CCCM.V · 2024-08-13 12:00:00

C3 Metals Wholly Owned Subsidiary, Molino Azul S.A.C., Executes Agreement with Cancahuani Community to Provide Surface Access Rights at Khaleesi Copper-Gold Porphyry-Skarn Project in Peru

Corporate Updates

C3 Metals Wholly Owned Subsidiary, Molino

Azul S.A.C., Executes Agreement with

Cancahuani Community to Provide Surface

Access Rights at Khaleesi Copper-Gold

Porphyry-Skarn Project in Peru

Toronto, Ontario--(Newsfile Corp. - August 13, 2024) -

C3 Metals Inc.

(TSXV: CCCM) (OTCQB:

CUAUF) ("C3 Metals" or the "Company") is pleased to announce that its wholly owned subsidiary,

Molino Azul S.A.C, has executed a surface access rights agreement with the Cancahuani community at

its Khaleesi porphyry and skarn copper-gold project in Southern Peru.

The Khaleesi project is an

outcropping, mineralized, undrilled copper-gold skarn and porphyry prospect

The Las Bambas

and Constancia copper mines are located less than 45km away and within the same district, comprising

large-scale porphyry-skarn complexes with similar geology and surface expression to that seen at

Khaleesi.

Surface access has been the critical path item for the Declaration of Environmental Impact

("DIA" or "Drill permit") to proceed.

The Company has already completed the CIRA process, which

determined the nonexistence of archeological remains in the Khaleesi project area.

Dan Symons, President and CEO, stated

, "We have been working diligently for multiple years to foster

a strong relationship built upon trust and mutual respect with the Cancahuani community.

Surface

access has been the critical path item required for us to move the Khaleesi project forward.

Khaleesi

is located on the western side of our 300 sq. km mineral concession package in Southern Peru

approximately 38km east of the operating Las Bambas mine and 43km northwest of the Constancia

and Pampacancha mines.

First pass field work has identified high-grade copper-gold mineralization

in outcropping porphyry, skarn and polymetallic epithermal veins at Khaleesi.

The Khaleesi porphyry,

skarn, and epithermal alteration system has been mapped at surface over a 1.5km by 1.0km area.

Due to its proximity to and similar geologic setting as other large-scale copper mines in the district, it

has always been one of the most prospective geological prospects in our portfolio.

With this critical

path agreement now in place and the remainder of the permitting process being prescriptive, we

believe this agreement provides us significant optionality within our portfolio and allows us to explore

strategic options more productively on how to best move our exploration portfolio forward in both Peru

and Jamaica."

The Jasperoide and Khaleesi projects are located in the prolific Andahuaylas-Yauri Porphyry-Skarn belt

of Southern Peru.

Mineralization is hosted in a similar geological setting to the nearby major mining

operations at Las Bambas (MMG), Constancia and Pampacancha (Hudbay) and Antapaccay

(Glencore).

C3 Metals, through its subsidiaries, holds a 100% interest in approximately 300 sq. km

(30,000 hectares) of highly prospective copper-gold terrain (Figure 1).

Figure 1: Regional map showing C3 Metals' mineral concession package in relation to other large-scale

operations, development projects and exploration projects.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/219723_09782e6a246438b0_001full.jpg

C3 Metals first entered Southern Peru through the merger with the private company, Latin American

Resource Group in 2020, gaining 57 sq. km in this recognized world-class copper belt.

The Company

then expanded its mineral concession package to its current 300 sq. km over the next three years.

main driver of this expansion was to gain exposure to the Khaleesi project area.

Khaleesi is located approximately 8km west of a 28km magnetite skarn belt where 13 skarn prospects

have been identified.

The first of these 13 skarns that C3 Metals systematically drill tested was Montana

de Cobre, which yielded a maiden Measured and Indicated Mineral Resource of 51.9 million tonnes at

0.50% total copper and 0.20% gold for 569.1 million pounds of copper and 326,800 ounces of gold

Khaleesi sits on a parallel porphyry and skarn belt approximately 8km to the west of Montana de Cobre.

Khaleesi hosts outcropping skarn and porphyry style copper-gold mineralization with proximal high-

grade polymetallic epithermal veins (Figures 2, 3 and 4).

The Company is not aware of any previous

exploration drilling at Khaleesi - it is a new discovery.

Figure 2: C3 Metals' 300 sq. km mineral concession package showing two parallel mineralized copper-

gold skarn-porphyry belts and the locations of C3 Metals' Montana de Cobre mineral resource and the

Khaleesi project.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/219723_09782e6a246438b0_002full.jpg

Figure 3: Outcrop of magnetite and garnet-diopside skarns near to an intrusive diorite containing

porphyry-style B-veins and locally cut by polymetallic veins with examples of the mineralization styles and

rock chip assays identified at Khaleesi.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/219723_09782e6a246438b0_003full.jpg

Figure 4: Interpreted geology of the Khaleesi prospect area in both plan view and cross section detailing

the various mineralization styles at Khaleesi.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2661/219723_09782e6a246438b0_004full.jpg

Next Steps

C3 Metals has identified over 15 skarn and multiple porphyry prospects within its 300 sq. km mineral

concession package in Peru.

The porphyry, skarn, epithermal mineralized system at Khaleesi is the

highest priority of these prospects due to its high-grade copper and gold potential that outcrops at

surface.

C3 Metals has previously collected magnetic geophysical data over the eastern Khaleesi project area,

which shows a large magnetic anomaly coincident with the skarn- and porphyry-style copper-gold

mineralization.

With the surface access agreement now in place, the Company will proceed with

collecting soil geochemical data and conducting an aggressive surface mapping and rock sampling

program concurrent with completing the Drill permit process.

Dan Symons continued: "

We anticipate drilling at Khaleesi could commence as early as 2025.

Now

that an agreement has been reached with the community, the remainder of the permitting process

becomes prescriptive.

We plan to commence the necessary field work to be drill-ready on receipt of

all necessary approvals.

The Peruvian government has recently done an outstanding job with moving

permits for both exploration and expansion of existing operations through its system at a much more

accelerated pace.

With the support of the Cancahuani community, we believe we are well positioned

for the remainder of the process.

We are excited to get boots on the ground to complete detailed

mapping and sampling before drilling."

For additional information, contact:

Dan Symons

President and CEO

+1 416 716 6466

[email protected]

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. 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).