Canada Carbon Announces Receipt of Permits for Its 2022 Trenching and Drilling Campaign on Its Asbury Graphite Deposit

MISSISSAUGA, Oct. 18, 2022 - Canada Carbon Inc. (the "Company" or "Canada Carbon" or "CCB") (TSX-V:CCB),(FF:U7N1) is pleased to announce its receipt of permits for forest intervention to open access trails, open trenches and prepare drilling pads near the MC-8805 showing on the eastern part of the Asbury Graphite Deposit, located in Notre-Dame-du-Laus, QC (the "Asbury Property" or "Asbury"). The permits require that written notice be sent to the Ministry of Forestry and Wildlife Management ("MFFP") at least 15 days prior to the date on which the works commence. Following notice to the MFFP, the Company looks forward starting work on the Asbury Property by November 1^st, 2022. Additionally, the Company and SGS Canada have agreed on the scope of the exploration program and the parameters required for completion of a NI43-101 compliant technical report for the Property.

The trenching and drilling plan, which has been carefully designed on the basis of historic and recent data, covers extensive VTEM anomalies and/or intersects recently observed mineralization. Table 1 outlines the trenches, the targets, and the order of priority. The planned trenching program will allow for the observation of the structures, mineralization type and size, host rock geology, apparent thickness, and continuity.

Table 1: Trenches Details

In March 2021, a survey completed on Asbury returned grab samples of 21.5% Cg, 18.8% Cg and 5.85% Cg (see news release dated March 16th, 2021) extracted from the Northeast part of the Property, near a potential folding of the graphitic unit (Figure 1). The analysis of the geophysical data and structure led to the interpretation of a fold near the MC-8805 showing (Figure 2).

Figure 1: Conductors and Mineralization on the Property:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8c6aaadf-5a25-4b0a-b632-e41fc3a875db

Historic drill holes (St-Pierre, 1988) on the Property returned numerous mineralized zones (Figure 3) and historic grab samples in the vicinity of the showing returned 2.67% Cg and 2.31% Cg (Mathieu & Lafrance, 2013). The showing was generated by historical drilling and hosted 8.14% Cg over 18.9m (St-Pierre, 1988). This is consistent with the results from the 2021 survey (see news release dated March 16th, 2021) and supports the Company's decision to commence the geo-technical work in that area of the Asbury Property.

Figure 2: Interpreted Conductors and Planned Trenches:
https://www.globenewswire.com/NewsRoom/AttachmentNg/2336d529-c472-4414-8828-c132cd1aae2a

The approved permits include allowances for the Drill pads required to prepare the site for future drilling on the Property (Figure 3). The pads will be located in areas that allow the Company to test the depth and direction of expected surface mineralization (Table 2).

Table 2: Drill Hole Location

Figure 3: Historical Holes and Planned Drillholes:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5660c06-e06d-4762-84b2-e7909a3e99e5

Chief Executive Officer, Ellerton Castor, stated: "While we remain focused on progressing the CPTAQ permitting process for our Miller Graphite Deposit, it is imperative that the Company simultaneously expedite its efforts at the Asbury Property to further define identified graphite mineralization. Asbury has a storied history as a high-quality, prior producing mine, and the geophysics show that the conductor anomalies extend for several kilometers. The Company will investigate prospective areas for the concentration of graphite mineralisation along fold hinges. We believe that the contemplated trenching and drilling program will augment the already extensive dataset, which can be converted into a significant mineral resource estimate in the near future".

Qualified Person
This press release was prepared by Steven Lauzier, 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.

References
Dube, J., 2013. Heliborne Magnetic and TDEM Survey, Island and Asbury Properties. Prospectaire Geosurveys Inc. for Focus Graphite Inc. GM 67561.

Mathieu, G., Lafrance, B., 2013. Rapport des Travaux de Prospection, Projet Asbury. Focus Graphite Inc., GM 67860.

St-Pierre, S., 1988. Journeaux de Sondage, Campagne d'Automne 1988, Projet McGill. Stratmin Inc. GM 48577.

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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