THUNDER BAY, ON, May 31, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) announces that it has filed its audited
consolidated financial statements and management's discussion
and analysis for the year ended January
31, 2021, available for viewing on www.sedar.com.
Year End Financial Highlights
- Total assets as at January 31,
2021 of $27,146,884
- Total cash as at January 31, 2021
of $6,678,356
- Working capital as at January 31,
2021 of $5,662,340
- Shareholder's equity as at January 31,
2021 of $23,223,532
During the year ended January 31,
2021 as previously reported, the Company,
- Signed a Memorandum of Agreement with three First Nations
communities which confirms a framework for a mutually beneficial
relationship between the parties regarding the Thunder Bay North
project. In consideration for the participating First Nations
working with the Company on the design, approval and development of
the exploration project, and as part of the Company's accommodation
of the participating First Nations' interests and rights related to
the exploration project, the Company has issued 3 million common
share purchase warrants with an exercise price of $0.40 for a 5-year term (reported January 11 and 28, 2021).
- Completed a C$1 million cash
payment directly to Rio Tinto Exploration Canada Inc. to maintain
an option to acquire a 100% right, title and interest in the Escape
Lake property with Benton Resources Inc., pursuant to the terms of
the definitive option agreement dated January 27, 2020 (reported October 14, 2020).
- Announced a 3-year $150,000
research partnership commitment to the Lakehead University Geology Department,
Thunder Bay, Ontario to study the
metallogeny of the Mid-Continent Rift Metallotect. Lakehead University will have confidential access
to technical information generated at the Thunder Bay North
Property of Clean Air Metals and may review other exploration and
development projects in the area. Clean Air Metals' commitment was
matched 2:1 by the National Science and Engineering Research
Council of Canada for a total of
$450,000 to be invested in targeted
research that may lead to new mineral discoveries (reported
September 3, 2020).
- Retained Nordmin Engineering Ltd. ("Nordmin") as the Technical
Services Provider for the Thunder Bay North Project with a mandate
to complete a Resource Validation of the Current Lake Deposit
Historic Estimate and develop a preliminary resource model for the
Escape Lake trend in cooperation with Clean Air Metals' Database
Geologist. Nordmin delivered a global resource estimate for the
Thunder Bay North Project on January
20,2021 and has been leading economic tradeoff studies and
metallurgy toward publication of a scoping study or Preliminary
Economic Assessment in 2021 (reported August
11, 2020).
- The Company completed approximately 20,000 of diamond drilling
on the Escape Lake deposit trend at an approximate total all-in
cost of $4.5 million. Geophysical
surveying with borehole EM, Magnetometric Resistivity (MMR) and
Audio Magnetotelluric AMT) soundings added approximately
$500,000 to this total.
- New exploration work helped generate the updated Indicated and
Inferred mineral resource estimate prepared in accordance with NI
43-101 for the Thunder Bay North project, including a total
indicated resource of 16,285,396 tonnes at an average grade of 3.5
g/t PdEq, containing 1,834,158 ounces PdEq, and a total inferred
resource of 9,852,138 tonnes at an average grade of 2.1 g/t PdEq,
containing 663,660 ounces PdEq (Mineral resource estimates for the
Escape Lake and Current Lake deposits are reported 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. with QP Glen Kuntz, P.Geo, as
posted to SEDAR on March 4,
2021).
Financial Summary
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|
|
|
|
|
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For the year
ended
|
|
January
31, 2021
|
January
31, 2020
|
|
|
|
Operating
Expenses
|
$
|
3,535,976
|
$
|
983,422
|
|
|
|
Net Loss and
Comprehensive
Loss
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(1,273,525)
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(1,135,819)
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|
|
|
Loss per share
–
|
|
|
Basic and
Diluted
|
$
|
(0.01)
|
$
|
(0.05)
|
|
|
|
|
|
|
Total
Assets
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$
|
27,146,884
|
$
|
1,961,497
|
|
|
|
Total
Liabilities
|
3,923,352
|
693,114
|
|
|
|
Total
Shareholders' Equity
|
$
|
23,223,532
|
$
|
1,268,383
|
Full details of the financial reports and operating results for
the year ended January 31, 2021 are
described in the Company's audited consolidated financial
statements with accompanying notes and related Management's
Discussion and Analysis, available on SEDAR at www.sedar.com.
CEO of Clean Air Metals, Abraham
Drost, MSc, P.Geo. stated that "on behalf of the
Board of Directors, we are pleased to present the financial results
for fiscal 2020 ending January 31,
2021. In 2020, Clean Air Metals established itself as a
strong new entrant into the platinum–palladium–copper–nickel
exploration and development space worldwide.
The Company's Thunder Bay North 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 explorationists 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."
COVID Policy
Clean Air Metals continued to apply
COVID-19 avoidance and personal protection measures for its
geological staff, drilling contractor and service suppliers during
the third quarter. 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 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.
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.
Corporate Social Responsibility
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 Biinjitiwaabik Zaaging Anishinabek,
signatories to the Robinson-Superior Treaty of 1850. Clean Air
Metals' wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. is a signatory to a Communication
Protocol between the parties.
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.