C3 Metals Inc. (TSX-V: CCCM) (OTCQB: CUAUF) is pleased to announce it has intersected gold mineralization in the first four scout holes drilled at its 50%-owned Super Block project (Figure 1), a joint venture with Geophysx Jamaica Limited (see press release dated March 1, 2024).

Figure 1: Map showing the Super Block project area in relation to C3 Metals’ Bellas Gate project. Note the locations of the past producing Pennants Gold Mine and the DHZ, PEZ and LVZ epithermal gold-silver prospects.

The first four holes drilled at Super Block were from the same drill pad location in the eastern PEZ area approximately 1.8km from the past producing Pennants Gold Mine (Figure 2). Drilling intersected broad zones of gold mineralization associated with suspected adularia alteration in fault zones and irregular veinlets of carbonate, quartz, pyrite and zeolite. The gold mineralization is interpreted as structurally controlled, low sulphidation epithermal style.

Figure 2: Airborne radiometric image showing a 5km (northwest-southeast oriented) potassium anomaly coincident with strong gold in soils that extends from DHZ through the former Pennants Mine to PEZ prospect. Note the location of the first four drill holes at the eastern end of the 5km gold trend.

Dan Symons, President and CEO, stated, “The Super Block project consists of a 5km gold trend identified by geochemical and coincident geophysical data. The first four drill holes of our maiden program were collared from the same drill pad location on the eastern end of this trend 1.8km to the southeast of the past producing Pennants Gold Mine. The fact that we have encountered gold mineralization in all the first four holes is highly encouraging. Gold mineralization was successfully intercepted in the target structural position in each of the first four holes. We will now evaluate the alteration styles and geochemical signatures in each hole with the aim of vectoring into higher grades. To intersect broad zones of gold mineralization in each of the first four scout holes 1.8km away from a past producing mine is very promising and indicative of a potentially large epithermal system.”

Super Block Project Drilling Highlights:

• Drilling has initially targeted the Pennants East Zone, where gold is highly anomalous in soils and coincides with a 1.5km east-west trending radiometric (potassium) anomaly.
• Four holes were completed at the eastern end of PEZ, and all holes intercepted gold mineralization hosted by epithermal style veins, stockworks and fault zones.
• Drilling at PEZ confirms the presence of multiple zones of epithermal veinlets within a broader mineralized envelope. Mineralization remains open at depth and along strike.
• The Company plans to continue to test high priority targets at Super Block with a further 10 scout holes along the 5km gold trend.
• Select assay results from the first four scout diamond drill holes are presented in Table 1 below:

Table 1: Select Assay Results from the First Four Scout Holes at the Super Block Project^1,2

¹ A nominal cut-off of 0.2g/t gold is used for the reporting of potentially significant intercepts.

Maximum contiguous dilution within each intercept is 2.5m. Samples have been composited to one and maximum two metre lengths. Whole core sampled in drill intervals with less than 30% recovery, to maximize sample.

² All intervals are reported as core lengths, as true widths of the mineralized intervals are unknown at this time.

The PEZ zone (Figure 3) is hosted within the Main Ridge Formation, a Cretaceous-aged volcanic inlier in central Jamaica. This contains basalts and andesites with alternating volcaniclastic breccias, lapilli tuffs and ash tuffs, with basaltic to intermediate dikes. Locally, rocks encountered during drilling at the PEZ zone consists of andesites, porphyritic andesites, polymictic volcaniclastic conglomerates to breccias with fine-grained tuffaceous to porphyritic matrix, fine-grained crystal tuffs, and abundant fault zones with gouge and brecciation.

At PEZ, gold is highly anomalous in soils and coincides with a 1.5km east-west trending radiometric (potassium) anomaly (Figure 3). Drilling has defined mineralization in broad 40m to 90m wide zones (not true width) that contain strongly anomalous gold over wide intervals (e.g., 23.80m at 0.51 g/t Au in SUP4025-001 from 52.85m to 76.65m, and 10.25m at 1.23 g/t Au in SUP4025-001 from 112.70m to 123.00m), and locally higher grades (up to 2.48 g/t Au in SUP4025-003 within 1.00m from 94.50m to 95.50m), as well as anomalous silver (Figure 4). The mineralized zones roughly correlate to form a northwest-striking, sub-vertical trend. Alteration of the host rocks show subtle to strong discolouration and is suspected to be a mixture of illite, smectite, carbonate, silica, leucoxene and adularia. A potassium enrichment is likewise seen in the geochemistry which is attributed to be due to subtle adularia alteration. Pyrite contents increase within these broad gold mineralized zones. Within the mineralized gold zones are increased abundance of thin, irregular veinlets which are a mixture of carbonate, quartz, pyrite and zeolite. Faults are locally abundant within the mineralized zones, and contain clay gouge, pyrite and fragments of veinlets.

Initial interpretations are that this style of mineralization is akin to low-sulfidation epithermal gold-silver, as is the current interpretation of the former Pennants Gold Mine. Likewise, similar style of veining, structure and alteration are seen at PEZ compared to Pennants. Therefore, this could be part of a similar large structural zone which may have high-grade centres as seen at Pennants.

Figure 3: Zoomed in image showing the 1.5km PEZ prospect at the eastern end of the identified 5km gold trend. Gold geochemistry in soils is shown with a coincident radiometric anomaly. The former Pennants Mine is approximately 1.8km northwest from the PEZ prospect.

Figure 4: Cross section through drill holes SUP4025-001 and 002 showing gold mineralization.

Next Steps

The host of gold mineralization at PEZ remains enigmatic. Petrographic and spectrometer studies are planned to identify and map the mineral and alteration associations along the 5km gold anomalous trend.

The initial Phase 1 scout diamond drilling program will continue through 2025 with 14 holes and 2,500m designed to drill test compelling gold and coincident radiometric anomalies at PEZ, the former Pennants Mine and DHZ. To date, six holes have been completed for approximately 1,020m and a seventh hole is in progress.

ABOUT C3 METALS INC.

C3 Metals Inc. is a mineral exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company holds approximately 30,000 hectares located in the prolific high-grade 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). At Jasperoide, the Company has identified over 15 skarn prospects and an outcropping porphyry system over two parallel 28km belts. The Company has published a maiden resource estimate on the first of these skarn targets, which contained Measured & Indicated Resources of 52Mt at 0.5% copper and 0.2 g/t gold^[1]. The Company is also actively exploring in Jamaica where it has identified 16 porphyry, 40 epithermal and multiple volcanic redbed copper prospects over a 30km strike extent. The Company holds a 100% interest in 17,855 hectares of exploration licenses and a 50% interest in 9,870 hectares in a joint venture with Geophsyx Jamaica Ltd, the largest mineral tenure holder in the country. Barrick Gold Corp. announced on May 1, 2024 that it had entered into an earn-in agreement with Geophysx Jamaica Ltd. on approximately 400,000 hectares of exploration licenses, several of which surround C3 Metals’ mineral concessions. Mining is currently the second largest industry in Jamaica, and historical mining dates back to the colonial eras of the 1500s (Spanish) and 1800s (British).