CO2 Lock Corp. Closes $1.1M Financing and Provides Technical Update on Activities at Carbon Capture and Storage Site in Canada

Vancouver, British Columbia–(Newsfile Corp. – September 21, 2023) – CO2 Lock Corp. (“CO2 Lock” or the “Company“) a leading British Columbia-based clean technology startup specializing in Carbon Capture and Storage (“CCS”) via permanent mineralization, is pleased to announce the successful completion of its latest funding round raising $1.1 million through a Simple Agreement for Future Equity (“SAFE”). Proceeds of the SAFE will be used to conduct field work and sample collection at its wholly owned project site Sam, located southwest of Prince George, utilizing ultramafic rocks and the mineral brucite for ex-situ Carbon Dioxide Removal (“CDR”) or for in-situ CO₂ storage and sequestration as part of a CCS value chain.

Recent Corporate Highlights

• Closing of $1.1M SAFE financing
• Completion of regional structural geology assessment and surficial terrain mapping at CO₂ Lock’s 100%-owned Sam project in central British Columbia
• Commencement of significant, cutting-edge geophysics program to identify areas of higher porosity and permeability for groundwater flow

“These technical programs advance the Company’s understanding of key sub-surface parameters for future demonstration and pilot scale in-situ CO₂ mineralization programs,” said CO2 Lock’s CEO, Cooper Quinn. “Groundwater characteristics for in-situ mineralization are driven in large part by faulting and fracturing of the rock mass; with this work we’ll be able to prioritize areas with more potential for high hydraulic conductivity most suitable for injection. We’ll be able to follow this work up with exploration well drilling for injection testing, including CO₂ and other tracer elements for analysis and demonstrating our brucite mineralization in the field.”

Structural and Surficial Geologic Mapping

As part of the Company’s ongoing site characterization work, a structural geology assessment was completed at the Sam project to identify major structures, faults, and stress regimes to identify prospective areas with high hydraulic conductivity. Work was conducted at multiple scales using regional scale data, as well as site specific information from outcrop and geophysics. Hydraulic conductivity is a key parameter for in-situ CO₂ injection; this structural lineament mapping will be utilized in the design of future exploration and well drilling as the Company looks to test in-situ CO₂ mineralization via injection in the near term prior to pilot scale injection design to permanently store captured CO₂.

In addition, the Company completed surficial geology and terrain mapping to characterize surface materials across the Sam project area. This work identified multiple areas with easy access to bedrock for ex-situ sample collection, as well as targets with limited cover for future ground-truthing and exploration as the Company looks to fully characterize site geology, mineral resources and CO₂ mineralization capacity.

Figure 1 – SAM site location in relation to Prince George and Quesnel, both major industrial centers totaling over 6MT of CO₂ emissions annually. Regional scale faults and lineaments are shown in red, with a prevailing NW-SE trend near site. This set, and a perpendicular set of structures are seen at site and are likely to control local rock mass fracturing.

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Geophysics Program

The Company will also begin a towed transient electromagnetic (“tTEM”) survey at the Sam site. This highly efficient system presents a new method of geophysics to map certain ground conditions and aquifer characteristics in the near-surface which are critical for shallow CO₂ injection testing. This method provides high resolution data that can be interpreted and integrated with other structural and geologic data to prioritize areas for follow-up drilling and pilot scale testing.

About SAM

Located approximately 50 kilometers southwest of Prince George, BC, the 4084 hectare Sam project was staked in 2022 and hosts a large, serpentinized ultramafic body composed primarily of harzburgite, dunnite, and peridotite. This ultramafic assemblage is very similar to the Baptiste deposit in the Decar Nickel District owned by FPX Nickel Corp. (“FPX”) where six years of foundational research on CO₂ mineralization was conducted, and which forms the basis for CO2 Lock’s process. During the 2022 season, CO2 Lock initiated a rock sampling program to assess brucite mineralization of economically sizeable untested ultramafic rocks within the province of British Columbia. The Sam property contains ultramafic bodies identified by the BC Geological Survey through mapping and geophysical surveying along the same trend as the Decar Nickel District, and the Giga Metals Corp.’s Turnagain Nickel Project. These deposits and prospective bodies, including the Sam property, are all hosted within the Cache Creek Terrane, indicating similar geologically temporal and structural formation and obduction. These are key factors for brucite mineralization potential and increases the prospectivity of the Sam ultramafic bodies.

About CO2 Lock Corp.

At CO2 Lock Corp., our vision is resolute: we aim to harness the untapped potential of ultramafic brucite-rich serpentinized peridotite host rocks to commercialize CCS projects that permanently lock away mega-tonnes of CO₂. With a clear focus on sustainability and innovation, we are committed to advancing large-scale carbon management operations capable of mineralizing carbon dioxide both at the surface (ex-situ mineralization) and underground (in-situ mineralization).

On March 30, 2022, FPX announced the formation of CO2 Lock to pursue geoscience-related CCS opportunities. Building on five years of laboratory and field research conducted with partners including UBC and Natural Resources Canada, CO2 Lock is focused on developing CCS operations in geological settings worldwide with similarities to FPX’s Decar Nickel District. CO2 Lock has established ownership in prospective mineral tenures and is developing intellectual property associated with the operation of CCS sites worldwide.

As a stand-alone subsidiary of FPX, CO2 Lock Corp. is backed by the extensive expertise in project development, resource estimation, permitting, and economic assessment capabilities of FPX. This relationship demonstrates our joint commitment to sustainable innovation and underscores our dedication to pioneering ground-breaking advancements in the cleantech sector.

For more information or media inquiries, please view the Company’s website at www.co2lockcorp.com, or contact Cooper Quinn, CEO, at (778) 986-8192

On behalf of CO2 Lock Corp.

“Cooper Quinn“
Cooper Quinn, CEO

Forward-Looking Statements

Certain of the statements made and information contained herein is considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

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