Clean Air Metals Reports Drilling Update from the Thunder Bay North Project, Thunder Bay, Ontario

Rhea-AI Summary

Clean Air Metals has announced new assay results from its Thunder Bay North Project, highlighting drilling progress at the Escape and Current deposits. The Escape Deposit has seen expansion drilling of nearly 30,000m, while the Current Deposit holds a well-defined Indicated mineral resource of 1,328,789 PdEq ounces. Notable assay results from recent drilling include significant grades from various holes, with Hole ELR21-085 showing 16.1m grading 4.20g/t PdEq. The company's ongoing metallurgical studies are set to inform a Preliminary Economic Assessment (PEA) planned for release in Q4 2021.

Positive

• Expansion drilling at the Escape Deposit totals nearly 30,000m, indicating strong resource development.
• Current Deposit shows a well-defined Indicated mineral resource of 1,328,789 PdEq ounces.
• New assays reveal high-grade intersections, notably Hole ELR21-085 with 16.1m at 4.20g/t PdEq.
• Metallurgical optimization studies are underway, enhancing the potential for a lucrative PEA.

Negative

• None.

THUNDER BAY, ON, Nov. 2, 2021 /PRNewswire/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (FRA: CKU) (OTC: CLRMF) is pleased to announce new assay results from the drilling campaign presently underway at the Company's Thunder Bay North Project (the "Project") from the Escape and Current magma conduit deposits.

The Escape Deposit has undergone systematic expansion drilling of nearly 30,000m since the maiden Indicated resource of 505,369 ounces PdEq¹ (3.67 g/t PdEq in 4.28 million tonnes reported January 20, 2021). The Current Deposit, 2.5km to the east (Figure 2), has a well-defined Indicated mineral resource of 1,328,789 PdEq¹ ounces (3.44 g/t PdEq in 11.99 million tonnes).

New assays from the Escape Deposit (Table 1) include:

• Hole ELR21-085 which intersected 16.1m grading 4.20g/t Palladium Equivalents (PdEq)¹ composed of 1.58g/t Platinum (Pt), 1.27g/t Palladium (Pd), 0.52% Copper (Cu), 0.31% Nickel (Ni) (Figure 1).

New assays from the Current Deposit (Table 2) include:

• Hole CL21-021 which intersected 8.6m grading 5.10 g/t PdEq¹ composed of 2.22 g/t Platinum (Pt), 2.10g/t Palladium (Pd), 0.45% Copper (Cu) and 0.31% Nickel (Ni) from 151.0-159.6m downhole including 2.6m grading 9.80 g/t PdEq composed of 4.07 g/t Platinum (Pt), 4.03g/t Palladium (Pd), 0.88% Copper (Cu) and 0.65% Nickel (Ni) from 155.0m – 157.56m downhole (Figure 2).

Mineral resource endowment and palladium-equivalents are quoted pursuant to the Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, with an effective date of January 20, 2021 (the "Technical Report"). The Technical Report was posted to SEDAR March 4, 2021 and prepared by Nordmin Engineering Ltd.- QP Glen Kuntz, P.Geo. Ontario.

__________________

1 Palladium equivalency formula can be viewed in the following Link (Click Here)

Update on Metallurgy and PEA

Metallurgical optimization studies continue with Blue Coast Research of British Columbia. The results of the metallurgical studies on drill core-derived bulk sample material and independent analysis of smelter recoveries and smelter payables are expected to input directly into a Preliminary Economic Assessment (PEA) mine cash flow model planned for publication in Q4/2021.

Table 1: New Assay Results Update – Thunder Bay North Project

Hole ID	From, m	To, m	Length, m	Pt+Pd (g/t)	Cu+Ni (%)	Pt (g/t)	Pd (g/t)	Cu (%)	Ni (%)	PdEq
ELR21-080	353.7	360.0	6.3	1.93	0.61	1.12	0.81	0.41	0.21	2.92
ELR21-080	389.0	401.0	12.0	1.26	0.42	0.70	0.56	0.24	0.18	2.03
ELR21-081	350.6	360.0	9.4	1.89	0.60	1.09	0.80	0.39	0.21	2.88
ELR21-081	372.0	378.0	6.0	1.52	0.47	0.86	0.66	0.29	0.18	2.31
ELR21-082	238.6	242.5	3.9	1.37	0.30	0.75	0.62	0.23	0.07	1.72
ELR21-085	225.9	242.0	16.1	2.85	0.83	1.58	1.27	0.52	0.31	4.15
ELR21-086	364.0	366.0	2.0	1.33	0.46	0.74	0.59	0.25	0.21	2.19
CL21-020	144.0	146.0	2.0	1.41	0.33	0.68	0.73	0.20	0.14	1.91
CL21-020	152.0	160.0	8.0	2.91	0.58	1.49	1.42	0.37	0.22	3.59
CL21-020	168.0	175.0	7.0	1.44	0.35	0.75	0.70	0.18	0.16	1.99
CL21-020	178.5	179.5	1.0	4.65	0.84	2.51	2.14	0.69	0.15	5.12
CL21-021	151.0	159.6	8.6	4.33	0.76	2.22	2.10	0.45	0.31	5.09
**incl.	155.0	157.6	2.6	8.10	1.53	4.07	4.03	0.88	0.65	9.79
CL21-022	154.0	161.0	7.0	2.37	0.45	1.25	1.13	0.24	0.21	2.95
CL21-023	135.7	137.7	2.0	1.05	0.21	0.53	0.52	0.10	0.11	1.37
CL21-023	141.3	142.4	1.0	3.53	0.89	1.72	1.81	0.56	0.34	4.69
CL21-023	147.5	149.5	2.0	1.02	0.33	0.53	0.49	0.16	0.17	1.63
CL21-024	138.2	140.2	2.0	1.16	0.29	0.63	0.53	0.15	0.14	1.60
CL21-025	144.0	146.0	2.0	1.47	0.29	0.77	0.70	0.12	0.17	1.94
CL21-025	178.7	182.1	3.4	2.63	0.43	1.35	1.28	0.24	0.18	3.09
CL21-026	123.7	129.7	6.0	1.84	0.39	0.94	0.90	0.21	0.18	2.38
CL21-026	137.7	149.7	12.0	1.39	0.34	0.74	0.66	0.15	0.19	1.98
CL21-027	126.0	135.0	9.0	1.48	0.34	0.76	0.73	0.17	0.17	2.01
CL21-027	183.0	185.0	2.0	1.54	0.46	0.76	0.79	0.22	0.24	2.37

Note:
1)	All intercepts are estimated to be >95% of true width based on drill hole inclination
2)	Mineralized intervals calculated at 1 ppm Pt+Pd cutoff

Please see the link below for Figures 1 and 2.

Figure 1: 2021 Drill Hole Intercepts in the Escape Deposit Area – Link (Click Here)

Figure 2: 2021 Drill Hole Intercepts in the Current Deposit Area – Link (Click Here)

Abraham Drost, CEO of Clean Air Metals stated that "the present round of assay results from the Current deposit ("CL" holes) confirm continuity of mineralization between sections along the trend of mineralization, at the Lower Bridge and Upper Beaver Lake Zones. Earlier assays from this round of drilling at the Current Deposit have already been incorporated into a mean stope optimizer (MSO) mine planning algorithm for the upcoming PEA.

The results from highlight Hole ELR21-085 in the Escape Deposit ("ELR" holes) appear to demonstrate increasing grade on the eastern edge of the historic Steepledge South resource area, 700m north of the Escape South High-Grade Zone. The drilling plan for Steepledge South is coming into prominence here with 20+ holes laid out for completion in Q4 and possibly into Q1/22."

COVID Policy

Clean Air Metals has adopted COVID-19 avoidance and personal protection measures for its geological staff, drilling contractor and service suppliers. Personnel are required to maintain physical distance, use Personal Protective Equipment (PPE), self-monitor and self-isolate or elect to work from home. The Company is aware of Thunder Bay Health Unit guidelines that provide for "mandatory" self-isolation for returning overseas travel. The guidelines also "strongly recommend" self- monitoring and self-isolation as needed after travel into the Northwest region from other areas of the province and interprovincially. Mineral Exploration and Development has been deemed an essential service in the Province of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/ ).

Qualified Person

Dr. Geoff Heggie, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Exploration Manager for the Company, has reviewed and approved all technical information in this press release.

Quality Assurance/Quality Control

Clean Air Metals uses ALS Global ("ALS"), a well-established and recognized mineral assay and geochemical analytical services company. The Thunder Bay laboratory holds ISO-9000 accreditation; the Vancouver facility holds ISO-17025 registration.

All NQ-sized drill core is cut with a diamond-tipped saw blade with half of the core submitted to ALS for sample preparation and analysis.  Core samples from selected intervals are individually bagged and tagged, gathered up in larger sealed poly bags and shipped to the sample prep facility in Thunder Bay, ON under custody of Clean Air Metals' personnel at all times. Sample preparation is completed at the ALS sample preparation facility located in Thunder Bay, ON and analysis is completed at the primary ALS assay laboratory located in Vancouver, B.C. 

Clean Air Metals follows a documented quality control procedure for its core assay sampling program consisting of the insertion of blind blanks, duplicates, and certified palladium-platinum and copper-nickel standards into the sample stream.  The insertion procedure results in a minimum of 11% to 12% control sample frequency depending on the length of the sampled interval.

Gold, platinum, and palladium are analyzed using fire assay (FA) with an inductively coupled plasma mass spectrometry (ICP-MS) finish.  Samples with grades above the optimal ICP-MS detection limits are analyzed using an optical emission spectroscopy method (ICP-OES).

Also, thirty-three (33) elements of each sample, including copper, nickel, silver, chromium, cobalt, and sulphur, are analyzed by a multi-element analytical method using the atomic emission spectroscopy (ICP-AES) technique following four-acid digestion of the sample. When samples have grades above the optimal detection limits for this analytical method, they are re-analyzed using a high-grade method consisting of either ICP-AES or atomic absorption spectrometry (AAS) techniques.

Social Engagement

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.

About Clean Air Metals Inc.

Clean Air Metals' flagship asset is the 100% owned, high grade 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. The Clean Air Metals project hosts the Current Deposit and magma conduit and the Company is actively exploring the Escape Deposit, a twin structure to the Current Deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists and engineers who are using the Noril'sk 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.

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, including statements regarding the potential of the Thunder Bay North Project and the Escape Lake and Current Lake deposits and timing of technical studies (include the preliminary economic assessment) and mineral resource estimates. 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 projection.

View original content:https://www.prnewswire.com/news-releases/clean-air-metals-reports-drilling-update-from-the-thunder-bay-north-project-thunder-bay-ontario-301413656.html

SOURCE Clean Air Metals Inc.

FAQ

What are the latest assay results from Clean Air Metals' Thunder Bay North Project?

Recent results show high-grade intersections from the Escape and Current deposits, with Hole ELR21-085 at 4.20g/t PdEq.

What is the significance of the Current Deposit's indicated mineral resource?

It holds an Indicated mineral resource of 1,328,789 PdEq ounces, enhancing the project's value.

When is the Preliminary Economic Assessment (PEA) for Clean Air Metals expected?

The PEA is planned for publication in Q4 2021, incorporating results from ongoing metallurgical studies.

How much drilling has been done at the Escape Deposit?

Nearly 30,000m of systematic expansion drilling has been conducted at the Escape Deposit.

What role do assay results play in Clean Air Metals' mining plans?

Assay results are critical for confirming mineralization continuity and are used for mine planning in the PEA.