THUNDER BAY, ON, March 3, 2021 /CNW/ - Clean Air Metals
Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR)
(OTCQB: CLRMF) (FRA: CKU) is pleased to announce the commencement
of a 40,000m diamond drill program at
the Thunder Bay North Project.
Following on the successful closing of the recent $11.5M financing (announced February 23, 2021), drilling with two drills has
recommenced at the Escape Lake deposit. The program is focused on
systematic step-outs to add to the Indicated mineral resource of
4,286,220 tonnes grading 3.67 g/t PdEq (6.16 g/t PtEq) using a
$US 77 cutoff, outlined at the Escape
Lake Deposit (announced January 20, 2021).
The Company is also mobilizing a third drill to focus on
resource delineation drilling at the adjacent Current Lake Deposit,
building on the Indicated mineral resource of 11,999,177 tonnes
grading 3.44 g/t PdEq (5.79 g/t PtEq) defined in the recent mineral
resource update. The third drill will also test a number of
promising new geophysical targets advanced by Clean Air Metals'
VP-Exploration, Dawn Evans-Lamswood
in the search for the source of massive sulphide mineralization.
Massive sulphides have been documented and validated in the Current
Lake Deposit by Nordmin Engineering (reported January 20, 2021). Hole BL10-197 previously
intersected a massive sulphide lens grading 2.6m of 52.77 g/t Pt, 41.54 g/t Pd, 11.6% Cu,
3.29% Ni from 187.4m–190.0m.
The Company is also targeting completion of a Preliminary
Economic Assessment ("PEA") on the Current Lake Deposit in June,
2021. The PEA will be based on the recent mineral resource numbers
and on bench-test scale metallurgical test work by Blue Coast
Research in Victoria, BC on a drill-derived mini bulk sample.
This work is progressing under the supervision of Nordmin
Engineering Ltd. as previously disclosed (August 11, 2020).
Abraham Drost, CEO of Clean Air
Metals stated that "With the release of the underground ramp-access
constrained mineral resource on January 20,
2021, the Company's management team and Board put its stamp
on the Thunder Bay North project. We look forward to the
Preliminary Economic Assessment of the Current Lake Deposit by
Nordmin expected in Q2/2021. We continue to be encouraged about
significant exploration potential for the presence of massive
sulphides in the Thunder Bay North magma conduit system,
highlighted by VP-Exploration Dawn Evans-Lamswood and her team. The
new financing will also allow the Company to fully test Dawn's
ideas, drawing on her notable discovery experience at Voisey's Bay,
Newfoundland."
PDAC Conference & Core Shack
Clean Air Metals is pleased to announce its participation in the
2021 Virtual PDAC Conference to be held March 7-11, 2021 at www.pdac.ca. The Company has
also been chosen to participate in the PDAC Core Shack where there
will be core displayed from its 2020 drill campaign on the Escape
Lake Deposit at the Thunder Bay North Project. Clean Air Metals
drilled approximately 19,000 metres in 2020 leading to estimation
of a maiden mineral resource at the Escape Lake Deposit, in
addition to the Current Lake Deposit. Company representatives will
be available at the PDAC virtual booth to answer any questions with
regards to the Company and its drill program.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 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
Holdings. 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 conduit structure to the Current Lake
Deposit. Executive Chairman Jim Gallagher, P.Eng. and
CEO Abraham Drost, P.Geo. 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.
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 License
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 Warrants were issued as
part of the consideration for the Participating First Nations
working with the Company on the design, approval and development of
the exploration project, the Thunder Bay North Project, and as part
of the Company's accommodation of the Participating First Nations'
interests and rights related to exploration at the Thunder Bay
North Project.
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.