Clean Air Metals Presents Update on Mineral Resource Estimation Process at Current Deposit, Thunder Bay North Project
Clean Air Metals Presents Update on Mineral Resource Estimation Process
at Current Deposit, Thunder Bay North Project
THUNDER BAY, ON
,
March 3, 2023
/CNW/ -
Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU), is
pleased to provide an update on the preparation of a new mineral resource estimate at the Thunder Bay North Project by SLR Consulting (
Canada
) Ltd. ("SLR")
(see press release dated
February 15, 2023
).
The Company continues to work with SLR Consulting, with the cooperation of Nordmin Engineering, to determine the nature, cause, and extent of the
discrepancy, if confirmed, as outlined in the Company's
February 15, 2023
, news release. This work includes a review of the Company's geological framework, as
well as modeling approaches, mineralogy, geochemistry and mineral assemblages employed as controls on mineralization in preparing the geological
interpretation.
SLR has also been commissioned by the Company, at the completion of this review, to complete a full and independent mineral resource update of the Thunder
Bay North project which includes both the Current and Escape deposits. Review work for the Escape deposit, which has had over 38,000 metres of additional infill
drilling since the previous mineral resource estimate was published, do not suggest a discrepancy in metal content.
It should be further noted that
Todd McCracken
, P.Geo Director – Mine and Geology at BBA E&C Inc. and a recognized expert in resource estimation, has been
appointed as an owner representative to the Company to assist senior management and the board of directors with the technical issues under review.
Abraham Drost
, Chief Executive Officer of Clean Air Metals,
commented: "The parties are engaged in a robust process to reconcile the mineral resource at
the Current Deposit. The continued collaboration of the parties towards resolution of the discrepancy is appreciated and recognizes the efficacy of disclosure
requirements under NI 43-101."
Qualified Person
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.
Social Engagement
Clean Air Metals Inc. and its wholly owned subsidiary Panoramic PGMs (
Canada
) Ltd. acknowledge that the Thunder Bay North Critical Minerals Project is on the
traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating
Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press
release April 14, 2022).
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 and Métis 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 Critical Minerals 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.
Email:
Website:
www.cleanairmetals.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
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 in this press release include statements related the expected reduction in metal content,
mineral resources and the preliminary economic assessment and timing of the updated resource estimate 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 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 applicable securities laws.
Actual events or results could differ materially from the Company's expectations or projections.
View original content:
https://www.prnewswire.com/news-releases/clean-air-metals-presents-update-on-mineral-resource-estimation-process-at-current-deposit-thunder-bay-north-project-301761813.html
SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2023/03/c0364.html
%SEDAR: 00005465E
For further information:
Abraham Drost, M.Sc. P.Geo., Chief Executive Officer, Clean Air Metals Inc., Phone: 807-252-7800
CO: Clean Air Metals Inc.
CNW 07:00e 03-MAR-23