Jasperoide

Jasperoide Project

C3 Metals 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 and two porphyry prospects over two parallel 28km belts.

The Khaleesi target, located in the western Jasperoide property area, represents a rare opportunity to explore an undrilled copper-gold mineralized skarn, epithermal and porphyry prospect on the world-class Andahuaylas-Yauri Porphyry-Skarn belt. The Company has strategically amalgamated a significant mineral concession package of over 30,000 hectares within 45km of the large Las Bambas (MMG) and Constancia (Hudbay Minerals) copper mines. Several major and intermediate mining companies hold mineral concessions surrounding C3 Metals' package and in the district.

Khaleesi is approximately 8km west of the Company’s Montana de Cobre (MCZ) and is similarly located along a northwest trending copper-gold mineralized corridor.  On the eastern side of the  Jasperoide property area, the Company identified 13 skarn prospects.  Montana MCZ is the only one of these skarns the Company has systematically drill tested.  MCZ has a near surface Measured and Indicated Mineral Resource of 51.9 million tonnes at 0.50% total copper and 0.20 g/t gold for 569.1 million pounds of copper and 326,800 ounces of gold¹.

^{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.}

C3 Metals has identified multiple copper/gold skarn, porphyry and epithermal targets at Jasperoide.  The Company has drilled the first skarn target – Montana de Cobre – and intersected high-grade copper in multiple holes, including 53.2m at 3.11% copper & 0.46 g/t gold, 118.7m at 1.15% copper & 0.37 g/t gold and 229.5m at 0.99% copper & 0.43 g/t gold.  C3 Metals has published a maiden mineral resource estimate on the Montana de Cobre target, as well as undergoing a metallurgical test work program.  The Company has multiple drill permit applications in progress for the areas covering the other copper/gold skarn, porphyry and epithermal targets, including two areas that are currently being mined by local, small-scale miners.

MCZ Mineral Resource Estimate

Mineral Resource Category	Tonnes (Kt)	Copper Grade (%)	Gold Grade (g/t)	Contained Copper (M lbs)	Contained Gold (K oz)	Total Tonnes in CCPS
Measured	28,636	0.60	0.24	380.0	218.2
Indicated	23,304	0.37	0.15	189.1	108.6
Measured & Indicated	51,940	0.50	0.20	569.1	326.8	97,057
Inferred	4,005	0.32	0.11	28.3	14.6

Notes:

1. The Mineral Resource estimate has an effective date of 1 May 2023 and the estimate was prepared using the definitions in CIM Definition Standards (10 May 2014).
2. The CCPS used to calculate the Mineral Resource estimate uses a copper price of $3.75/lb, a copper recovery of 75%, an open pit mining unit cost of $2.35/t, processing costs of $4.66/t and G&A cost of $1.37/t.  The breakeven cut-off grade using these parameters is 0.14% copper.
3. Mineral Resources are reported in relation to a CCPS in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.  Potential revenue from gold was not considered for the development of the constraining pit shell; the Mineral Resource estimate is not dependent on recovering gold.
4. The quantity and grade of reported Inferred Mineral Resources in this estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources.
5. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7. The Mineral Resource estimate is prepared by IMC of Tucson, AZ, under the direction of Michael G. Hester, FAusIMM, a Qualified Person.

The Measured, Indicated and Inferred Mineral Resources reported herein are contained within a floating cone pit shell to demonstrate “reasonable prospects for eventual economic extraction” to meet the definition of Mineral Resource in NI 43-101.  A NI 43-101 technical report will be filed within 45 days. 

Geology

At Jasperoide, high-grade copper-gold skarn in outcrop has been mapped for over three kilometres along strike.  In total, there is 28km of magnetite that runs through the ~30,000 hectare property in a north-south direction with very little drill testing.  The geologic setting at Jasperoide is analogous to the world-class copper-gold deposits at the nearby Las Bambas and Constancia mines: Folded and thrust faulted carbonate sedimentary rocks, a multi-phase intrusive complex, and extensive skarn alteration.  At Jasperoide, copper-gold mineralization is closely associated with magnetite skarn development. The potential for porphyry copper mineralization is demonstrated by phyllic alteration and B-veins proximal to the mineralized skarn.

Surrounded by world-class deposits:

• Las Bambas  780MT at 0.70% Cu, 170ppm Mo (MMG)
• Constancia   521MT at 0.31% Cu, 87ppm Mo (HudBay)  
• Antapaccay   499MT at 0.39% Cu (Glencore)  
• Haquira   569MT at 0.56% Cu (First Quantum)

Mapping and Sampling

Mapping and sampling at Khaleesi have confirmed an extensive zone of prograde and retrograde skarn that measures 1,200 metres by 1,000 metres and remains open in multiple directions. Retrograde magnetite skarn is locally intensely mineralized with chalcopyrite and bornite sulphides (Figure 2). Epithermal quartz breccias and veins have been mapped along strike for over 2,000 metres and contain bornite, chalcopyrite and pyrite mineralization. These veins locally crosscut the skarn. Porphyry-style alteration and mineralization occurs in diorite dykes (up to 25-metres wide) and stocks in the eastern prospect area and along the batholith contact (Figure 3). The diorite and associated copper mineralization in the central prospect area are covered by glacial till varying in thickness from less than 1 metre to 15 metres. The diorite outcrops on both the western and eastern side of this glacial till. Geochemical and geophysical data collection will be important to understand the potential for a mineralized porphyry system beneath the glacial till, as there is outcropping porphyry-style mineralization and alteration on either side of the till occurrence.

Targets

Considerable potential for hosting copper at Jasperoide lies within the interpreted “STACKED” skarn system with well-developed mineralogic zonation and near surface oxide copper development, a deeper porphyry-style mineralization and intermediate sulphidation vein overprinting. Given the large volume of skarn mineralization seen at Jasperoide, the potential for a large copper-gold deposit similar in scale to neighbouring mines is possible.

“Jasperoide is located along the well-known, yet surprisingly underexplored Andahuaylas-Yauri Belt in southeastern Peru.  We are well positioned with almost 27,000Ha and multiple skarn, porphyry and epithermal targets.”

Stephen Hughes, VP, Exploration

Montana de Cobre

Current drilling at Montana de Cobre has outlined oxide copper, gold and silver mineralization covering an area of 650m by 600m to a depth of 250m. This mineralization is characterized by highly oxidized rock with mineralization from surface and includes a high-grade zone near the lower extent of oxidation.

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At Montana de Cobre, evidence of a deeper, buried porphyry is shown in a brecciated tonalite with 3-5% chalcopyrite.

Cresta Verde

Initial drilling by C3 Metals at Cresta Verde on Section JAS4350 has outlined disseminated to massive sulphides with chalcopyrite mineralization drilling within a coincident IP chargeability and magnetic anomalies.

Callejon de Oro

Surface sampling has indicated a series of low sulphidation epithermal veins with high values in historic trenching and recent drilling. C3 Metals’ 2021 IP and magnetic surveys indicate additional magnetite skarn targets.

Additional Targets

New target development from boots on the ground mapping, sampling, ground IP and airborne magnetics. 

• Brecciated High Sulphidation feeder structures
• Stacked and buried “dirty” limestone susceptible to skarnification and copper mineralization
• Buried copper porphyry

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