Clean Air Metals Inc. (TSX-V: 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. Highlights (from Table 1) include:
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 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.”
|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)
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/ ).
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.
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.
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We acknowledge the [financial] support of the Government of Canada.