Airborne Survey Identifies Multiple Graphite Exploration Targets Adjacent to LDI Graphite Mine in Québec

VANCOUVER, British Columbia, July 24, 2023 (GLOBE NEWSWIRE) -- Cullinan Metals Corp. (CSE: CMT), (OTCQB: CMTNF), (FWB: 7KO) (“Cullinan Metals” or the “Company”) is pleased to announce the results of an airborne MAG/TDEM survey conducted at its Lac-des-Îles West Graphite Property (“Lac-des-Îles” or the “Property”). The survey has revealed exciting findings that indicate significant potential for graphite mineralization. Particularly, two highly promising exploration targets, T1 and T2, have been identified north of the Lac des Iles graphite mine (the “LDI”), currently owned by Northern Graphite Corp (TSXV: NGC) (see Figure 1 below). As the sole significant graphite producer in North America, the LDI graphite mine has been in operation for over 20 years and is expected to continue producing up to 15,000 tonnes per year of graphite concentrate over the next two to three years.

The interpretation of the survey data highlights the influence of main structural trends in the north-south and northeast-southwest directions on the distribution of graphite-bearing mineralization within the Property. The areas with potentially high concentrations of graphite mineralization coincide with the geological contact between metasedimentary rocks and quartzites. These areas exhibit high magnetic susceptibility values and conductivity or EM responses (High Tau Values).

The survey findings demonstrate the potential of the Lac-des-Îles to host graphite mineralization in an extension of the LDI graphite deposit. The identified areas of interest, characterized by high magnetic gradients and EM conductivity, have been prioritized for further investigation and represent compelling opportunities for future graphite exploration.

"We are thrilled with the results of the airborne MAG/TDEM survey at Lac-des-Îles," said Marc Morin, CEO of Cullinan Metals Corp. "The identification of multiple graphite exploration targets, particularly the significant zones adjacent to the LDI graphite mine, highlights the immense potential of our Property. This survey has provided us with valuable insights that will guide our future exploration efforts as we unlock the full value of this exciting asset. We remain committed to advancing our understanding of the graphite mineralization on the Property and are confident in its prospects for our Company's growth and success. The Company has already planned and initiated the organization of teams for ground follow-up of these targets through prospecting, mapping, and sampling. Stakeholders and interested parties are encouraged to stay updated with the Company’s news releases and website for the latest information."