Epithermal And Porphyry Targets Confirmed At Arthurs Seat

TORONTO - C3 Metals Inc. reported on results from its initial scout drilling program at the Arthurs Seat Project in Jamaica. The Arthurs Seat Project is contiguous with C3 Metals'Bellas Gate and Main Ridge Projects to the southeast and west, respectively. Ten scout holes tested extensive epithermal quartz breccias exposed north of the Crawle River-Rio Minho Fault Zone (CRFZ), a new porphyry-epithermal belt. There is no record of any previous drilling at the Arthurs Seat Project. Although first pass drilling did not intersect high-grade shoots that are common to these systems, broad zones of lower grade gold mineralization with small intervals of high grade (0.60m at 7.63 g/t Au) have been confirmed within telescoped porphyry-style alteration and mineralization.

Dan Symons, President and CEO, said, "This first pass scout drilling has provided us with a much better understanding of the district scale mineral system we are exploring between Bellas Gate and Arthurs Seat. The data collected at Arthurs Seat to date suggests that the extensive gold and copper mineralized epithermal vein system we discovered is sitting above multiple additional porphyry targets. This is supported by the presence of strong geophysical and geochemical anomalies overlapping with porphyry-style alteration in spectral mapping. Importantly, we have now encountered highly anomalous gold-copper-molybdenum in the first scout holes drilled in the history of this project area.

"When we step back and evaluate our Jamaican portfolio, we now have 16 porphyry and 40 epithermal targets over a 30km strike after only nine months of new data collection and interpretation of historical data. We intend to begin systematically drill testing the highest priority targets along what we believe is an emerging porphyry and epithermal belt."

Mapping and sampling defined an 8.0km by 4.5km copper-gold-silver footprint within which a 5.0km by 3.0km high-density, low-intermediate sulphidation epithermal quartz breccia swarm occurs. The Company completed 10 scout drill holes for 2,200m, testing multiple high potential epithermal gold targets. Eight of 10 holes intersected epithermal and/or porphyry style mineralization, and two holes were lost due to ground conditions.

Drill assays confirm lower grade epithermal gold mineralization over narrow and broad widths. Locally coarse gold occurs in association with bornite and pyrite mineralization, which reported 7.63 g/t gold over 0.60 meters within a broader zone of 0.28 g/t gold over 29.4 meters. Epithermal gold mineralization in quartz breccias is telescoped by hydrothermal alteration which appears to be sourced from an interpreted porphyry at depth. Copper is late and occurs as bornite with lesser chalcopyrite coating fractures and as disseminations. Molybdenum is highly anomalous in several drill holes with 8.3m assaying at 46ppm molybdenum in ARS4950-002. Molybdenum is a key porphyry indicator.

The Company has been granted two 5-year drilling permits for the Arthurs Seat and Bellas Gate Projects and expects to receive the Main Ridge Project drill permit during the first half of 2023. A district-wide drill program is required to properly evaluate each of the high potential porphyry and epithermal targets at Bellas Gate, Arthurs Seat and Main Ridge.

The next phase of drilling in Jamaica will systematically evaluate high potential porphyry and epithermal prospects delineated. Much of the historical drilling at the Connors, Camel Hill, Geo Hill, Hendley and Provost porphyry targets was undertaken prior to geophysical data but confirmed moderate to strong copper-gold mineralization on the margins of each system. Several historical drill holes ended in mineralization and porphyry targets remain open along strike and at depth. Overlying the historical drilling on the modeled magnetic and IP chargeability geophysical data has proven to be a key targeting tool for copper-gold porphyry-style mineralization.

With respect to porphyry potential, C3 Metals plans to systematically test the surface extent and depth potential of the known mineralization and to test for higher grade bornite-rich cores to the systems at Connors, Camel Hill, Geo Hill, Hendley and Provost . Other high potential porphyry targets are being evaluated at Bellas Gate, Arthurs Seat and Main Ridge, and will be drill tested if warranted. The Company is currently in discussions with several drill contractors.

Symons continued, "With so many high-priority porphyry and epithermal targets generated in such a relatively short period of time, combined with the size of our mineral concession package, it is clear we are sitting on a new, underexplored porphyry - epithermal district. With multiple drill holes ending in good grade porphyry copper-gold mineralization, a drill rig with greater depth capability is required. We are currently working to source suitable equipment to recommence drilling our highest priority targets. Subject to results and market support, our longer-term intention is to aggressively explore this new and exciting district-scale, copper-gold porphyry and epithermal belt using multiple, company-owned drill rigs to test the epithermal targets and a larger, contract rig to test the porphyry targets."