Clean Air Metals Identifies New High-Grade Targets at its Thunder Bay North Project
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Clean Air Metals Identifies New High-Grade
Targets at its Thunder Bay North Project
Thunder Bay, ON, October 30, 2024 – Clean Air Metals Inc. (“Clean Air Metals” or
the “Company”) (TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) is pleased to announce
preliminary results from its re-modelling of the historical 2009 VTEM (Versatile Time
Domain Electromagnetic) survey on its 100%-owned Thunder Bay North Critical
Minerals (“TBN”) Project. The re-modelling used Resistivity Depth Imaging (RDI) to
successfully delineate distinct, shallow, low-resistivity anomalies at the Current deposit
(“Current”). This effort was driven by our need to improve our understanding of this
system and use an alternate approach to analyzing past data. These anomalies appear
to correlate with known high-grade mineralized pods at Current and outline the
presence of additional pods where there has been very little to no drilling (Figure 1).
Figure 1. A resistivity depth image 75 metres below the surface shows the location of
discrete low resistivity anomalies (conductive zones in blue) that directly coincide with
the location of known, high-grade pods (shown in pink >3.5g/t Pt).
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Clean Air Metals’ VP of Exploration, Lionnel Djon, commented, “We were very excited
to see that the new resistivity-depth modeling is accurately mapping out the location of
the known high-grade zones at Current. It also reveals flanking anomalies, presently
undrilled, that are likely to represent additional high-grade pods or extensions to known
pods. This methodology will be prioritized for guiding additional drilling at both Current
and Escape as we continue to delineate the critical high-grade resources needed to
support a lower risk, higher-margin underground mining scenario for the project.”
The Current deposit hosts near-surface high-grade sulphide mineralization in distinct
high-grade pods. The Company’s summer 2024 drilling program demonstrated the
potential to expand high-grade areas inside the deposit through tighter drill spacing
and delivered exceptional grade-thickness mineralization from the initial four high-
grade pods that were tested (see September 9, 2024, and October 3, 2024 news
releases). Examples of the high-grade results that were disclosed in the press releases
include:
• 51.79 m grading 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni from 86.0
m downhole in hole CL24-001, including
o 25.82 g/t Pt, 24.50 g/t Pd, 6.94% Cu and 3.87 % Ni over 0.97 m from
136.3 m (Massive Sulphides).
• 50.7 m grading 4.52 g/t Pt, 4.38 g/t Pd, 0.99% Cu and 0.53% Ni from 82.0
m downhole in hole CL24-010, including
o 6.35 g/t Pt, 6.10 g/t Pd, 1.32% Cu and 0.69% Ni over 30.7 m from
102 m,
Next Steps
The Company is planning a follow up drill program before the end of the calendar year,
concurrent with an expanded detailed 3D resistivity modelling across the Current and
Escape deposits to accurately map mineralized channels and highlight areas of
maximum conductivity and thickness. These insights will guide a subsequent phase of
drilling aiming to discover new high-grade zones and potentially increase resource
estimates within these high-grade areas. This is a continuation of our strategy to define
and expand additional high-grade areas at the Current deposit, with the intent to
extract a bulk sample and detail a mid-tonnage, high grade, high margin mining
approach.
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Qualified Person
Dr. Lionnel Djon, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101
and Vice President of Exploration for the Company, has reviewed and approved all
technical information in this press release.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship,
100% owned Thunder Bay North Critical Minerals (“TBN”) project, 40 km northeast of
Thunder Bay, Ontario. The TBN project, accessible by road and next to established
infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km
apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing
2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario Canada,
NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for
expansion down-plunge.
One of the rare primary platinum resources outside of South Africa, the TBN project is
in a stable and mining-friendly jurisdiction and benefits from longstanding relationships
with local First Nations. With its proven technical team, Clean Air Metals is committed
to growing the resources at the TBN project and creating long-term value for
shareholders.
Social Engagement
Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project
is located within the area encompassed by the Robinson-Superior Treaty of 1850 and
includes the territories of the Fort William First Nation, Red Rock Indian Band,
Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals
also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the
Red Sky Métis Independent Nation to the rich history of our area.
The Company appreciates the opportunity to work in these territories and remains
committed to the recognition and respect of those who have lived, travelled, 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.
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ON BEHALF OF THE BOARD OF DIRECTORS
"Mike Garbutt"
Mike Garbutt, CEO of Clean Air Metals Inc.
Connect with us on X/ Facebook/ Instagram.
Visit www.cleanairmetals.ca for more information or contact:
Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
Neither 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
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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.