Clean Air Metals Inc. Announces Commencement of Trading and Phase 1 Drilling on the Escape Lake Intrusion at Thunder Bay North
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Clean Air Metals Inc. Announces Commencement of
Trading and Phase 1 Drilling on the Escape Lake
Intrusion at Thunder Bay North
Thunder Bay, ON, May 2 2, 2020 – Clean Air Metals Inc. (“ Clean Air” or the “ Company”) (TSXV:
AIR) is pleased to announce that further to its press release of May 20 2020, effective at open
today, trading in the common shares of Clean Air resumed on the TSX Venture Exchange (“TSXV”)
under the symbol “AIR”. Clean Air is now listed on the TSXV as a Tier 2 “Mining Issuer” (as such
term is defined in the policies of the TSXV).
Clean Air is also pleased to announce that in conjunction with the commencement of trading
today, May 22, 2020, the Company has initiated the Phase 1 10,000m diamond drilling campaign
on the Escape Lake Intrusion portion of its Thunder Bay North Project, located 40 km northeast
of Thunder Bay, Ontario Canada (Figure 1).
Phase 1 drilling will consist of approximately 15 -20 holes of 500- 600m each, nominally on 50m
centers is designed to test the Escape Lake High Grade Zone target discovered in 6 holes by the
previous project Operator. The Company’s QP is in the process of validating the historical drilling
data at Escape Lake including relogging and resampling of selected core intercepts and performing
QA/QC checks on original, certified analytical data. The target area is located at approximately
350-450m vertical depth and is open geologically. The objective of the program is to better define
the full geological extent of the mineralized area as a precursor to future calculation of a mineral
resource estimate.
Abraham Drost, CEO of Clean Air Metals Inc. stated that “ after completing a $15M financing in
February, 2020 with a lead order by Mr. Eric Sprott , and on behalf of our Board of Directors led
by Executive Chairman Jim Gallagher , former CEO of North American Palladium Ltd., and our
technical and administrative team and shareholders, I am very gratified to be up and trading and
commencing drill testing of the Escape Lake mineralized horizon. Mineralization at Thunder Bay
North is preferentially enriched with the catalytic conversion pollution control metals palladium
and platinum in a 1:1 ratio, with ancillary copper and nickel; metals powering the electric vehicle
revolution.”
Allan MacTavish, M.Sc., P.Geo. (Ontario) and employee of Clean Air Metals Inc. is a Qualified
Person under the provisions of National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, and has reviewed and approved the technical content of this press release.
Clean Air has adopted COVID -19 avoidance and personal protection measures for its staff and
service suppliers. Personnel are required to maintain physical distance, self -monitor and self -
isolate or elect to work from home. Management has eliminated plans for a camp setup to service
a planned diamond drill campaign on the Escape Lake Project. The Company is aware of Thunder
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Bay Health Unit guidelines that provide for “mandatory” self-isolation for returning overseas and
inter-provincial travel. The guideline s also “strongly recommend” self -isolation after travel into
the Northwest region from other areas of the Province. 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 in order to commence the Phase 1 diamond drilling program.
The Company also announces that pursuant to a Form 3C “Certified Filing for Persons Conducting
Investor Relations, Promotional or Market-Making Activities” with the TSX Venture Exchange, it
has entered into an agreement (the “Agreement”) to retain the services of Mr. Christopher Kaplan
of Independent Trading Group (“ITG”). Mr. Kaplan will assist Clean Air in market making activities
as Clean Air Metals Inc. (TSXV: AIR) resumes trading on the TSXV.
Under the terms of the Agreement, Mr. Kaplan will provide market making services to the
Company for an initial six-month term commencing May 22, 2020, at a cost of $5,000 per month.
The Agreement is subject to acceptance by the TSX Venture Exchange. Mr. Kaplan has a current
Personal Information Form (PIF) filed with the TSXV.
Figure 1 Phase 1 and Future Phase 2 Use of Proceeds, Escape Lake Intrusion and Conduit
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
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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
Clean Air Metals Inc. and its wholly -owned subsidiary Panoramic PGMs (Canada) Ltd.
acknowledge that the Escape Lake Property is on the traditional territory of the Fort William First
Nation and the Red Rock First Nation, signatories to the Robinson-Superior Treaty of 1850.
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. 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: risks related to the TSXV approval, risk
related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks
related to the outcome of legal proceedings; 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
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applicable securities laws. Actual events or results could differ materially from the Company's
expectations or projections.