Clean Air Metals Starts Winter Drilling at the Current Deposit
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Clean Air Metals Starts Winter Drilling at the
Current Deposit
Thunder Bay, ON, January 7, 2025 – Clean Air Metals Inc. (“Clean Air Metals” or the
“Company”) (TSX.V: AIR; FRA: CKU; OTCQB: CLRMF) is pleased to announce that a
2000-metre drilling program at its Thunder Bay North Critical Minerals (“TBN”) project
(the ‘Project’) will commence next week. Twelve holes (Figure 1) are planned to target
near-surface high-grade zones at the Current deposit (“Current”), including new targets
identified from recent geophysical models (see October 30, 2024 news release). The
program aims to increase the number, size and grade of near-surface high-grade pods
at Current, following up on initial, positive results announced last fall (and outlined
below). Execution of this program aligns with the Company’s strategy of advancing a
high-grade, high-margin moderate tonnage project which includes delineating and
developing a future bulk-sample.
Figure 1. Proposed drill hole locations at the Bridge Zone of the Current deposit
The Current deposit is the larger of two disseminated sulphide resources included in
the TBN project, which hosts 14.0 Mt of underground mining shape constrained, bulk
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tonnage indicated resources averaging 1.31g/t Pt, 1.37g/t Pd, 0.41% Cu and 0.25% Ni
(see NI 43-101 Technical Report dated June 19, 2023). Numerous near-surface, high-
grade sulphide zones occur within or adjacent to the identified resources at Current.
The Company’s summer 2024 drilling program successfully demonstrated the potential
to expand the known high-grade areas inside the deposit through tighter drill spacing.
The 2024 program returned exceptional results (see September 10, 2024, and October
3, 2024 news releases), including:
• 51.79 m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni (14.82 g/t
Pt.eq1; 4.71% Cu.eq2) from 86 m downhole in Hole CL24-001;
• 31.40 m of 4.22g/t Pt, 4.04g/t Pd, 0.95% Cu and 0.56% Ni (13.04 g/t
Pt.eq1; 4.14% Cu.eq2) from 118 m downhole in Hole CL24-003;
• 50.7 m of 4.52 g/t Pt, 4.38 g/t Pd, 0.99% Cu and 0.53% Ni (13.74
g/t Pt.eq1; 4.36% Cu.eq2) from 82.0 m downhole in Hole CL24-010;
• 38.4 m of 3.38g/t Pt, 3.26g/t Pd, 0.72% Cu and 0.45% Ni (10.32
g/t Pt.eq1; 3.27% Cu.eq2) from 153 m downhole in Hole CL24 -005;
• 23.3 m of 4.54 g/t Pt, 4.23 g/t Pd, 1.11% Cu and 0.60% Ni (14.20
g/t Pt.eq1; 4.51% Cu.eq2) from 154.7m downhole in Hole CL24 -008;
• 19.3 m of 3.61 g/t Pt, 3.26 g/t Pd, 0.79% Cu and 0.38% Ni (10.75
g/t Pt.eq1; 3.40% Cu.eq2) from 150 m downhole in Hole CL24 -006.
Notes
1. Platinum equivalent are calculated as follows: Pt.eq = (Pt grade/31.1035 x $982 + Pd
grade x 31.1035 x 86.2% x $1,057 + Cu grade x 2204 x 95.9% x $4.27 + Ni grade x
2204 x 57% x 7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x 65.2%
x $31.73) / $982 x 31.1035
2. Copper equivalents are calculated as follows: Cu.eq= (Cu grade x 2204 x $4.27 + Pt
grade x 31.1035 x 80.6% x $982 + Pd grade x 31.0135 x 86.2% x $1,057 + Ni grade
x 2204 x 57% x $7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x
65.2% x $31.73) / $4.27 / 2204
Equivalents are based on the following recoveries Pt 80.6%, Pd 86.2%, Cu 95.9% Ni
57%, Au 85%, Ag 65.2%; and metal prices from September 25, 2024 US Spot; Pt $982,
Pd $1057, Cu $4.27, Ni $7.58, Au $2642, Ag $31.73
A detailed review of historical geophysical data completed last quarter identified
several additional high-grade targets at Current.
Clean Air Metals’ VP of Exploration, Lionnel Djon, commented, “This follow-up drilling
program aims to delineate additional high-grade pods at Current. The planned
downhole EM surveys will help constrain the size of each high-grade zone being tested.
Ultimately, we are working towards defining a mid-tonnage, high-grade, high-margin
project.”
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Ontario Junior Exploration Program Funding
The Company will receive up to $200,000 from the Ontario Junior Exploration Program
(“OJEP”) to further advance its exploration efforts on the Escape down-plunge target.
Clean Air is currently integrating recent positive results from its passive seismic surveys
with other geophysical data to identify targets for a future drilling phase.
“We would like to thank the Ontario Government for its support through the OJEP
program. This input of non-dilutive capital represents an important contribution to junior
exploration companies like Clean Air Metals,” commented Mike Garbutt, President and
CEO.
“Investing in critical mineral exploration is key to building a stronger economy and
supply chain in Ontario,” said George Pirie, Minister of Mines. “This $200,000
investment through the Ontario Junior Exploration Program (OJEP) will help Clean Air
Metals unlock platinum deposits at their Thunder Bay North project, creating lasting
opportunities for the mining sector and strengthening Ontario’s leadership in critical
mineral development.”
Other Activities
Clean Air Metals is preparing an application to move the project to an “Advanced
Exploration” status in the first stage of the Provincial mine permitting process. The
Company applied in July 2022 to convert some TBN property claims into a mineral
lease. The pending approval represents a critical step toward the potential extraction
of potential bulk sample.
Qualified Person
Mike Garbutt, P.Eng., a Qualified Person under National Instrument 43-101 and Chief
Executive Officer 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.
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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.
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.
The views expressed in this release are the views of the Clean Air Metals Inc. and do not
necessarily reflect those of the Province of Ontario.
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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
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.