C3 Metals' Deep Drilling Provides Key Evidence of Porphyry System at Jasperoide Project, Peru

Toronto, May 17, 2022 - C3 Metals Inc. (TSXV: CCCM) ("C3 Metals" or the "Company") is pleased to announce that the Company's deep core drilling at its Jasperoide copper-gold skarn/porphyry project in southern Peru has intersected a hydrothermal alteration system beneath the Montaña de Cobre zone. Drilling intersected a multi-phase hydrothermal alteration system that is coincident with a large Hybrid CSAMT anomaly and indicative of a classic porphyry model.

Jasperoide Phase 2 Drill Program Highlights:

• Jasperoide alteration system at the Montaña de Cobre zone extends to over 1,000m depth
• Current drilling intersected a telescoped hydrothermal alteration system characterized by:
  • Multi-stage calcite veins and breccias cut by pyrite-molybdenite veins
  • Phyllic altered porphyry fragments with sulphides in a hydrothermal breccia
  • Significant anhydrite alteration in veins and breccias
  • Trace chalcopyrite identified in epithermal veins and on fractures
  • High sulphidation breccias and veins containing pyrite-sphalerite mineralization
• Hybrid-CSAMT geophysics provides a 3D image of Jasperoide's subsurface "plumbing" system

Stephen Hughes, Vice President Exploration of C3 Metals, commented, "C3 Metals is testing deeper levels of the Jasperoide copper-gold system and we are seeing important geologic evidence confirming that hydrothermal alteration at the Montaña de Cobre zone extends to depths of over 1,000 metres. Alteration of this scale is typically associated with large-scale porphyry systems, confirming our interpretation that a porphyry system is the driving force behind well developed skarns."

"We are seeing molybdenite-pyrite veins that are reminiscent of similar style veining that I have seen at porphyry systems in Indonesia. In the breccias, we identified altered porphyry fragments that contain pyrite veins and these fragments have been ripped from a porphyry system at depth. With each drill hole we see more and more porphyry indicators and we remain committed to unlocking the true value of this impressive land package."

Phase 2 Drill Program

Phase 2 drilling is well underway, with the first deep hole (JAS3000-06) completed to 1,180m depth and the second hole (JAS2800-7) currently in progress at 1,050 metres depth (Figure 1). Drill holes are testing the multiple targets at Montaña de Cobre, Cresta Verde, Callejón de Oro and a newly identified target at Domo Verde zone (Figure 4). Priority targets are defined by copper and gold soil geochemical anomalies with coincident Hybrid-CSAMT, IP-Chargeability and magnetic anomies. Additional infill holes are also planned within the Montaña de Cobre zone in areas of low drill data density.

Figure 1: Showing interpreted geology and drill collars at Jasperoide project.

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The first deep hole, JAS3000-06 tested beneath a large zone of clay alteration exposed west of the Montaña de Cobre zone which is interpreted as advanced argillic alteration. The drill hole encountered varied intensity of garnet-diopside alteration in diorite, overprinted by bladed mushketovite (magnetite after hematite) and calcite veins from surface to 350m depth. Intercalated limestone, intensely marbleized and bleached white limestone and localized breccias and calcite stockwork veins occur from 350m down hole. High-sulphidation breccias and veins locally contain sphalerite and trace galena. Select intervals have been sent for analysis and results are expected in the coming weeks.

The second deep hole, JAS2800-7 is collared on Line JAS2800 and is drilling adjacent to and beneath a large zone of magnetite alteration. This hole is testing a discrete resistive feature (Figure 2) located proximal to a high sulphidation feeder structure intersected in JAS2700-04 and strong copper-gold mineralization intersected in JAS2750-07, which returned 106.1m @ 0.99% Cu and 0.28 g/t Au from surface (see press release dated September 30, 2021).

Figure 2: Cross section through Hybrid CSAMT model showing the current drill hole and target.

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Hole JAS2800-07 encountered skarn and marbleized carbonate rocks to 200m depth, which locally contain up to 10% "copper-wad" oxide mineralization. Downhole to 950 metres is intercalated limestone, mudstone and intensely marbleized limestone that are crosscut by polymict breccias containing trace to 20% pyrite. At approximately 950m, the hole intersected pervasive late stage epithermal calcite veins and breccias that are overprinted by pyrite veins with visible molybdenite. The breccias locally contain intensely phyllic altered diorite porphyry fragments with abundant disseminated pyrite (Figure 3). Additional updates are planned as this hole progresses.

Figure 3: JAS300-06 (972.6m) Phyllic altered diorite porphyry fragment in a 15m wide hydrothermal breccia with several stages of calcite and overprinted by pyrite-molybdenite veins.

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Phase 1 Drill Program Update - Montaña de Cobre Skarn

The Phase 1 drill program is now complete and has defined a shallow dipping oxide copper-gold skarn domain that is laterally extensive for up to 650 metres and has a strike length of more than 400 metres. True thickness of the copper-gold mineralization varies from 50 to 250 metres and is open to the north, west and at depth. Additional infill holes are planned to target areas with limited or no drill data at northern Montaña de Cobre.

The five holes reported below were designed to define the limits of the known mineralization at the Montaña de Cobre zone. Although assay results are lower grade, these holes demonstrate that near-surface copper-gold skarn mineralization continues beyond Line JAS3000, along trend of the Benoni Fault and Cresta Verde zone.

Table 1. Significant drilled intercepts at Montaña de Cobre Zone

Figure 4: Domo Verde Zone, dome-like feature with copper oxide located north of the Benoni Fault.

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For additional information, contact:

Kevin Tomlinson
President & CEO
+1 416 841 5122
ktomlinson@c3metals.com

Alec Rowlands
Vice President, Investor Relations
+1 416 572 2512
arowlands@c3metals.com

ABOUT C3 METALS INC.

C3 Metals Inc. is a junior minerals exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company's flagship project is the 57km² Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific 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). C3 Metals also holds a 100% interest in five licenses covering 207km2 of highly prospective copper-gold terrain in Jamaica and a 2% royalty in Tocvan's Rogers Creek project.

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.

Technical Program

C3 Metals adheres to a strict QA/QC protocol for core handling, sampling, sample transportation and analyses. Chain-of-custody protocols are designed to ensure security of samples until their delivery at the laboratory.

Half core samples are analysed by 4-Acid digest ICP-MS finish for 60 elements, including pathfinder REE elements with pulps from samples reporting greater than 1.0% copper being re-assayed by the ore grade method. Gold is analysed by 30g Fire Assay AAS finish, with pulps from samples reporting greater than 5ppm re-assayed by 1kg Screen Fire Assay. The Company inserts blanks and certified reference standards in the sample sequence for quality control.

COVID-19 Protocols

The Company continues to implement its COVID-19 safety protocols at site to ensure the safety of employees and the communities surrounding the Jasperoide project area.

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. In particular, this release contains forward-looking information relating to, among other things, the exploration operations of the Company and the timing which could be affected by the current global COVID-19 pandemic. Those assumptions and factors are based on information currently available to the Company. 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 and the COVID-19 pandemic, 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.

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