Clean Air Metals Reports Drill Results including 13m grading 5.06g/t Platinum, 5.14g/t Palladium, 1.27% Copper and 0.71% Nickel in Hole CLM22-07; Advances Prefeasibility Study at Thunder Bay North
Clean Air Metals Reports Drill Results including 13m grading 5.06g/t
Platinum, 5.14g/t Palladium, 1.27% Copper and 0.71% Nickel in Hole
CLM22-07; Advances Prefeasibility Study at Thunder Bay North
THUNDER BAY, ON
,
Aug. 25, 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 2022 drill campaign from both the Escape and Current PGE-Cu-Ni Deposits at the Company's Thunder Bay
North Project near
Thunder Bay, Ontario, Canada
(the "
Project
").
New assay highlights from the Current deposit area includes (Table 1):
Metallurgical bulk sample Hole CLM22-007 (HQ core) which intersected
19.0m
grading 3.92g/t Platinum (Pt), 3.90g/t Palladium (Pd), 0.98% Copper (Cu)
and 0.56% Nickel (Ni)
from
153.0m
-
172.0m
downhole including
13.4m
grading 5.06g/t Platinum (Pt), 5.14g/t Palladium (Pd), 0.98% Copper (Cu) and
0.56% Nickel (Ni)
from 154.0-
167.4m
downhole (Figure 1), which supports the grade profile of the production area in Years 1-4 of the PEA mine plan;
Metallurgical bulk sample Hole CLM22-008 (HQ core) which intersected
37.8m
grading 2.91g/t Platinum (Pt), 2.80g/t Palladium (Pd), 0.70% Copper (Cu)
and 0.39% Nickel (Ni)
from
107.0m
-
144.8m
downhole including
19.2m
grading 4.25g/t Platinum (Pt), 4.14g/t Palladium (Pd), 0.99% Copper (Cu) and
0.55% Nickel (Ni)
from 119.8-
139.0m
downhole (Figure 1).
Metallurgical bulk sample Hole CLM22-010 (HQ core) which intersected
22.6m
grading 2.33g/t Platinum (Pt), 2.17g/t Palladium (Pd), 0.62% Copper (Cu)
and 0.41% Nickel (Ni)
from
332.0m
-
354.6m
downhole (Figure 2).
Mineral resource endowment and are quoted pursuant the Preliminary Economic Assessment (the "PEA") set out in the technical report prepared by Nordmin
Engineering Ltd. and titled "NI 43-101 Technical Report and Preliminary Economic Assessment for the Thunder Bay North Project,
Thunder Bay, Ontario
",
effective
December 1, 2021
and filed
January 12, 2022
. Nordmin as QP utilized 2-year trailing average metal price assumptions
1
for the updated mineral resource
as a basis for the PEA.
___________________
1
CRU 2-year metal price assumptions can be viewed in the following
Link (Click Here)
Abraham Drost
, M.Sc., P.Geo. and CEO of Clean Air Metals
stated that "a Prefeasibility Study continues under the supervision of COO Mr.
Mike Garbutt
,
P.Eng. and will culminate in a technical report expected in May/June, 2023. In the meantime, environmental baseline fieldwork, engineering studies and
hydrogeological drilling test work continues. The drilling assay results are in line with expectations for peer-leading mill head grade in the first 7 years of mining at
Thunder Bay North. Considerable upside exploration potential for massive sulphides outside the PEA production area remains at the base of the Escape and
Current magma conduits along the Escape Lake Fault. The Company is presently expanding its Work Permit footprint to accommodate a drill program on these
targets this winter."
DRA Selected as PFS Metallurgical Process Provider
The Company again states that DRA AMERICAS INC ("DRA") is the successful bid under a request for proposal ("RFP") for Pre-feasibility Metallurgical Testing
and Process Plant Design for the Thunder Bay North Project. The DRA team has reviewed the existing and historical metallurgical testing results and marketing
studies culminating in the PEA. DRA will leverage existing knowledge on standard crush, grind, flotation process design and smelter payabilities into the next
phase of testing and metallurgical optimization, including amenability to hydrometallurgical recoveries of the main platinum, palladium, copper, nickel commodity
suite with rhodium, cobalt, gold and silver byproducts.
SLR Selected as PFS Mineral Resource Validation Service Provider
The Company has selected and contracted SLR Consulting through an RFP process to provide independent validation of an updated Thunder Bay North Project
resource estimate for the Pre-feasibility study. The updated resource estimate will include
53600 m
of new drilling completed on the Escape deposit since the
release of the resource estimate in Q1 2021 and
6500m
of additional infill drilling on the Current deposit since the cutoff date for the PEA.
Preliminary Economic Assessment (PEA); Launchpad for the PF
The Company announced a comprehensive mine plan and cashflow model for both the Escape Deposit and Current Deposit as part of a base case 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
Table 1: New Insitu Assay Results Update – Current Deposit Metallurgical Drilling (Figure 1)
Hole ID
Company
From,
m
To, m
Length,
m
Pt+Pd
(ppm)
Cu+Ni
(%)
Pt
(ppm)
Pd
(ppm)
Cu
(%)
Ni
(%)
CLM22-007
AIR
153.0
172.0
19.0
7.82
1.54
3.92
3.90
0.98
0.56
*incl.
154.0
167.4
13.4
10.20
1.98
5.06
5.14
1.27
0.71
CLM22-008
107.0
144.8
37.8
5.71
1.09
2.91
2.80
0.70
0.39
*incl.
119.8
139.0
19.2
8.39
1.53
4.25
4.14
0.99
0.55
*incl.
143.3
144.8
1.5
8.23
1.61
4.46
3.77
1.26
0.36
CLM22-009
AIR
259.0
261.0
2.0
1.04
0.31
0.56
0.48
0.11
0.20
CLM22-009
AIR
277.0
279.0
2.0
1.10
0.25
0.60
0.50
0.10
0.15
CLM22-009
AIR
281.1
287.1
6.0
5.26
0.93
2.75
2.51
0.60
0.33
*incl.
282.9
287.1
4.2
6.07
1.06
3.17
2.90
0.70
0.36
CLM22-010
AIR
320.0
324.0
4.0
2.05
0.53
1.06
0.99
0.28
0.25
CLM22-010
AIR
332.0
354.6
22.6
4.50
1.03
2.33
2.17
0.62
0.41
*incl.
342.0
344.0
2.0
5.02
0.99
2.57
2.45
0.62
0.37
*incl.
346.0
354.6
8.6
6.63
1.56
3.42
3.21
0.95
0.61
CLM22-011
AIR
155.0
157.0
2.0
1.55
0.38
0.80
0.76
0.20
0.18
CLM22-011
AIR
251.0
273.6
22.6
3.26
0.65
1.70
1.56
0.36
0.29
*incl.
269.0
271.0
2.0
5.20
0.94
2.70
2.50
0.59
0.36
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
3)
Metallurgical recoveries estimated at 95% Copper; 85% Sulphide Nickel (52% total Ni); 87% Palladium; 82% Platinum
Figure 1: New Drill Hole Intercepts in the Current Deposit Area
https://cleanairmetals.ca/site/assets/files/5820/cl_20220824.jpg
COVID Policy
Clean Air Metals continued to apply COVID-19 avoidance and personal protection measures for its geological staff, drilling contractor and service suppliers.
Personnel are required to self-monitor and self-isolate or elect to work from home. The Company closely follows Ontario Provincial Government COVID
guidelines.
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.
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.
Indigenous Community Social and Economic 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 (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 economic 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
the Current and Escape deposits forming the basis for a robust preliminary economic assessment (PEA) filed
January 12, 2002
. The PEA of a ramp access
underground mine and on-site 3600tpd milling complex and the 2-year trailing average price deck, features a pretax NPV5 of
C$425m
and an IRR of 31% on initial
capital of
$367m
over a 10-year mine life.
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 prefeasibility studies for a low-carbon, all-electric 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"
Abraham Drost
, Chief Executive Officer of Clean Air Metals Inc.
Website:
www.cleanairmetals.ca
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 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.
View original content:
http://www.newswire.ca/en/releases/archive/August2022/25/c2525.html
%SEDAR: 00005465E
For further information:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email: [email protected]
CO: Clean Air Metals Inc.
CNW 06:00e 25-AUG-22