C3 Metals Inc. (TSX-V: CCCM) is pleased to announce assays from an additional three holes from its ongoing drilling program of the Jasperoide Copper-Gold Project, Peru. The three holes were drilled on section line JAS2700, the drill line 50 metres north of high-grade intercepts reported on line JAS2650 (see Press Release May 25, 2021). The results extend high grade copper-gold mineralization within the zone of pervasive skarn development.

Drill Program Highlights:

• Assays continue to confirm broad intervals of strong copper-gold mineralization including:
  • JAS2700-03
    • 118.71m @ 1.15% Cu and 0.37 g/t Au from 87.3m including
      • 29.95m @ 2.57% Cu and 0.50 g/t Au from 106.1.0m
  • JAS2700-02
    • 99.81m @ 0.90% Cu and 0.34 g/t Au from 68.4m and
  • JAS2700-01
    • 102.0m @ 0.61% Cu and 0.23 g/t Au from 79.0m
• Deposit remains open in all directions
• Feeder style structure discovered
• Assay results pending for 12 drill holes – drilling continuing

Kevin Tomlinson, CEO of C3 Metals commented,

“The high-grade results received from the first 10 holes of the 2021 drilling campaign have exceeded our predictions and provide strong evidence that a sizable copper-gold system is present at the Montaña de Cobre Zone. We are now drilling our 22^nd hole on the zone with assays awaited on 12 holes.

“As we continue to drill Jasperoide, the results support our interpretation of a well-developed copper-gold skarn system linked to a mineralised porphyry intrusion at depth. To date, drilling has identified mineralized copper sulphide bearing porphyry fragments, porphyry type veining and most recently an interpreted feeder structure. These observations are important evidence of a porphyry system beneath or proximal to the skarn deposit as typically seen in the large copper mines operating in the district.”

Montaña de Cobre drilling is demonstrating that skarn hosted copper-gold mineralization is open in all directions and extends both laterally and along strike. The drill rig is currently positioned on section line JAS2800 (150m grid north of our first section reported on JAS2650) drilling the second of a planned three holes. Drill section spacing is planned to increase to 100 metres at the completion of the JAS2800 drill fan, as the rig progresses a further 800 metres northward towards the Cresta Verde Zone. An historic hole, JADD11-20 on that zone intersected 23.5m at 1.86% Cu⁵ from 19m.

Montaña de Cobre Zone Drill Results

A total of 22 holes have been completed and drilling is continuing on section line JAS2800. All holes drilled to date have intersected alteration and mineralization styles consistent with a telescoped skarn- epithermal-porphyry system. High grade copper-gold assays from seven holes were reported on May 25, 2021, including 53.24m at 3.11% Cu and 0.46 g/t Au which included 29.84m @ 4.96% Cu and 0.56 g/t Au from one hole on section JAS2650. That section line confirmed 450 metres of laterally continuous copper-gold skarn mineralization.

Two drill fans, for eight holes completed on section line JAS2700 (1,552.9m), confirm well-developed skarn and copper-gold mineralization for +500m laterally. The system remains open to the west, north and at depth (Figure 2) with results from the first three assayed holes on JAS2700 supporting the interpretation of a strongly mineralized domain dipping 15 to 25 degrees westward. Observed alteration and mineralization zonation appears consistent with the geology seen at major copper mines operating in the district i.e. a skarn system overprinted by epithermal style veining, all related to an interpreted porphyry system at depth.

Drill holes JAS2700-01, 02 and 03 intersected strongly oxidized garnet diopside and magnetite skarn consistent with the geology observed on previous section line JAS2650. Copper mineralization is dominated by secondary copper species that include malachite, chalcocite, chrysocolla and azurite, occurring as disseminations, fracture coatings, open space filling and in veins (Figure 3). Assays from each hole confirm broad zones of pervasive and high-grade copper-gold mineralization, including the JAS2700-03 intercept of 118.71m at 1.15% Cu and 0.37 g/t Au from 87.3m, including 29.95m at 2.57% Cu and 0.50 g/t Au, from 106.1.0m. Assays pending for JAS2700-04 to 08.

An interpreted “Feeder Structure” logged in drill hole JAS2700-04 is characterized by an intensely silicified, vuggy textured and oxidized polymictic breccia (Figure 4). As this style of alteration is typically genetically linked to a porphyry copper system, identifying these primary channel ways for mineralizing hydrothermal fluids is critical to the planning of deeper drill holes. Airborne magnetics (recently completed), Induced Polarization (on-going), surface mapping & sampling and all drilling data will be used to design deeper holes to test for additional skarn horizons and the interpreted porphyry system at depth.

As the drill program progresses, additional results will be released as they become available. Significant assays from the first three holes on section JAS2700 are included in the table below.

Notes:

1. Significant intercepts are reported as length-weighted averages exceeding 0.20% Cu, with less than 5m of consecutive internal dilution.
2. Arbitrary top cut of 5g/t on gold assays has been used, copper is uncut.
3. True width of down-hole intersections reported are estimated to be approximately 60-90% of the down-hole lengths.

Figure 1: Ground magnetic analytical signal image and current drill hole locations

Figure 2: Jasperoide Cross Section JAS2700, 50m window

Figure 3: JAS2700-02 (123.25m) showing a strongly oxidized breccia with significant secondary copper mineralization, interval 123.0 – 123.92m assayed 5.76% Cu and 0.36 g/t Au

Figure 4: Core slab from JAS2700-04 (84.25m) showing a vuggy and intensely silicified polymictic breccia (assays pending).

References for Historic Data

⁵ Data retrieved from Hochschild Mining’s database and internal reports. Hochschild was operator of the Jasperoide Project from 2011 to 2012 and completed two drill programs. C3 Metals has access to the entire drill database and believes that reporting of the information was

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 207 km² of highly prospective copper-gold terrain in Jamaica, and a 100% interest in two porphyry copper-gold properties, with one under option to Tocvan Ventures, covering 304 km² within the Cascade Magmatic Arc in southwestern British Columbia.