THUNDER BAY, ON, Aug. 12, 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 currently underway at the Company's
Thunder Bay North Project (the "Project"). Highlights (from
Table 1) include:
- Hole CL21-004 from the Current Lake Deposit infill program
which intersected 13.0m grading
2.9 g/t PdEq1 composed of 0.96g/t
Palladium (Pd), 1.03g/t Platinum (Pt), 0.30% Copper (Cu) and 0.25%
Nickel (Ni) from 168.0 – 181.0m
downhole and 3.0m grading 4.9 g/t
PdEq composed of 1.96g/t Palladium (Pd), 2.21g/t Platinum
(Pt), 0.51% Copper (Cu) and 0.26% Nickel (Ni) from 158.0 –
161.0m downhole.
- Hole ELR21-070 from the Escape Lake Deposit exploration program
which intersected 8.0m grading
3.3g/t PdEq composed of 1.25g/t Palladium (Pd), 1.15/t Platinum
(Pt), 0.43% Copper (Cu), 0.20% Nickel (Ni) from 318.0m-326.0m
downhole.
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 and palladium-equivalents are 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.
____________________
|
1 Palladium equivalency formula can
be viewed in the following Link (Click Here)
|
Update on Metallurgy and PEA
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 "initial assay results from the
Current Lake deposit infill drilling ("CL" holes) are ongoing and
will supplement the understanding of resource continuity and mine
stope planning for the upcoming preliminary economic assessment
(PEA). The Company is looking forward to publication of a PEA in
Q4/21 solely on the Current Lake Deposit. The PEA will be based on
a ramp-access underground mine model constraining the existing
mineral resource.
The present round of assay results is also being added to the
Escape Lake deposit database ("ELR" holes) which will result in a
revised resource estimate in Q1/22. The future potential to add
scale to the Thunder Bay North Project with feed from the Escape
Lake Deposit is potentially accretive to overall project
economics."
Hole
ID
|
From,
m
|
To,
m
|
Length,
m
|
Pt+Pd
(g/t)
|
Cu+Ni
(%)
|
Pt
(g/t)
|
Pd
(g/t)
|
Cu
(%)
|
Ni
(%)
|
PdEq
|
ELR21-068
|
170.70
|
171.94
|
1.24
|
2.52
|
0.26
|
1.19
|
1.33
|
0.17
|
0.10
|
2.68
|
ELR21-069
|
171.17
|
173.05
|
1.88
|
1.61
|
0.13
|
0.78
|
0.84
|
0.07
|
0.06
|
1.66
|
ELR21-069
|
255.00
|
259.00
|
4.00
|
1.31
|
0.43
|
0.59
|
0.72
|
0.27
|
0.16
|
2.03
|
ELR21-070
|
318.00
|
326.00
|
8.00
|
2.39
|
0.63
|
1.15
|
1.25
|
0.43
|
0.20
|
3.25
|
ELR21-071
|
169.70
|
171.65
|
1.95
|
1.74
|
0.16
|
0.84
|
0.90
|
0.09
|
0.06
|
1.82
|
ELR21-074
|
181.40
|
182.80
|
1.40
|
1.54
|
0.18
|
0.77
|
0.77
|
0.12
|
0.06
|
1.67
|
CL21-003
|
153.00
|
156.00
|
3.00
|
1.68
|
0.39
|
0.88
|
0.80
|
0.20
|
0.19
|
2.26
|
CL21-003
|
162.00
|
163.87
|
1.87
|
1.26
|
0.39
|
0.67
|
0.59
|
0.20
|
0.18
|
1.91
|
CL21-004
|
158.00
|
161.00
|
3.00
|
4.16
|
0.78
|
2.21
|
1.96
|
0.51
|
0.26
|
4.94
|
CL21-004
|
168.00
|
181.00
|
13.00
|
1.99
|
0.55
|
1.03
|
0.96
|
0.30
|
0.25
|
2.86
|
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
|
Please see the link below for Figures 1 and 2.
Figure 1: 2021 Drill Hole Intercepts in the Escape Lake
Deposit Area – Link (Click Here)
Figure 2: 2021 Drill Hole Intercepts in the Current Lake
Deposit Area – 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.
The Company is also in discussions with Red Sky Metis
Independent Nation and the Metis Nation of Ontario. Woodland
Heritage Northwest, a Metis-owned consultancy has been retained to
conduct archaeological studies on the Thunder Bay North Project and
surrounding areas.
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.
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SOURCE Clean Air Metals Inc.