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C2C Metals Corp. acquires uranium mining sites in the Uravan mining region

L. Dreeye October 23, 2024

CSE:CTOC
OTCQB: CTCGF
www.c2cmetals.com

VANCOUVER, British Columbia, October 23, 2024 /PRNewswire/ – C2C Metals Corporation(CSE: CTOC) (OTCQB: CTCGF) (“Company” or “C2C”) announced today the acquisition of five (5) uranium vanadium (“UV”) properties (the “Properties”) comprising approximately 5,400 acres (~8.4 sq mi) located in Colorado part of the fertile Uravan mining district. Uravansky mining district Utah And Colorado Home to the Uravan Mineral Belt, a 70-mile (110-kilometer) zone of UV deposits in Colorado And Utah with a history of 80 million pounds of uranium and over 400 million pounds of vanadium production since 1945. Targets were selected based on historical information obtained from previous exploration activities, indicating that specific targets hosted either drilling operations that identified historically estimated uranium and vanadium mineral resources or areas specifically targeted for drilling by historical operators*.

C2C Metals Corp logo (CNW Group/C2C Metals Corp.)

To view properties, visit: https://bit.ly/4hd3M4Y.

The sellers were paid US$66,760.00, US$90,000 in C2C shares based on a 10-day VWAP (“Volume Weighted Average Price”) and a net smelter production royalty of 1%.

Properties

Eula Belle – 31 claims in the western part Montrose Countycovering most of the historic Youla Belle Mine. Union Carbide Corp. reports. The 1989 Eula Belle Reserve (“UCC”) indicates historically* estimated mineral reserves.¹ weighing 43,900 tons containing 219,900 pounds of uranium₃ABOUT₈ (“uranium”) at an average grade of 0.25% and 790,200 lb V.₂ABOUT₅(“vanadium”) at 0.90%. UCC has estimated additional potential resources for Eula Belle at 37,000 tonnes, including 135,000 lb U.₃ABOUT₈ at 0.25% and 666,000 lbs V.₂ABOUT₅ at 0.90%. UCC records show that Eula Belle was the leading producer of uranium from hundreds of Uranium mines, with reserves of 1,598,000 pounds. You₃ABOUT₈at 0.248%, recovered in 1962-1978.

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¹ Union Carbide’s (“UCC” or “Umetco”) Mining Reserves class for the Uravana UV deposits is specifically defined in the 1985 Resource and Reserve Estimation Manual as “The following reserve definitions are to be used in calculating Uravana UV Reserves on the Colorado Plateau: “An estimate of the amount of mineralized material that can be mined and processed at current costs, taking into account mining dilution, mining, and technological recovery.” Additionally, Union Carbide defines “Potential Resources” as: “An estimate based on a regional geological forecast of the amount of mineralized material assigned to areas that have not been tested but which appear to have the potential to produce reserves. The property being assessed is controlled by Umetco Minerals and the geology, geometry, environment and potential economics of the potential find are believed to be favorable.”

Mama Whitney Expansion – 5 claims in Montrose County adjacent to or near Department of Energy (“DOE”) sites (Non-C2C DOE Uranium Reserve Blocks) C-SR-21 and C-SR-23, and as past, producing “Mama Whitney” and other historical mines. The claims are located in areas identified as having high potential for additional discoveries, as shown on UCC’s historical favorability maps, and represent an expansion of C2C’s existing Mum-Whitney project.

Northern – 10 claims, per San Miguel Countyadjacent to the C-SR-15-A DOE Tract, including adjacent UCC-defined favorability areas. The east-west direction of the inferred UV mineral resources, identified by the U.S. Department of Energy’s C-SR-15 and C-SR-15A tracts and owned by C2C’s competitors, extends westward through the Norther Property.

Hilling patch – 80 claims per San Miguel County which are distributed within 4 separate areas located above the 1984 UCC planned (page 84) but never drilled targets and other favorable zones identified by the UCC. C2C’s claims overlap in part with the U.S. Department of Energy’s C-SR-12 Track. When first leased, the Department of Energy site initially housed a uranium reserve of 180,000 pounds of uranium.₃ABOUT₈.

Dulaney Expansion – 73 claims per San Miguel County and is a promising project adjacent to C2C’s Dulaney project. The Dulaney Extension is strategically located: (a) adjacent to DOE Route C-SR-11; (b) in the area of former extractive mines, and; (c.) partially overlying and surrounded by favorable areas as reported by the USGS (Bell, 1953).²

Rated Historical You₃ABOUT₈ & IN.₂ABOUT₅ Mineral reserves/resources *

	Historical Rated	Historical “Mineable	Reserves”			Historical “Potential	Resources”
Property	Grade % You₃ABOUT₈	Tons	pounds You₃ABOUT₈	Grade % IN₂ABOUT₅	Pounds. IN₂ABOUT₅	Tons	pounds You₃ABOUT₈
Yula Belle¹	0.25	43 900	219 500	0.90	790 200	37,000	185,000
Spud Patch²	0.11	7800	17 120	1.53	238 680	—	—
	General	51 700	236 620		1,028,880	37,000	185,000

Source: ¹UCC Recoverable Reserves Estimate, May 1989, Internal Report, Table V.

²The reserve estimate is based on subsequent drilling planned by UCC in 1980.

C2C continues to explore and evaluate other historic projects in both the Colorado Plateau and Utah.

Doctor Douglas UnderhillCPG, a qualified person as defined by National Instrument 43-101 and a consultant to C2C Metals Corp., has reviewed, verified and approved the disclosure of technical information contained in this press release.

*The Qualified Person (as defined in NI 43-101) has not performed sufficient work to verify historical drilling data and mineral resource estimates and other technical information on the subject properties. Additional work, including drilling and logging, will be required to confirm and update historical drilling and logging data, as well as other data, including verification of data integrity, assumptions, parameters, methods and testing. Historical exploration data does not comply with the reporting requirements prescribed by NI 43-101. C2C does not consider historical data to be current and should not be relied upon.

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² Bell, H. (1953). Carnotite resources in the Spud Patch area, San Miguel County, Colorado. USGS, Trace Element Research Report No. 286.

Afight with C2C Metals Corp.

C2C Metals is a mineral exploration company specializing in the acquisition of conventional uranium assets in United States. The company also owns a portfolio of gold and copper mining projects in Canada.

www.c2cmetals.com
@C2CMetalsCorp

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

Forward-Looking Statements

This press release may include forward-looking statements that are subject to risks and uncertainties and can be identified by the use of forward-looking terminology such as “is expected,” “will,” “is expected,” “may,” or variations thereof. words and phrases or statements that certain actions, events, or results “will happen.” All statements contained herein, other than statements of historical fact, should be considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or events may differ materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from forward-looking statements include market prices, the continued availability of capital and financing and general economic, market or business conditions. There can be no assurance that such statements will prove to be accurate and readers are therefore advised to rely on their own assessment of such uncertainties. We undertake no obligation to update any forward-looking statements except as required by applicable law.

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SOURCE C2C Metals Corp.

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