THUNDER BAY, ON, Oct. 14, 2020 /CNW/ - Clean Air Metals
Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB:
CLRMF) is pleased to announce that it has paid the sum of
CAD$1 Million directly to Rio Tinto
Exploration Canada Inc. ("RTEC") as Vendor, pursuant to the terms
of the definitive option agreement (the "Option Agreement") entered
into between the Company and Benton Resources Inc. ("Benton")
(TSXV: BEX) (see previous press release dated May 15, 2020). The Company acquired the Option to
acquire a 100% right, title and interest in and to the Escape Lake
Property (the "Escape Lake Property"), whereby Clean Air Metals
agreed to pay to RTEC an aggregate of C$6
million, C$3 million of which
was originally paid by Benton to RTEC on October 9, 2019.
In addition, pursuant to the terms of a definitive share
purchase agreement dated January 6,
2020 entered into between the Company and Magma Metals Pty
Ltd. ("Magma"), the Company completed the acquisition of 100% of
Panoramic Resources Limited's indirect subsidiary, Panoramic PGMs
(Canada) Ltd. ("Pan PGMs"), which
owns the Thunder Bay North Property (the "TBN Property"). Pan PGM's
is now a 100% wholly-owned subsidiary of Clean Air Metals. In
consideration of the acquisition of Pan PGMs, Clean Air Metals has
also agreed to pay to Magma in equal installments over a three-year
period, an aggregate of C$9 million,
C$4.5 million of which was paid on
closing of the transaction on May 14,
2020.
The Escape Lake Property and the TBN Property are collectively
referred to as the "TBN Project". A 20,000m drill program
is underway that has confirmed and expanded the new discovery at
Escape Lake that now measures approximately 200m along strike, 175m wide and averages 30m and remains open along strike in both
directions (previously reported September
30, 2020).
Abraham Drost, P.Geo., CEO of
Clean Air Metals said that "Our project represents the most
significant PGE deposit located in close proximity to Impala's Lac
des Isles Mine and this payment demonstrates our confidence in the
Thunder Bay North Project. The platinum, palladium and copper,
nickel mineralization identified in the Escape Lake conduit has the
potential to add materially to the historic estimate at the Current
Lake deposit."
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 magma conduit and the Company is actively
exploring at Escape Lake and a twin structure to Current Lake
as previously reported on August 20, 2020 at
https://cleanairmetals.ca/news-media/news-releases/clean-air-metals-announces-new-step-out-drill-resu-122506/.
Executive Chairman Jim Gallagher and CEO Abraham
Drost lead an experienced team of explorers, researchers 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.
Qualified Person
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.
First Nation Relations
Clean Air Metals 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 Anishinaabek, signatories to the
Robinson-Superior Treaty of 1850. Clean Air Metals' wholly-owned
subsidiary Panoramic PGMs (Canada)
Ltd. is a signatory to a Communication Protocol between the
parties.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
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.
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.
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SOURCE Clean Air Metals Inc.