Canadian Copper Provides Update on Murray Brook Asset and Exploration Plans

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Canadian Copper Provides Update on Murray Brook Asset and Exploration Plans

Toronto, September 5^th, 2023 – Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to provide a corporate update regarding its Murray Brook acquisition integration status and 2023 exploration plans.

A new Mineral Resource Estimate (“MRE”) for the Murray Brook deposit was commissioned in August with expected results in late September 2023.
A 12-hole program totaling 2,300 meters permit request was submitted to the New Brunswick Department of Natural Resources in August. This program is designed to test extensions of the Murray Brook deposit this year (Figure A).
A prospecting and trenching program will begin this fall at the Murray Brook West Project (Figure B).

Simon Quick, CEO of Canadian Copper. “We are feverishly working on integrating the Murray Brook asset acquisition. There are significant value accretion opportunities within the known resource in addition to various development scenarios given its proximity to a fully furnished milling and flotation facility. In parallel, we continue to strongly believe in the regions discovery potential which is a core pillar to our growth strategy. As a result, we will both explore the known limits of the Murray Brook deposit as-well as our exciting Murray Brook West property this year.”

Murray Brook Mineral Resource Estimate and Exploration Program

The Company commissioned P&E Mining Consultants Inc. to calculate a new MRE for the Murray Brook deposit. There are two primary reasons for this effort:

Several economic factors have improved since the previous MRE completed in 2013 that could increase the size of this large resource. Specifically, the previous MRE assumed US$/C$ exchange rate parity and lower metal recoveries for copper and lead.
A total of 6,017 meters of drilling occurred between 2017 – 2019 which is currently not included.

The Company is targeting release of the new MRE in late September. The results of this model are also integral in planning our next exploration efforts at the project.

The objective of the Murray Brook exploration program is to test a new copper stringer zone starting from surface that was discovered in 2019 (MB19-01: 1.35% Cu, 19 g/t Ag, 0.18 g/t Au over 26.4 meters[1]). The Company expects to begin this program this year. Previous drilling results on this new zone can be found here.

Murray Brook West Exploration Plans

The Murray Brook West property is located directly adjacent to the Murry Brook deposit and encompasses the same geologic horizon as neighbouring Caribou and Restigouche deposits. Initial prospecting efforts will begin at Murray Brook West this year. Activities will include prospecting and trenching across the favorable Caribou Horizon shown in Figure B.

Figure A: Murray Brook Proposed Drilling Areas

Figure B: Murray Brook West Prospecting Plan

[1] https://www.explorationpuma.com/en/puma-exploration-discovers-a-new-copper-zone-at-murray-brook-hole-mb19-01-intersected-1-35-cu-19-g-t-ag-and-0-18-g-t-au-over-26-4-meters/

Qualified Persons

Mr. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. and independent Qualified Person as defined in NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About Canadian Copper Inc.

Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada. There are currently 85,322,540 shares issued and outstanding in the Company.

For more information, please contact:

Simon Quick, Director and CEO | (905) 220-6661 | simon@canadiancopper.com | ir@canadiancopper.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the PEA, opportunities, combined strategy, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire properties under the Puma Option Agreement, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the CSE), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s annual management discussion and analysis for the year ended October 31, 2024 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on SEDAR+ website at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.

Cautionary Note Regarding PEAs and Mineral Resource Estimates

This preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company’s public disclosure available on SEDAR+ at www.sedarplus.ca. The quantity and grade of reported “Inferred” Mineral Resource Estimates are uncertain in nature and there has been insufficient exploration to define “Inferred” Mineral Resource Estimates as an “Indicated” or “Measured” Mineral Resource and it is uncertain if further exploration will result in upgrading “Inferred” Mineral Resource Estimates to an “Indicated” or “Measured” Mineral Resource category. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a “inferred” or “indicated” Mineral Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using CIM Standards in accordance with NI 43-101.

September 5, 2023
7:00 am

Simon Quick

Simon's experience includes early stage permitting, project development through to design engineering, construction, and final turnover. He joins Canadian Copper from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

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