Clean Air Metals Starts Winter Drilling at the Current Deposit

Rhea-AI Summary

Clean Air Metals announces a 2000-metre drilling program at its Thunder Bay North Critical Minerals project, targeting near-surface high-grade zones at the Current deposit. The program involves twelve holes aimed at increasing the number, size, and grade of near-surface high-grade pods.

The Current deposit holds 14.0 Mt of underground mining shape constrained resources averaging 1.31g/t Pt, 1.37g/t Pd, 0.41% Cu, and 0.25% Ni. Previous drilling in summer 2024 showed exceptional results, with highlights including 51.79m of 4.92 g/t Pt and 4.66 g/t Pd from hole CL24-001.

The company will receive up to $200,000 from the Ontario Junior Exploration Program for exploration on the Escape down-plunge target. Clean Air Metals is also preparing to move the project to 'Advanced Exploration' status and has applied to convert some property claims into a mineral lease.

Positive

• Received $200,000 non-dilutive funding from Ontario Junior Exploration Program
• Summer 2024 drilling showed high-grade results with up to 4.92 g/t Pt and 4.66 g/t Pd
• Current deposit contains significant indicated resources of 14.0 Mt with valuable mineral grades
• Advancing towards Advanced Exploration status and mineral lease conversion

Negative

• None.

THUNDER BAY, ON / ACCESSWIRE / January 7, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSX.V:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce that a 2000-metre drilling program at its Thunder Bay North Critical Minerals ("TBN") project (the ‘Project') will commence next week. Twelve holes (Figure 1) are planned to target near-surface high-grade zones at the Current deposit ("Current"), including new targets identified from recent geophysical models (see October 30, 2024 news release). The program aims to increase the number, size and grade of near-surface high-grade pods at Current, following up on initial, positive results announced last fall (and outlined below). Execution of this program aligns with the Company's strategy of advancing a high-grade, high-margin moderate tonnage project which includes delineating and developing a future bulk-sample.

Figure 1. Proposed drill hole locations at the Bridge Zone of the Current deposit

The Current deposit is the larger of two disseminated sulphide resources included in the TBN project, which hosts 14.0 Mt of underground mining shape constrained, bulk tonnage indicated resources averaging 1.31g/t Pt, 1.37g/t Pd, 0.41% Cu and 0.25% Ni (see NI 43-101 Technical Report dated June 19, 2023). Numerous near-surface, high-grade sulphide zones occur within or adjacent to the identified resources at Current. The Company's summer 2024 drilling program successfully demonstrated the potential to expand the known high-grade areas inside the deposit through tighter drill spacing. The 2024 program returned exceptional results (see September 10, 2024, and October 3, 2024 news releases), including:

• 51.79 m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni(14.82 g/t Pt.eq¹; 4.71% Cu.eq²) from 86 m downhole in Hole CL24-001;

• 31.40 m of 4.22g/t Pt, 4.04g/t Pd, 0.95% Cu and 0.56% Ni (13.04 g/t Pt.eq¹; 4.14% Cu.eq²)from 118 m downhole in Hole CL24-003;

• 50.7 m of 4.52 g/t Pt, 4.38 g/t Pd, 0.99% Cu and 0.53% Ni (13.74 g/t Pt.eq¹; 4.36% Cu.eq²)from 82.0 m downhole in Hole CL24-010;

• 38.4 m of 3.38g/t Pt, 3.26g/t Pd, 0.72% Cu and 0.45% Ni (10.32 g/t Pt.eq¹; 3.27% Cu.eq²) from 153 m downhole in Hole CL24-005;

• 23.3 m of 4.54 g/t Pt, 4.23 g/t Pd, 1.11% Cu and 0.60% Ni (14.20 g/t Pt.eq¹; 4.51% Cu.eq²)from 154.7m downhole in Hole CL24-008;

• 19.3 m of 3.61 g/t Pt, 3.26 g/t Pd, 0.79% Cu and 0.38% Ni (10.75 g/t Pt.eq¹; 3.40% Cu.eq²)from 150 m downhole in Hole CL24-006.

Notes

1. Platinum equivalent are calculated as follows: Pt.eq = (Pt grade/31.1035 x $982 + Pd grade x 31.1035 x 86.2% x $1,057 + Cu grade x 2204 x 95.9% x $4.27 + Ni grade x 2204 x 57% x 7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x 65.2% x $31.73) / $982 x 31.1035

2. Copper equivalents are calculated as follows: Cu.eq= (Cu grade x 2204 x $4.27 + Pt grade x 31.1035 x 80.6% x $982 +Pd grade x 31.0135 x 86.2% x $1,057 + Ni grade x 2204 x 57% x $7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x 65.2% x $31.73) / $4.27 / 2204

Equivalents are based on the following recoveries Pt 80.6%, Pd 86.2%, Cu 95.9% Ni 57%, Au 85%, Ag 65.2%; and metal prices from September 25, 2024 US Spot; Pt $982, Pd $1057, Cu $4.27, Ni $7.58, Au $2642, Ag $31.73

A detailed review of historical geophysical data completed last quarter identified several additional high-grade targets at Current.

Clean Air Metals' VP of Exploration, Lionnel Djon, commented, "This follow-up drilling program aims to delineate additional high-grade pods at Current. The planned downhole EM surveys will help constrain the size of each high-grade zone being tested. Ultimately, we are working towards defining a mid-tonnage, high-grade, high-margin project."

Ontario Junior Exploration Program Funding

The Company will receive up to $200,000 from the Ontario Junior Exploration Program ("OJEP") to further advance its exploration efforts on the Escape down-plunge target. Clean Air is currently integrating recent positive results from its passive seismic surveys with other geophysical data to identify targets for a future drilling phase.

"We would like to thank the Ontario Government for its support through the OJEP program. This input of non-dilutive capital represents an important contribution to junior exploration companies like Clean Air Metals," commented Mike Garbutt, President and CEO.

"Investing in critical mineral exploration is key to building a stronger economy and supply chain in Ontario," said George Pirie, Minister of Mines. "This $200,000 investment through the Ontario Junior Exploration Program (OJEP) will help Clean Air Metals unlock platinum deposits at their Thunder Bay North project, creating lasting opportunities for the mining sector and strengthening Ontario's leadership in critical mineral development."

Other Activities

Clean Air Metals is preparing an application to move the project to an "Advanced Exploration" status in the first stage of the Provincial mine permitting process. The Company applied in July 2022 to convert some TBN property claims into a mineral lease. The pending approval represents a critical step toward the potential extraction of potential bulk sample.

Qualified Person

Mike Garbutt, P.Eng., a Qualified Person under National Instrument 43-101 and Chief Executive Officer for the Company, has reviewed and approved all technical information in this press release.

About Clean Air Metals

Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals ("TBN") project, 40 km northeast of Thunder Bay, Ontario. The TBN project, accessible by road and next to established infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for expansion down-plunge.

One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders.

Social Engagement

Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of our area 

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

ON BEHALF OF THE BOARD OF DIRECTORS

"Mike Garbutt"

Mike Garbutt, CEO of Clean Air Metals Inc.

Connect with us on X/ Facebook/ Instagram.

Visit www.cleanairmetals.ca for more information or contact:

Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
mboiridy@cleanairmetals.ca

Neither 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.

The views expressed in this release are the views of the Clean Air Metals Inc. and do not necessarily reflect those of the Province of Ontario.

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.

SOURCE: Clean Air Metals, Inc.

View the original press release on accesswire.com

FAQ

What are the key drilling results from Clean Air Metals' (CLRMF) 2024 summer program?

The summer 2024 drilling program's best result was 51.79m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni from hole CL24-001, among other significant intersections.

How much funding did Clean Air Metals (CLRMF) receive from the Ontario Junior Exploration Program?

Clean Air Metals received up to $200,000 in non-dilutive funding from the Ontario Junior Exploration Program (OJEP) for exploration on the Escape down-plunge target.

What are the current mineral resources at CLRMF's Thunder Bay North Project?

The Current deposit contains 14.0 Mt of indicated resources averaging 1.31g/t Pt, 1.37g/t Pd, 0.41% Cu and 0.25% Ni.

What is the size of Clean Air Metals' (CLRMF) planned 2025 winter drilling program?

Clean Air Metals announced a 2000-metre drilling program with twelve planned holes targeting near-surface high-grade zones at the Current deposit.