THUNDER BAY, ON, May 20, 2021 /CNW/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce new assay results (Table 1 and Figure 1) from a series of "in-between" holes in the ongoing drill campaign at the Escape Conduit Trend currently underway with two drills at the Company's Thunder Bay North Project (the "Project"). A total of 30,000m of systematic delineation drilling connecting the Escape South and Steepledge South resource areas is planned for the Escape Lake Deposit in 2021.
Highlights (Table 1) include:
- Hole ELR21-049 intersected 31.0m of 0.96/t Palladium (Pd), 0.81g/t Platinum (Pt), 0.36% Copper (Cu) and 0.21% Nickel (Ni) from 304.0m – 335.0m downhole located between the Escape South High Grade Zone and the Steepledge North Zone.
- Hole ELR21-051 intersected 7.7m of 1.61g/t Palladium (Pd), 1.30g/t Platinum (Pt), 0.59% Copper (Cu) and 0.38% Nickel (Ni) from 350.2m – 357.83m downhole located between the Escape South High Grade Zone and the Steepledge North Zone.
- Hole ELR21-052 intersected 4.0m of 1.29g/t Palladium (Pd), 1.14g/t Platinum (Pt), 0.49% Copper (Cu) and 0.25% Nickel (Ni) from 346.0m – 350.0m downhole located between the Escape South High Grade Zone and the Steepledge North Zone.
The fertility of the Escape Lake magma conduit deposit is well illustrated by the maiden mineral resource update, reported on January 20, 2021. The Escape Lake Deposit has an overall Indicated mineral resource of 505,369 ounces at 3.67g/t PdEq in 4,286,220 tonnes and is geologically open along trend between the Escape South and the Steepledge South resource areas.
The Current Lake Deposit in turn has an Indicated mineral resource of 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq in 11,999,177 tonnes. Mineral resource estimates for both deposits are reported pursuant to the January 20, 2021 NI 43-101 Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, prepared by Nordmin Engineering Ltd. with QP Glen Kuntz, P.Geo, as posted to SEDAR on March 4, 2021.
Work also continues on drilling massive sulphide targets recently announced on April 21, 2021 (Figure 2). Based on the recent resource update and discovery of massive sulphides in the Escape Lake Deposit with Norilsk metal ratios and the completion of a structural analysis and MT geophysical surveys, the Company has committed to a substantial ramp up of drilling exploration investment on promising ultra-low resistivity targets at the base of both the Escape Lake and Current Lake magma conduit deposit systems.
Abraham Drost, CEO of Clean Air Metals stated that "the latest assays are reported in line with the Company's policy of reporting regular assay updates. We are happy to report that all holes intersected mineralization and are expected to add materially to a future mineral resource update at the Escape Lake deposit."
Table 1:New Assay Results Update - Escape Conduit Trend, Thunder Bay North
Please see the links below for Figure 1 and 2.
Figure 1: 2021 Drill Hole Intercepts in the Interpreted Escape Conduit Trend – Link (Click Here)
Figure 2: Massive Sulphide Target Areas at Thunder Bay North – Link (Click Here)
Clean Air Metals has adopted COVID-19 avoidance and personal protection measures for its geological staff, drilling contractor and service suppliers. Personnel are required to maintain physical distance, use Personal Protective Equipment (PPE), self-monitor and self-isolate or elect to work from home. Management had previously eliminated plans for a camp setup to service a planned diamond drill campaign on the Escape Lake Project. The Company is aware of Thunder Bay Health Unit guidelines that provide for "mandatory" self-isolation for returning overseas travel. The guidelines also "strongly recommend" self- monitoring and self-isolation as needed after travel into the Northwest region from other areas of the Province and interprovincially. 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 to complete the diamond drilling program.
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and VP, Project Manager of the Company, has reviewed and approved all technical information in this press release.
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 and the issue of Warrants, reported January 28, 2021.
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 Clean Air Metals project hosts the Current Lake deposit and magma conduit and the Company is actively exploring the Escape Lake deposit, a twin structure to the Current Lake deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. 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, Chief Executive Officer of Clean Air Metals Inc.
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.
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 Lake and Current Lake deposits and timing of technical studies and 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.
SOURCE Clean Air Metals Inc.