Montaña de Cobre zone, which is designed to test for stacked skarns below the marble front and a porphyry copper on the southern side of the Benoni Fault.

Following the initial success of the Hybrid CSAMT, an expanded survey to cover the entire permitted area is expected to be completed this month. The data will be used to refine drill targeting at the Cresta Verde zone down-dip of the near surface mineralized skarn and massive sulphides that were intersected in JAS4350-02.

Results will be released as they become available.

For additional information, contact:

Kevin Tomlinson
President & CEO
ktomlinson@c3metals.com

Alec Rowlands
Vice President, Investor Relations
+1 416 572 2512
arowlands@c3metals.com

ABOUT C3 METALS INC.

C3 Metals Inc. is a junior minerals exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company's flagship project is the 57km² Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru. Mineralization at Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). C3 Metals also holds a 100% interest in five licenses covering 207km² of highly prospective copper-gold terrain in Jamaica and a 2% royalty in Tocvan's Rogers Creek project.

Related Link: www.c3metals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

QP Statement

Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified Person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.

COVID-19 Protocols

The Company continues to implement its COVID-19 safety protocols at site to ensure the safety of employees and the communities surrounding the Jasperoide project area.

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