Clean Air Metals Reports New Drill Results from Thunder Bay North Project

Rhea-AI Summary

Clean Air Metals Inc. announced promising assay results from its Thunder Bay North Project on Aug. 12, 2021. Key findings include Hole CL21-004 with a 13.0m intersection grading 2.9 g/t PdEq, and Hole ELR21-070 showing 8.0m at 3.3 g/t PdEq. The Current Lake Deposit holds 1,328,789 oz PdEq, while the Escape Lake Deposit features 505,369 oz PdEq, indicating significant mineral resources. A Preliminary Economic Assessment (PEA) is expected by early Q4 2021 based solely on the Current Lake Deposit. The company is also revising its resource estimate for the Escape Lake Deposit in Q1 2022.

Positive

• Hole CL21-004 intersected 13.0m grading 2.9 g/t PdEq, enhancing resource continuity.
• Hole ELR21-070 showed significant mineralization with 8.0m grading 3.3 g/t PdEq.
• Current Lake Deposit contains 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq.
• Escape Lake Deposit holds an Indicated mineral resource of 505,369 ounces at 3.67 g/t PdEq.
• A Preliminary Economic Assessment (PEA) is anticipated for early Q4 2021.

Negative

• None.

THUNDER BAY, ON, Aug. 12, 2021 /PRNewswire/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to announce new assay results from the drilling campaign currently underway at the Company's Thunder Bay North Project (the "Project"). Highlights (from Table 1) include:

• Hole CL21-004 from the Current Lake Deposit infill program which intersected 13.0m grading 2.9 g/t PdEq¹ composed of 0.96g/t Palladium (Pd), 1.03g/t Platinum (Pt), 0.30% Copper (Cu) and 0.25% Nickel (Ni) from 168.0 – 181.0m downhole and 3.0m grading 4.9 g/t PdEq composed of 1.96g/t Palladium (Pd), 2.21g/t Platinum (Pt), 0.51% Copper (Cu) and 0.26% Nickel (Ni) from 158.0 – 161.0m downhole.
• Hole ELR21-070 from the Escape Lake Deposit exploration program which intersected 8.0m grading 3.3g/t PdEq composed of 1.25g/t Palladium (Pd), 1.15/t Platinum (Pt), 0.43% Copper (Cu), 0.20% Nickel (Ni) from 318.0m-326.0m downhole.

The Escape Lake Deposit has an overall Indicated mineral resource of 505,369 ounces at 3.67g/t PdEq in 4,286,220 tonnes and is geologically open along trend. The adjacent Current Lake Deposit has an Indicated mineral resource of 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq in 11,999,177 tonnes.

Mineral resource endowment and palladium-equivalents are quoted pursuant to the NI 43-101 Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, effective date January 20, 2021, posted to SEDAR March 4, 2021. 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 studies and independent analysis of smelter recoveries and smelter payables are expected to input directly into a Preliminary Economic Assessment (PEA) mine model planned for publication in early Q4/2021.

Abraham Drost, CEO of Clean Air Metals stated that "initial assay results from the Current Lake deposit infill drilling ("CL" holes) are ongoing and will supplement the understanding of resource continuity and mine stope planning for the upcoming preliminary economic assessment (PEA). The Company is looking forward to publication of a PEA in Q4/21 solely on the Current Lake Deposit. The PEA will be based on a ramp-access underground mine model constraining the existing mineral resource.

The present round of assay results is also being added to the Escape Lake deposit database ("ELR" holes) which will result in a revised resource estimate in Q1/22. The future potential to add scale to the Thunder Bay North Project with feed from the Escape Lake Deposit is potentially accretive to overall project economics."

Hole ID	From, m	To, m	Length, m	Pt+Pd (g/t)	Cu+Ni (%)	Pt (g/t)	Pd (g/t)	Cu (%)	Ni (%)	PdEq
ELR21-068	170.70	171.94	1.24	2.52	0.26	1.19	1.33	0.17	0.10	2.68
ELR21-069	171.17	173.05	1.88	1.61	0.13	0.78	0.84	0.07	0.06	1.66
ELR21-069	255.00	259.00	4.00	1.31	0.43	0.59	0.72	0.27	0.16	2.03
ELR21-070	318.00	326.00	8.00	2.39	0.63	1.15	1.25	0.43	0.20	3.25
ELR21-071	169.70	171.65	1.95	1.74	0.16	0.84	0.90	0.09	0.06	1.82
ELR21-074	181.40	182.80	1.40	1.54	0.18	0.77	0.77	0.12	0.06	1.67
CL21-003	153.00	156.00	3.00	1.68	0.39	0.88	0.80	0.20	0.19	2.26
CL21-003	162.00	163.87	1.87	1.26	0.39	0.67	0.59	0.20	0.18	1.91
CL21-004	158.00	161.00	3.00	4.16	0.78	2.21	1.96	0.51	0.26	4.94
CL21-004	168.00	181.00	13.00	1.99	0.55	1.03	0.96	0.30	0.25	2.86

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 Lake Deposit Area – Link (Click Here)

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

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. Management had previously eliminated plans for a camp setup to service a planned diamond drill campaign on the Escape Lake Project. 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

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 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 and the issue of Warrants, reported January 28, 2021.

The Company is also in discussions with Red Sky Metis Independent Nation and the Metis Nation of Ontario. Woodland Heritage Northwest, a Metis-owned consultancy has been retained to conduct archaeological studies on the Thunder Bay North Project and surrounding areas.

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 Lake deposit and magma conduit and the Company is actively exploring the Escape Lake deposit, a twin structure to the Current Lake deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost 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.

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 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.

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SOURCE Clean Air Metals Inc.

FAQ

What are the latest assay results from Clean Air Metals (CLRMF)?

Clean Air Metals reported new assay results including Hole CL21-004 with 13.0m grading 2.9 g/t PdEq and Hole ELR21-070 with 8.0m grading 3.3 g/t PdEq as of August 12, 2021.

When will Clean Air Metals publish its Preliminary Economic Assessment (PEA)?

The company expects to publish its Preliminary Economic Assessment (PEA) based on the Current Lake Deposit in early Q4 2021.

What are the mineral resources at the Current Lake and Escape Lake deposits for Clean Air Metals (CLRMF)?

The Current Lake Deposit has 1,328,789 ounces of PdEq at an average grade of 3.44 g/t, while the Escape Lake Deposit has 505,369 ounces at 3.67 g/t PdEq.

What is the significance of the new drilling results for Clean Air Metals (CLRMF)?

The new drilling results enhance resource continuity and are crucial for upcoming resource estimates and the company's economic assessments.

When will Clean Air Metals update its resource estimates for the Escape Lake Deposit?

Clean Air Metals plans to revise its resource estimate for the Escape Lake Deposit in Q1 2022.