THUNDER BAY, ON, May 11, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB:
CLRMF) (FRA: CKU) is pleased to announce completion of a
C$1.5 million installment payment to
Panoramic Resources Limited (PAN: ASX) of Australia.
The Company acquired a 100% interest in the Current Lake
Pt-Pd-Rh-Cu-Ni magma conduit deposit from Panoramic Resources for
C$9 million, with a $4.5 million down payment under a security
interest on May 14, 2020 as
previously reported. The transaction included the sale of a 100%
interest in Canadian subsidiary Panoramic PGMs (Canada) Ltd. directly to Clean Air Metals
under the option with Benton Resources Inc. (BEX: TSXV). Panoramic
PGMs (Canada) Ltd., now a
wholly-owned subsidiary of Clean Air Metals, in turn owns 100% of
the Current Lake deposit. Two equal payments totaling C$3 million remain for May, 2022 and May, 2023.
The security obligation may be retired in advance by payment in
full at any time without penalty.
In keeping with its commitment to environmental sustainability
as it continues with a previously announced 45,000m diamond drilling campaign, the Company
has also commenced environmental baseline field data gathering in
support of a future environmental impact assessment and permitting
of the Thunder Bay North Project. The Company's service providers
DST, a Division of Englobe Corp. and NorthWinds Environmental are
mandated to systematically gather and report on baseline data for
hydrology (surface waters), hydrogeology (subsurface water table),
noise, water quality, aquatic biology, wildlife biology, weather
patterns and potential for metals leaching and acid rock drainage
(ARD).
In addition, Woodlands Heritage Northwest will
also complete and report on Stage 1 and Stage 2 archaeology
studies in the area of the Escape Lake, Current Lake and Steepledge
Lake Basins. All work, particularly the archaeology program, is
being completed in cooperation with and under the supervision of
the Participating First Nation communities, a collaboration
announced January 11, 2021.
Metallurgical beneficiation and optimization studies of
drill-derived bulk sample deposit material is ongoing at Blue Coast
Research of British Columbia,
Canada, as previously announced. The potential of the
Thunder Bay North Project magma conduit deposit system is well
illustrated by publication of the ramp access, high grade selective
underground mine model-constrained mineral resource, reported
on January 20, 2021.
The 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. The Escape Lake Deposit in turn has an overall
Indicated mineral resource of 505,369 ounces PdEq at 3.67g/t PdEq
in 4,286,220 tonnes and is geologically open along trend (pursuant
to the January 20, 2021 NI 43-101 Technical Report and
Mineral Resource Estimate for the Thunder Bay North
Project, Thunder Bay, Ontario, prepared by Nordmin Engineering Ltd.
and QP Glen Kuntz, P.Geo, as posted to SEDAR on March 4,
2021).
Clean Air Metals' CEO Abraham
Drost, P.Geo. stated that "as the commitment to long term
environmental baseline data collection demonstrates, the Company is
committed to operating by the highest standards of environmental,
social and governance (ESG) factors. Clean Air Metals is a leader
among its peers in the junior mining exploration and development
space. This starts from the ground up with staff field health and
safety protocols. The Company's comprehensive COVID avoidance
policy has been in place since February, 2020 with zero incidence
of infection among staff and service providers. Field staff and
management have completed Indigenous cultural sensitivity training
and review of the PDAC e3 Plus exploration best practices
guidelines.
From a Social factor perspective, Clean Air Metals has achieved
excellent progress in accommodation with its proximate, directly
affected First Nation Partners through the Memorandum of Agreement
reported January 11, 2020,
establishing a project partnership going forward. The Company is
focused on maximizing related indigenous and gender equity
employment opportunities both on staff and through third party
service providers.
The Company's Environmental and Social factor performance are
borne of a strong policy and Governance factor mandate that is
driven by the Company's Board of Directors. The Company has
published various Corporate Governance policies to its website at
https://www.cleanairmetals.ca/corporate/corporate-governance/
including the Code of Business Conduct and Ethics, Sustainability
Policy, Ethical Workplace and Reporting Policy and Procedure and
the Equity, Diversity and Inclusion Policy."
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 Indian Band
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.
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.