THUNDER BAY, ON, July 15, 2020 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(OTC: CLRMF) is pleased to announce new assay results from the
drilling campaign currently underway at the Company's 100%-owned
Thunder Bay North Project (the "Project").
A webinar discussion of the results will be hosted by Executive
Chairman Jim Gallagher and CEO
Abraham Drost at 1pm ET Thursday, July 16, 2020 (details and link
below).
The results of four new holes from the Escape Lake Intrusion
portion of the Project ("Escape Lake") comprise follow-up
intercepts from those previously announced on June 17 and June 29,
2020 and are part of a 20,000m
Phase 1 and 2 drill program (Table 1).
The new tranche of assays includes Drill Hole ELR20-004 which
intersected 27.9m of 3.39ppm (g/t)
Platinum, 4.67ppm (g/t) Palladium, 1.67% Copper and 0.90%
Nickel from 391.6m-419.5m
downhole.
Previously reported Drill Hole ELR20-003 (June 17, 2020) returned an assay interval of
78.9m of 1.66ppm (g/t) Platinum,
2.17ppm (g/t) Palladium, 0.8% Copper and 0.41% Nickel from
359.5m-438.4m, including 20.0m of 3.3ppm (g/t) Platinum, 4.49ppm (g/t)
Palladium, 1.54% Copper and 0.84% Nickel from 395.5m-415.5m
downhole.
Abraham Drost, CEO of Clean Air
Metals stated that "the newest drill core assays were obtained by
Drill 1 from the southern portion of the Escape Lake Mineralized
Zone. Hole ELR20-004 has delivered the highest platinum, palladium
and copper, nickel grades to date at Escape Lake. We look forward
to results next month from the newly added Drill 2 on the northern
limits of Escape Lake Zone discovery area."
Phase 1 drilling by the Company is part of a 15-20 drillhole
program of 500-600m each, nominally
on 50m centers designed to outline
the full extent of Escape Lake Zone mineralization (see Figure 1).
Phase 2 drilling announced by the Company on June 29, 2020, has now added a second drill to
help complete several 50m-spaced
sections of holes on the north end of the Escape Lake mineralized
zone, before continuing north to test the strike extension and
mineral tenors of the known magma conduit. Total contracted
drilling commitment is 20,000 metres to date.
Table 1 New (Highlighted) Assay Results from Holes ELR20
004-007 – Escape Lake Zone, Thunder Bay North
- All intercepts are estimated to be 95% of true width based on
drill hole inclination
- Mineralized intervals calculated at 1 ppm Pt+Pd cutoff
The Escape Lake Zone mineralization is located at a depth of
approximately 400m within the Escape
Lake Intrusion (Figure 1). The southern contact of the intrusion
appears to be controlled by the east-west trending Escape Lake
Fault, a deep seated splay off the Quetico Fault Zone sub-province
boundary fault. The objective of the ongoing program is to define
the magnitude of the Escape Lake Mineralized Zone and the full
strike length of the mineralized area as a precursor to future
calculation of a mineral resource estimate of the Escape Lake
horizon.
Investor Update Webinar
Please join Abraham Drost, CEO,
and Jim Gallagher, Executive
Chairman, TOMORROW, July
16th, 2020 at 1:00 PM
Eastern Time (US and Canada) to discuss the initial results from
the Company's ongoing drill program, followed by a question and
answer period.
Date:
|
Thursday, July 16,
2020
|
Time:
|
1:00 pm
(EST)
|
Registration
Link:
|
https://us02web.zoom.us/webinar/register/WN_lgMMjCe8QQm4KIIr1Kt82Q
|
After registering, you will receive a confirmation email
containing information about joining the webinar. Questions may be
asked during the webinar, or can be emailed in
to info@adcap.ca. A replay will be made available on the Clean
Air website.
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.
Quality assurance and quality control (QA/QC) statistical checks
were performed on original, ALS-certified analytical data for all 8
holes in Table 1. Selected core intercepts from historic (RT) holes
in Table 1 were relogged and resampled and compared with historic
data. Mr. Andrey Zagoskin, P.Geo.,
Ontario, a Qualified Person under
National Instrument 43-101 and employee of the Company, led the
validation exercise and has approved Table 1 assay
results.
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 analysed 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 analysed 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-analysed using a
high-grade method consisting of either ICP-AES or atomic absorption
spectrometry (AAS) techniques.
Historic Estimate
The Escape Lake Intrusion and magma conduit which is the
Company's present focus in Phase 1 drilling (Table 1), appears to
be a standalone, separate twin structure to the Current Lake
Intrusion ('Current Lake') and magma conduit on the Thunder Bay
North Project on which there exists a historic estimate of 9.8
million Tonnes (Indicated). The Historic Estimate is from Open Pit
and Underground sources (Table 2).
The estimate of the Current Lake Deposit at the Thunder Bay
North Project is considered by Clean Air Metals to be historic in
nature. No Qualified Person as defined by NI 43-101 has completed
sufficient work for the Company to classify the historic estimate
of the Current Lake Deposit as current and the Company is not
treating the historic estimate as current. The Company's QP has
verified the data but no resampling of core or any other tests on
the analytical procedures has been performed by the Company
to-date. Confirming the historic estimate at Current Lake and
tradeoff studies on possible underground mining methods will be a
concurrent priority for Clean Air Metals.
Thunder Bay North Open Pit Historic Estimate
The open pit Historic Estimate is reported at a cut-off grade of
0.59 g/t Pt-Eq within a Lerchs-Grossman pit shell optimized on
Pt-Eq. The strip ratio (waste: ore) of this pit is 9.5:1. The
platinum-equivalency formula is based on assumed metal prices and
overall recoveries. The Pt-Eq formula is: Pt-Eq g/t = Pt g/t + Pd
g/t x 0.3204 + Au g/t x 0.6379 + Ag g/t x 0.0062 + Cu g/t x 0.00011
+ Total Ni g/t x 0.000195 + Total Co g/t x 0.000124 + Rh g/t x
2.1816. The conversion factor shown in the formula for each metal
represents the conversion from each metal to platinum on a
recovered value basis. The assumed metal prices used in the Pt-Eq
formula are: Pt US$1,595/oz, Pd
US$512/oz, Au US$1,015/oz, Ag US$15.74/oz, Cu US$2.20/lb, Ni US$7.71/lb, Co US$7.71/lb and Rh US$3,479/oz. The assumed combined flotation and
PlatsolTM process recoveries used in the Pt-Eq formula are: Pt 76%,
Pd 75%, Au 76%, Ag 55%, Cu 86%, Ni 44%, Co 28% and Rh 76%. The
assumed refinery payables are: Pt 98%, Pd 98%, Au 97%, Ag 85%, Cu
100%, Ni 100%, Co 100% and Rh 98%.
Thunder Bay North Underground Historic Estimate
The underground Historic Estimate is reported at a cut-off grade
of 1.94g/t Pt-Eq. The Pt-Eq formula is: Pt-Eq g/t = Pt g/t + Pd g/t
x 0.2721 + Au g/t x 0.3968 + Ag g/t x 0.0084 + Cu g/t x 0.000118 +
Sulphide Ni g/t x 0.000433 + Sulphide Co g/t x 0.000428 + Rh g/t x
2.7211. The assumed metal prices used in the Pt-Eq formula are: Pt
US$1,470/oz, Pd US$400/oz, Rh US$4,000/oz, Au US$875/oz, Ag US$14.30/oz, Cu US$2.10/lb, Ni US$7.30/lb and Co US$13.00/lb. The assumed process recoveries used
in the Pt-Eq formula are: Pt 75%, Pd 75%, Rh 75%, Au 50%, Ag 50%,
Cu 90%, and Ni and Co in sulphide 90%. The assumed smelter
recoveries used in the Pt-Eq formula are Pt 85%, Pd 85%, Rh 85%, Au
85%, Ag 85%, Cu 85%, Ni 90% and Co 50%. Ni and Co in sulphide were
estimated by linear regression of MgO to total Ni and total Co
respectively. The regression formula for Nickel in sulphide (NiSx)
is: NiSx = Ni - (MgO% x 60.35 - 551.43). The regression formula for
Cobalt in sulphide (CoSx) is: CoSx = Co - (MgO% x 4.45 - 9.25).
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 and inter-provincial travel.
The guidelines previously also "strongly recommended"
self-isolation after travel into the Northwest region from other
areas of the Province. 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/).
The Company has procured the services of a locally staffed and
serviced diamond drilling contractor to complete the Phase 1 and
Phase 2 diamond drilling programs.
Mr. Allan MacTavish, P.Geo. a
Qualified Person under National Instrument 43-101 and an employee
of the Company, has reviewed and approved all technical information
in this press release.
Clean Air Metals and its wholly-owned subsidiary Panoramic PGMs
(Canada) Ltd. acknowledge that the
Escape Lake and Thunder Bay North Properties are on the traditional
territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging
Anishnabek, signatories to the Robinson-Superior Treaty of
1850.
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.