Clean Air Metals Drill Results from the Thunder Bay North Project includes 31.0m averaging 3.9 g/t Pt, 5.1 g/t Pd, 1.7% Cu, 0.63% Ni. 2022 drilling set to restart
Clean Air Metals Drill Results from the Thunder Bay North Project includes
31.0m averaging 3.9 g/t Pt, 5.1 g/t Pd, 1.7% Cu, 0.63% Ni. 2022 drilling set to
restart
THUNDER BAY, ON
,
Jan. 5, 2022
/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 2021 drill campaign from the Escape and Current PGE-Cu-Ni Deposits at the Company's Thunder Bay North Project near
Thunder Bay, Ontario, Canada
(the "
Project
"). Drilling operations are set to resume on
January 6, 2022
.
New assays from the Escape South High Grade Zone includes (Table 1):
Hole ELR21-083A which intersected
46.0m
grading 19.6 g/t PtEq
1
composed of
3.03g/t Platinum (Pt), 3.94g/t Palladium (Pd), 1.33% Copper (Cu) and
0.51% Nickel (Ni)
from 399.0-
445.0m
downhole including
31.0m
grading 25.0 g/t PtEq
composed of
3.90 g/t Platinum (Pt), 5.10g/t Palladium (Pd),
1.70% Copper (Cu) and 0.63% Nickel (Ni)
from 405.0-
436.0m
downhole (Figure 1).
The Escape Deposit underwent
37,000m
of expansion drilling in 2021, which is expected to add materially to the maiden Indicated resource of 849,481 ounces
PtEq (6.16 g/t PtEq in 4.28 million tonnes) reported
January 20, 2021
. The Current Deposit 2.5km to the east (Figure 2) has a well-defined Indicated mineral
resource of 2,233,575 PtEq ounces (5.79 g/t PtEq in 11.99 million tonnes).
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
. Platinum-equivalent
1
calculations in Table 1 are affected by the updated CRU 2-year
trailing average metal price assumptions
2
utilized for the new Preliminary Economic Assessment reported on
December 1, 2021
.
______________________
1
Palladium equivalency formula can be viewed in the following
Link (Click Here)
2
CRU 2-year metal price assumptions can be viewed in the following
Link (Click Here)
Preliminary Economic Assessment (PEA)
The Company announced a robust mine plan and cashflow model 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 is expected to be filed on SEDAR by
January 14, 2022
.
Table 1: New Assay Results Update – Thunder Bay North Project (Figures, 1,2)
Hole ID
From, m
To, m
Length, m
Pt+Pd (g/t)
Cu+Ni (%)
Pt (g/t)
Pd (g/t)
Cu (%)
Ni (%)
Pt eq.
ELR21-083A
364
366
2.0
1.11
0.40
0.48
0.63
0.22
0.18
3.8
ELR21-083A
399
445
46.0
6.97
1.84
3.03
3.94
1.33
0.51
19.6
**incl.
405
436
31.0
8.99
2.33
3.90
5.10
1.70
0.63
25.0
ELR21-084
233.75
235
1.3
1.86
0.13
0.89
0.98
0.07
0.06
3.8
ELR21-087A
373
393
20.0
2.89
0.73
1.33
1.56
0.54
0.20
8.1
ELR21-088
240
246
6.0
2.81
0.77
1.30
1.51
0.51
0.26
8.1
CL21-027
126
135
9.0
1.48
0.34
0.76
0.73
0.17
0.17
4.0
CL21-027
183
185
2.0
1.54
0.46
0.76
0.79
0.22
0.24
4.7
CL21-028
223
226.13
3.1
2.90
0.47
1.53
1.37
0.27
0.21
6.8
CL21-029
149
151
2.0
1.19
0.35
0.62
0.58
0.16
0.19
3.6
CL21-029
213
215
2.0
1.30
0.34
0.68
0.62
0.15
0.19
3.7
CL21-029
220
228.49
8.5
2.14
0.45
1.14
1.01
0.25
0.20
5.6
CL21-030
145
147
2.0
2.25
0.48
1.14
1.11
0.30
0.19
5.9
CL21-030
196
198
2.0
1.62
0.35
0.84
0.79
0.15
0.20
4.4
CL21-030
216
220
4.0
2.04
0.51
1.06
0.98
0.26
0.25
5.7
CL21-032
270
282
12.0
1.91
0.76
0.96
0.95
0.47
0.30
6.5
CL21-033
294
295.97
2.0
3.67
0.88
1.90
1.77
0.55
0.33
9.8
CL21-034A
292
294
2.0
2.24
0.43
1.18
1.06
0.20
0.23
5.7
CL21-034A
298
300
2.0
1.08
0.29
0.55
0.53
0.10
0.19
3.3
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
Abraham Drost
, CEO of Clean Air Metals
stated that "step-out drilling on the margins of the Escape South High Grade Zone (HGZ) 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 5 and 6 of the PEA mine plan, pursuant to the recently delivered PEA press release (
December
1, 2021
).
There is a total of
37,000m
of previously reported drilling results from the Escape Deposit in 2021 which not yet applied to the mineral resource for the Thunder
Bay North Project. Assay results to date, along with the
2000m
of core in the lab still awaiting assay, 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).
The high-grade Lower Current and Bridge Zones of the upper Current Deposit achieved a 90% conversion rate from Indicated to potentially minable mineral
resource for Years 1-4 within the recently disclosed PEA mine plan, as defined by a mining shape optimizer (MSO) algorithm. An additional
10,000m
of infill
drilling in the lower Current Deposit is planned to improve drill density to support application of the MSO algorithm along trend (Figure 2), in the attempt to add
additional mineable material to the PEA.
Up to
16,000m
of drilling is also planned to commence in
mid-January 2022
on frozen muskeg to follow up on certain discrete geophysical anomalies. These may
represent the occurrence of low resistivity, high conductivity massive sulphide material at the base of the Escape and Current deposits within the Escape Lake
Fault Zone corridor, consistent with the Norilsk mineral deposit model used by the Company in Thunder Bay North magma conduit system."
Figure 1: 2021 Drill Hole Intercepts in the Escape Lake Deposit Area (CNW Group/Clean Air Metals Inc.)
Figure 2: 2021 Drill Hole Intercepts in the Current Lake Deposit Area (CNW Group/Clean Air Metals Inc.)
Please see the links below for Figures 1 and 2.
Figure 1: 2021 Drill Hole Intercepts in the Escape Deposit Area –
Link (Click Here)
Figure 2: 2021 Drill Hole Intercepts in the Current Deposit Area –
Link (Click Here)
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 and has had zero occurrences of COVID-related illness year to date. 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 deposit. The Company is aware of Thunder Bay Health Unit guidelines that provide for "mandatory" self-isolation
for returning overseas.
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 diamond drilling programs.
Qualified Person
Dr.
Geoff Heggie
, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Exploration Manager 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.
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.
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 reported December 1,
2021. 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 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"
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 and Current deposits and timing of technical studies (include the preliminary economic assessment)
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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For further information:
please contact: Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email:
[email protected], Website: www.cleanairmetals.ca
CO: Clean Air Metals Inc.
CNW 03:01e 05-JAN-22