Clean Air Metals Provides a Corporate Update Including 40,000m of Drilling at Thunder Bay North Project and Virtual Core Shack at PDAC
Clean Air Metals Inc. (OTCQB: CLRMF) has launched a 40,000m diamond drill program at the Thunder Bay North Project following a successful $11.5M financing. This program aims to expand the Indicated mineral resources at the Escape Lake and Current Lake deposits, with the latter’s resource estimated at 11,999,177 tonnes at 3.44 g/t PdEq. The company is also preparing a Preliminary Economic Assessment for June 2021, focusing on mineral resource numbers and metallurgical testing. Clean Air Metals will be featured at the 2021 Virtual PDAC Conference from March 7-11.
- Commencement of a 40,000m diamond drill program at Thunder Bay North Project.
- Successful closing of $11.5M financing.
- Indicated mineral resource at Escape Lake estimated at 4,286,220 tonnes grading 3.67 g/t PdEq.
- Current Lake Deposit holds an Indicated mineral resource of 11,999,177 tonnes grading 3.44 g/t PdEq.
- Preliminary Economic Assessment targeted for June 2021 based on recent mineral resource data.
- Potential risks associated with future exploration and development activities.
- Uncertainties regarding profitability and cost estimates.
- Risks related to commodity price fluctuations.
THUNDER BAY, ON, March 3, 2021 /PRNewswire/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce the commencement of a 40,000m diamond drill program at the Thunder Bay North Project.
Following on the successful closing of the recent
The Company is also mobilizing a third drill to focus on resource delineation drilling at the adjacent Current Lake Deposit, building on the Indicated mineral resource of 11,999,177 tonnes grading 3.44 g/t PdEq (5.79 g/t PtEq) defined in the recent mineral resource update. The third drill will also test a number of promising new geophysical targets advanced by Clean Air Metals' VP-Exploration, Dawn Evans-Lamswood in the search for the source of massive sulphide mineralization. Massive sulphides have been documented and validated in the Current Lake Deposit by Nordmin Engineering (reported January 20, 2021). Hole BL10-197 previously intersected a massive sulphide lens grading 2.6m of 52.77 g/t Pt, 41.54 g/t Pd,
The Company is also targeting completion of a Preliminary Economic Assessment ("PEA") on the Current Lake Deposit in June, 2021. The PEA will be based on the recent mineral resource numbers and on bench-test scale metallurgical test work by Blue Coast Research in Victoria, BC on a drill-derived mini bulk sample. This work is progressing under the supervision of Nordmin Engineering Ltd. as previously disclosed (August 11, 2020).
Abraham Drost, CEO of Clean Air Metals stated that "With the release of the underground ramp-access constrained mineral resource on January 20, 2021, the Company's management team and Board put its stamp on the Thunder Bay North project. We look forward to the Preliminary Economic Assessment of the Current Lake Deposit by Nordmin expected in Q2/2021. We continue to be encouraged about significant exploration potential for the presence of massive sulphides in the Thunder Bay North magma conduit system, highlighted by VP-Exploration Dawn Evans-Lamswood and her team. The new financing will also allow the Company to fully test Dawn's ideas, drawing on her notable discovery experience at Voisey's Bay, Newfoundland."
PDAC Conference & Core Shack
Clean Air Metals is pleased to announce its participation in the 2021 Virtual PDAC Conference to be held March 7-11, 2021 at www.pdac.ca. The Company has also been chosen to participate in the PDAC Core Shack where there will be core displayed from its 2020 drill campaign on the Escape Lake Deposit at the Thunder Bay North Project. Clean Air Metals drilled approximately 19,000 metres in 2020 leading to estimation of a maiden mineral resource at the Escape Lake Deposit, in addition to the Current Lake Deposit. Company representatives will be available at the PDAC virtual booth to answer any questions with regards to the Company and its drill program.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum Holdings. The Clean Air Metals project hosts the Current Lake Deposit and magma conduit and the Company is actively exploring the Escape Lake Deposit, a twin conduit structure to the Current Lake Deposit. Executive Chairman Jim Gallagher, P.Eng. and CEO Abraham Drost, P.Geo. lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December, 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.
Qualified Person
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and VP-Project Manager of the Company, has reviewed and approved all technical information in this press release.
Social License
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Project is on the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 and the issue of Warrants, reported January 28, 2021. The Warrants were issued as part of the consideration for the Participating First Nations working with the Company on the design, approval and development of the exploration project, the Thunder Bay North Project, and as part of the Company's accommodation of the Participating First Nations' interests and rights related to exploration at the Thunder Bay North Project.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
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SOURCE Clean Air Metals Inc.
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