C3 Metals Intersects Near Surface Copper Mineralization in First Phase of Drilling at Khaleesi Copper Project, Peru
C3 Metals Intersects Near Surface Copper
Mineralization in First Phase of Drilling at
Khaleesi Copper Project, Peru
Toronto, Ontario--(Newsfile Corp. - February 26, 2026) -
C3 Metals Inc.
(TSXV: CCCM) (OTCQB:
CUAUF) ("C3 Metals" or the "Company") is pleased to announce drill results at its 100%-owned
Khaleesi copper project ("Khaleesi" or "the Project") in southern Peru.
The Company has completed 12
diamond drill holes for 6,300 metres ("m").
Copper mineralization has been observed in all 12
completed drill holes within a footprint measuring 1,000m by 500m.
Step outs are up to 300m.
Khaleesi is a greenfield copper project undergoing drill testing for the first time in the project's history.
Assay results from the first two holes were previously reported (see press releases dated December 15,
2026 and January 21, 2026).
Assays have now been received from an additional four holes.
Multiple
holes intercepted broad intervals of skarn and diorite hosted copper mineralization, including:
KHZ5825-001 intersected
101.1m at 0.30% copper, 0.045 g/t gold, 0.84 g/t silver and 48 ppm
molybdenum (0.37% CuEq) from 23.4m
downhole depth;
including
70.7m at 0.37% copper, 0.049 g/t gold, 0.96 g/t silver and 24 ppm
molybdenum (0.44% CuEq);
another
71.9m intercept of 0.29% copper, 0.026 g/t gold, 0.72 g/t silver and 46 ppm
molybdenum was encountered at 357.2m
downhole depth;
KHZ5825-001 was collared approximately 500m east of the first drill hole. That hole,
KHZ5800-001, intersected
269.0m at 0.30% copper, including 60.4m at 0.41% copper
(see press release dated December 15, 2025).
KHZ5950-001 intersected
243.7m at 0.24% copper, 0.020 g/t gold, 0.87 g/t silver and 41 ppm
molybdenum (0.29% CuEq) from approximately 200m vertical depth
(311.6m downhole
depth);
including
91.5m at 0.30% copper, 0.024 g/t gold, 1.16 g/t silver and 60 ppm
molybdenum (0.37% CuEq);
KHZ5950-001 was collared 150m north of KHZ5800-001.
Figure 1: Plan view map of MVI Magnetic Inversion: Amplitude of Magnetization, depth slice 300m
showing a large irregular shaped magnetic anomaly that is coincident with a zone of outcropping skarn.
Downhole assay results are shown along trace of drillhole for copper and molybdenum. Yellow drill traces
indicate completed or in-progress drill holes with assays pending, and green drill traces indicated the
locations of planned drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/285355_e21b0117b477d924_001full.jpg
Figure 2: Cross sections through KHZ5825-001 on the left and KHZ5950-001 on the right.
To view an enhanced version of this graphic, please visit:
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Dan Symons, President and CEO, stated
, "We have intersected copper mineralization in 12 holes
drilled within a 1,000m by 500m footprint.
This a tremendous result for a greenfield project undergoing
initial drill testing and demonstrates the large scale of the hydrothermal system.
Results from the first
six holes assayed and visual observations for the remaining six holes demonstrate potential for
higher grade mineralization in the western and southwestern project area.
Mineralization in the east
and northeast project area appears to be more distal from the 'heat engine' of the system.
With more
drilling, we will be able to define the geometry of the system and vector into the higher-grade zones.
We plan to drill an additional 15,000m in 2026 beyond the first 6,300m completed, for a total 21,300m
drilled at Khaleesi by the end of this year."
Table 1: Significant assays in four Khaleesi drill holes
Hole ID
From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(ppm)
CuEq*
(%)
KHZ5200-001
274.50
320.43
45.93
0.18
0.059
0.72
141
0.31
348.00
361.00
13.00
0.23
0.040
0.62
82
0.31
KHZ5775-001
8.60
17.00
8.40
0.17
0.036
0.64
4
0.21
76.00
97.50
21.50
0.17
0.028
0.69
147
0.28
KHZ5825-001
23.40
124.50
101.10
0.30
0.045
0.84
47
0.37
Including
23.40
94.10
70.70
0.37
0.049
0.96
24
0.44
179.30
226.50
47.20
0.25
0.041
0.87
137
0.36
357.20
429.10
71.90
0.29
0.026
0.72
45
0.34
KHZ5950-001
218.10
232.10
14.00
0.31
0.028
0.60
100
0.39
278.00
297.50
19.50
0.38
0.034
1.45
23
0.43
311.60
555.30
243.70
0.24
0.020
0.87
40
0.29
Including
445.50
537.00
91.50
0.30
0.024
1.16
59
0.37
Notes
*Copper Equivalent (CuEq) for drill intersections is calculated based on three-year trailing average for each commodity (2023, 2024 and 2025) which
equates to US$ 4.18/lb Cu, US$ 2,600/oz Au, US$ 30.54/oz Ag and US$ 21.46/lb Mo, with 80% metallurgical recoveries assumed for all metals.
The
formula is: CuEq % = Cu % + (0.907 x Au g/t) + (0.0107 x Ag g/t) + (0.00051 x Mo ppm).
Since it is unclear what metals will be the principal products and
as Khaleesi is an early-stage greenfield project with no metallurgical test work completed, assuming different recoveries is premature at this stage.
As
such an 80% recovery rate is justified.
Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper assay values according to
a 0.15% Cu cutoff and include a maximum of 12 meters of internal dilution. All intervals reported in this table are down hole core lengths, and true
thicknesses have yet to be determined. Mineral resource modeling is required before true thicknesses can be estimated.
Next Steps
The Company is planning up to 15,000m of drilling comprising 25 to 30 holes in 2026.
The drill program
will focus on testing:
The strike and depth potential of the mineralized garnet and magnetite skarn;
The source of the intense quartz veining observed in KHZ5800-002 (see press release dated
January 21, 2026), which intersected
51.1m at 0.54% copper, 0.31 g/t gold, 3.21 g/t silver, and
6 pp molybdenum (0.86% CuEq), including 18.0m at 1.08% copper, 0.76 g/t gold, 7.62 g/t
silver and 7 ppm molybdenum (1.85% CuEq);
and
Further skarn and porphyry potential below the glacial till and along the prosperous limestone-
diorite contact.
Results indicate real potential for a large-scale skarn system with alteration-mineralization vectors
suggesting a potential causative porphyry system.
The Company is continually updating its geological
model and identifying vectors to better target the skarn and potential porphyry system.
With the initial
Phase 1 drilling program of 6,300m now completed, and the potential for a mineral system confirmed,
the Company has initiated an aggressive drill strategy in 2026.
For additional information, contact:
Dan Symons
President and CEO
+1 416 716 6466
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 31,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-
Skarn belt of Southern Peru, which contain the Company's Jasperoide and Khaleesi projects.
Mineralization at Jasperoide and Khaleesi 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 13 skarn prospects a 28km belt.
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, of
which Freeport-McMoRan Exploration Corporation, a wholly-owned affiliate of Freeport-McMoRan Inc.
(NYSE: FCX), has the option on 13,020 hectares to earn up to a 75% interest by funding up to US$75
million of exploration and project related expenditures.
The Company also holds a 50% interest in 9,870
hectares in a joint venture with Geophsyx Jamaica Ltd, the largest mineral tenure holder in the country.
Barrick Mining Corp. announced on May 1, 2024 that it had entered into an earn-in agreement with
Geophysx Jamaica Ltd. on approximately 400,000 hectares of exploration licenses, several of which
surround C3 Metals' mineral concessions.
Mining is currently the second largest industry in Jamaica, and
historical mining dates back to the colonial eras of the 1500s (Spanish) and 1800s (British).
Related Link:
www.c3metals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
QP Statement
Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified
Person as defined by National Instrument 43-101.
Mr. Hughes has reviewed the technical information in
this news release and approves the written disclosure contained herein.
Copper Equivalent Formula
Copper Equivalent (CuEq) for drill intersections is calculated based on three-year trailing average for
each commodity (2023, 2024 and 2025) which equates to US$ 4.18/lb Cu, US$ 2,600/oz Au, US$
30.54/oz Ag and US$ 21.46/lb Mo, with 80% metallurgical recoveries assumed for all metals.
The
formula is: CuEq % = Cu % + (0.907 x Au g/t) + (0.0107 x Ag g/t) + (0.00051 x Mo ppm).
Since it is
unclear what metals will be the principal products and as Khaleesi is an early-stage greenfield project
with no metallurgical test work completed, assuming different recoveries is premature at this stage.
As
such an 80% recovery rate is justified.
Technical Program
C3 Metals adheres to a strict QA/QC protocol for handling, sampling, sample transportation and
analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at
the laboratory.
Samples were cut at C3 Metals' Khaleesi Project camp, Cusco Region, Perú, by Company personnel.
Before entering the cutting room, the drill core samples are marked lengthwise with a yellow line, and the
core saw followed these lines to cut each sample. Diamond drill core was sampled in maximum 3-metre
intervals, stopping at geological boundaries, and using a rock saw. Core diameter is a mix of PQ3 and
HQ3, depending on the depth of the drill hole. Samples were bagged, tagged and packaged for
shipment via local freight transport service to the ALS preparation laboratory in Arequipa, Arequipa
Region, Perú. Entire samples were dried and weighed, then crushed to 85% passing 10 mesh (2mm).
From this, a 1.5 kg split was pulverized to 90% passing 200 mesh (75µm).
The prepared, pulp samples were sent via ALS to the ALS assay laboratory in Lima, Lima Region, Perú,
for copper, gold and multi-element analysis. ALS is an accredited laboratory which is independent of the
Company. Gold assays were done by fire assay fusion (Au-AA23) with AAS finish on a 30g sample.
Copper was assayed by ICP-AES following a 4-acid digestion via the ME-MS61r package for a suite of
60 elements. Any copper sample over detection limit (i.e., greater than 10,000ppm or 1% Cu) was
additionally assayed via ICP-AES using the package ME-OG62. High and low copper, gold and iron
standards, as well as blanks and duplicates (coarse crush split and pulp), were randomly inserted into
the sampling sequence for quality control. On average, 11% of the submitted samples are quality control
samples. No data quality problems were indicated by the QA/QC program.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward-looking information and are based on
the Company's current belief or assumptions as to the outcome and timing of such future events. Actual
future results may differ materially. Although such statements are based on reasonable assumptions of
the Company's management, there can be no assurance that any conclusions or forecasts will prove to
be accurate.
While the Company considers these assumptions to be reasonable based on information currently
available, they may prove to be incorrect. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks inherent in the exploration and development of
mineral deposits, including risks relating to changes in project parameters as plans continue to be
redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks related to increased competition and
current global financial conditions, access and supply risks, reliance on key personnel, operational risks,
and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is made as of the date hereof, and the
Company is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any forward-looking information
contained herein.
________________________
1
Based on the assumptions and parameters outlined in the NI 43-101 Technical Report titled Jasperoide Copper-Gold Project Cusco Region, Peru
dated July 5, 2023.
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