THUNDER BAY, ON, July 6, 2021 /CNW/ - Clean Air Metals
Inc. ("Clean Air Metals" or the "Company") (TSXV:
AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to announce new assay
results from the drilling campaign at the Escape Lake Deposit
currently underway at the Company's Thunder Bay North Project (the
"Project"). Highlights include:
- Hole ELR21-067 intersected a massive sulphide lens grading
41.2 g/t PdEq1 composed of 12.9g/t
Palladium (Pd), 15.5g/t Platinum (Pt), 7.94% Copper (Cu), 2.41%
Nickel (Ni), over 0.2m from 432.2
– 434.4m downhole. This intercept of
injection-textured massive sulphides (Figure 2) was located in the
Bullseye Magnetic Anomaly 450m
north of the centroid of the Escape South High Grade Zone pod
(which contains 2,351,310 tonnes grading 4.82g/t PdEq). The ppm
metal ratios for Cu/Pt+Pd (=2875) and Ni/Pt+Pd (=875) indicating
off-the-chart PGE-enrichment found in this sample is in the field
of similar high-PGE metal ratios found in the Norilsk copper-nickel
deposits in Russia (Figure
5).
- Previously, Hole ELR21-041 intersected a massive sulphide
lens 100m to the southeast, grading
31.8 g/t PdEq composed of 7.93g/t Palladium (Pd), 6.41g/t
Platinum (Pt), 4.76% Copper (Cu), 2.5% Nickel (Ni), 0.151% Cobalt
(Co) over 0.5m from 337.0 –
337.5m downhole. This intercept of
delicate "loop-textured" massive sulphides (Figure 1) was also
located in the Bullseye Magnetic Anomaly 350m north of the centroid of the Escape South
High Grade Zone pod. The ppm metal ratios for Cu/Pt+Pd (=3300) and
Ni/Pt+Pd (=1740) found in this sample closely match similar metal
ratios found in the high-PGE Norilsk copper-nickel deposits in
Russia (Figure 5).
This cluster of Norilsk-style Copper-Nickel-Cobalt massive
sulphide veinlets or injections (Figures 2, 3, 4, 5) with
substantial Platinum and Palladium in the Escape Lake Deposit
system suggests leakage from a possible source in the area of the
Bullseye Magnetic Anomaly (Figure 1). The latter is a feature with
a 200m diameter core and a large
reverse polarity ring, located at a west-trending inflection point
in the Escape conduit system, underlain by multiple intersecting
faults and other lineations and structural features (Figure 1).
Other average deposit grade highlights, from intersections located
in the core of the Bullseye Magnetic Anomaly feature, include:
- Hole ELR21-059A intersected 6.0m grading 4.3 g/t PdEq composed of
1.53g/t Palladium (Pd), 1.37g/t Platinum (Pt), 0.62% Copper (Cu)
and 0.32% Nickel (Ni) from 311.0 – 317.0m downhole;
- Hole ELR21-046 intersected 5.1m grading 4.9 g/t PdEq composed of
1.89g/t Palladium (Pd), 1.68g/t Platinum (Pt), 0.73% Copper (Cu)
and 0.25% Nickel (Ni) from 337.4 – 342.45m downhole.
_______________________
|
1
Palladium equivalency formula can be viewed in the following Link
(Click Here)
|
The inherent fertility of the Escape Lake magma conduit deposit
is well illustrated by the recent mineral resource update reported
on January 20, 2021. 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 is 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.
Update on Metallurgy and PEA
With the Company's 2020 investment of CAD$4.5 million into 19,000m of drilling at Escape in 2020, the
average cost of discovery was approximately $9.00 per Indicated ounce PdEq. A revised,
updated mineral resource update for the Escape Deposit and overall
project is expected to be calculated in Q1/2022.
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 (PEA) mine model planned for
publication in early Q4/2021.
Abraham Drost, CEO of Clean
Air Metals stated that "the exploration team has
discovered a cluster of massive sulphide material in a locus of
intersecting structures coincident with a change of direction or
inflection point in the Escape Deposit. Notably, the net-textured
Escape South High Grade Zone is also located at what is interpreted
as an inflection point 400m south,
along the deep crustal Escape Lake Fault. We have confirmed these
inflection points are important localizers of mineralization within
the Escape conduit. The Company is using various borehole and
surface electromagnetic techniques to develop follow-up exploration
targets in the continuing search for a massive sulphide deposit in
the Thunder Bay North mineral conduit system.
The Company is looking forward to crystallizing value in Q4/21
with publication of a benchmark PEA at the Current Lake Deposit,
using a ramp-access underground mine model constraining the
existing mineral resource. The potential to also add scale to this
remarkable Platinum and Palladium Project with potential feed from
the Escape Deposit is an accomplishment resulting from the
consolidation of the two assets last year."
Table 1: New Assay Results Update – Escape
Lake Zone, Thunder Bay North
Hole
ID
|
From,
m
|
To,
m
|
Length,
m
|
Pt+Pd
(g/t)
|
Cu+Ni
(%)
|
Pt
(g/t)
|
Pd
(g/t)
|
Cu
(%)
|
Ni
(%)
|
PdEq
|
ELR21-041
|
336.90
|
337.57
|
0.67
|
20.18
|
7.32
|
8.63
|
11.55
|
4.93
|
2.39
|
31.85
|
ELR21-041
|
341.47
|
341.80
|
0.33
|
16.51
|
7.45
|
8.34
|
8.17
|
7.15
|
0.30
|
25.18
|
ELR21-046
|
337.40
|
342.45
|
5.05
|
3.57
|
0.98
|
1.68
|
1.89
|
0.73
|
0.25
|
4.86
|
ELR21-054
|
175.40
|
176.80
|
1.40
|
2.18
|
0.24
|
1.01
|
1.17
|
0.15
|
0.09
|
2.35
|
ELR21-058
|
178.27
|
179.89
|
1.62
|
2.23
|
0.19
|
1.06
|
1.17
|
0.12
|
0.08
|
2.29
|
ELR21-058
|
250.00
|
252.56
|
2.56
|
1.69
|
0.53
|
0.73
|
0.95
|
0.37
|
0.17
|
2.53
|
ELR21-059A
|
311.00
|
317.00
|
6.00
|
2.90
|
0.93
|
1.37
|
1.53
|
0.62
|
0.32
|
4.31
|
ELR21-061
|
173.00
|
176.11
|
3.11
|
1.44
|
0.15
|
0.68
|
0.76
|
0.08
|
0.07
|
1.56
|
ELR21-064
|
281.00
|
285.00
|
4.00
|
1.94
|
0.59
|
0.84
|
1.10
|
0.39
|
0.20
|
2.87
|
ELR21-064
|
290.00
|
292.00
|
2.00
|
1.30
|
0.34
|
0.59
|
0.71
|
0.21
|
0.13
|
1.86
|
ELR21-067
|
312.08
|
313.90
|
1.82
|
2.07
|
1.10
|
0.79
|
1.29
|
0.48
|
0.62
|
4.50
|
ELR21-067
|
432.24
|
432.40
|
0.16
|
28.40
|
10.35
|
15.50
|
12.90
|
7.94
|
2.41
|
41.24
|
ELR21-069
|
304.00
|
307.30
|
3.30
|
1.69
|
0.52
|
0.78
|
0.91
|
0.28
|
0.23
|
2.56
|
Note:
|
|
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
|
*
|
Previously reported
composite assay interval on March 18-21 on a Rush basis
|
Please see the links below for Figures 1 to 6.
Figure 1: 2021 Drill Hole Intercepts in the Escape Lake
Deposit Area – Link (Click Here)
Figure 2: Partial melt texture Massive Sulphide in Hole
ELR21-067, 432.2 – 434.4m –
Link (Click Here)
Figure 3: Delicate "loop-textured" Massive Sulphides in Hole
ELR21-041 336.9m-337.5m – Link (Click Here)
Figure 4: Patchy Chalcopyrite-rich Massive Sulphide in Hole
ELR21-041, 341.47- 341.80 – Link (Click Here)
Figure 5: Weakly Mineralized Pyrrhotite-rich Massive Sulphide
in Hole ELR21-067, 312.08m
312.90m – Link (Click Here)
Figure 6: Analytical Results Posted on a Graph of Other
Nickel-Copper Deposits – Link (Click Here)
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 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/).
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 Engagement
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.
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.
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, including statements regarding the potential of the
Thunder Bay North Project and the Escape Lake and Current Lake
deposits and timing of technical studies and mineral resource
estimates. 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 projection.
View original
content:https://www.prnewswire.com/news-releases/clean-air-metals-hits-multiple-high-pge-massive-sulfide-veinlets-450m-north-of-escape-high-grade-zone-301325800.html
SOURCE Clean Air Metals Inc.