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THUNDER BAY, ON, March 31, 2022 /PRNewswire/ -- 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 2022 drill campaign from the Escape PGE-Cu-Ni Deposit at the Company's Thunder Bay North Project near Thunder Bay, Ontario, Canada (the "Project").
New assays from the Escape Deposit Steepledge extension includes (Table 1):
Hole ELR22-115 which intersected 15.0m grading 1.73g/t Platinum (Pt), 1.92g/t Palladium (Pd), 0.70% Copper (Cu) and 0.30% Nickel (Ni) from 237.5m-252.5m downhole including 2.8m grading 2.86 g/t Platinum (Pt), 3.05g/t Palladium (Pd), 1.18% Copper (Cu) and 0.38% Nickel (Ni) from 246.40-249.18m downhole (Figure 1).
The Escape Deposit also underwent an additional 37,000m of expansion drilling in 2021, which has established continuity between the Escape South High Grade Zone and the Steepledge Extension and may add materially to the Thunder Bay North Project Indicated mineral resource (effective November 1, 2021) of 14,553,324 million tonnes grading 8.12 g/t platinum-equivalents (PtEq) (reported December 1, 2021).
Mineral resource endowment and platinum-equivalents are quoted pursuant to the Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, with an effective date of January 20, 2021 (the "Technical Report"). The Technical Report was posted to SEDAR March 4, 2021 and prepared by Nordmin Engineering Ltd., QP Glen Kuntz, P.Geo. Ontario. Nordmin as QP utilized 2-year trailing average metal price assumptions for an updated mineral resource effective November 1, 2021, as a basis for the Preliminary Economic Assessment reported on December 1, 2021 and filed January 12, 2022.
Preliminary Economic Assessment (PEA)
The Company announced a comprehensive mine plan and cashflow model for both the Escape Deposit and Current Deposit as part of a PEA for the Current and Escape PGE-Cu-Ni Deposits of the Thunder Bay North Project on December 1, 2021. The related Technical Report was filed on SEDAR on January 12, 2022 https://cleanairmetals.ca/site/assets/files/5750/21015-01-pfs-0000_ni_43_101_pea_12jan2022.pdf
CRU 2-year metal price assumptions can be viewed in the following Link (Click Here)
Table 1: New Insitu Assay Results Update – Escape Deposit Steepledge Extension (Figure 1)
All intercepts are estimated to be >95% of true width based on drill hole inclination
Mineralized intervals calculated at 1 ppm Pt+Pd cutoff
Metallurgical recoveries estimated at 95% Copper; 90% Sulphide Nickel; 87% Palladium; 82% Platinum
Abraham Drost, CEO of Clean Air Metals stated that "there is a total of 37,000m of previously reported drilling results from the Escape Deposit in 2021 which are not yet applied to an updated mineral resource for the Thunder Bay North Project. Assay results to date suggest good continuity of mineralization between sections along the 900m trend of mineralization between the Escape South High Grade Zone (HGZ) (>5g/t Pt+Pd) and Steepledge South Zone (Figure 1).
Previous step-out drilling on the margins of the Escape South High Grade Zone (HGZ) and continuing up trend to the Steepledge area continues to deliver impressive assay results. Under the results of the recent PEA press release, the Escape South High Grade Zone (HGZ) (>5g/t Pt+Pd) is identified as a high value potential mining area at the base of the Escape Deposit in years commencing in Year 4 of the PEA mine plan, pursuant to the recently delivered PEA technical report (filed January 12, 2022)."
Figure 1: Drill Hole Intercepts in the Escape Deposit Area https://cleanairmetals.ca/site/assets/files/5784/pr_elr_20220329_v6_dt.png
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 and has had zero occurrences of workplace COVID-related illness since inception. Personnel have been 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 Thunder Bay North Project. The Company continues to follow changing provincial government guidelines.
Mineral Exploration and Development continues to be 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/).
Dr. Geoff Heggie, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President - Exploration for the Company, has reviewed and approved all technical information in this press release.
Quality Assurance/Quality Control
Clean Air Metals uses ALS Global ("ALS"), a well-established and recognized mineral assay and geochemical analytical services company. The Thunder Bay laboratory holds ISO-9000 accreditation; the Vancouver facility holds ISO-17025 registration.
All NQ-sized drill core is cut with a diamond-tipped saw blade with half of the core submitted to ALS for sample preparation and analysis. Core samples from selected intervals are individually bagged and tagged, gathered up in larger sealed poly bags and shipped to the sample prep facility in Thunder Bay, ON under custody of Clean Air Metals' personnel at all times. Sample preparation is completed at the ALS sample preparation facility located in Thunder Bay, ON and analysis is completed at the primary ALS assay laboratory located in Vancouver, B.C.
Clean Air Metals follows a documented quality control procedure for its core assay sampling program consisting of the insertion of blind blanks, duplicates, and certified Palladium-Platinum and Copper-Nickel standards into the sample stream. The insertion procedure results in a minimum of 11% to 12% control sample frequency depending on the length of the sampled interval.
Gold, platinum, and palladium are analyzed using fire assay (FA) with an inductively coupled plasma mass spectrometry (ICP-MS) finish. Samples with grades above the optimal ICP-MS detection limits are analyzed using an optical emission spectroscopy method (ICP-OES).
Also, thirty-three (33) elements of each sample, including copper, nickel, silver, chromium, cobalt, and sulphur, are analyzed by a multi-element analytical method using the atomic emission spectroscopy (ICP-AES) technique following four-acid digestion of the sample. When samples have grades above the optimal detection limits for this analytical method, they are re-analyzed using a high-grade method consisting of either ICP-AES or atomic absorption spectrometry (AAS) techniques.
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.
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.
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 Thunder Bay North Project hosts the twin magma conduit bodies which host Current and Escape deposits forming the basis for a positive preliminary economic assessment around a ramp access underground mine filed January 12, 2022.
Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced technical team who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development feasibility studies for a low-carbon, sustainable mining operation at Thunder Bay North. 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, 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.
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 and Current deposits and timing of technical studies including prefeasibility studies and updated 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.
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