THUNDER BAY, ON, Dec. 22, 2020 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) announces that it has filed its condensed
interim consolidated financial statements and
management's discussion and analysis for the nine months ended
October 31, 2020, available for
viewing on www.sedar.com.
Third Quarter Financial Highlights
- Total assets as at October 31,
2020 of $26,751,246
- Total cash as at October 31, 2020
of $9,571,707
- Working capital as at October 31,
2020 of $8,033,602
- Shareholder's equity as at October 31,
2020 of $22,602,288
During the Q3 period as previously reported, the Company,
- Completed a C$1 million cash
payment to Rio Tinto Exploration Canada Inc. to maintain an option
to acquire a 100% right, title and interest in the Escape Lake
property through Benton Resources Inc., pursuant to the terms of
the definitive option agreement dated January 27, 2020 (reported October 14, 2020).
- Announced a 3-year $150,000
research partnership commitment to the Lakehead University Geology Department,
Thunder Bay, Ontario to study the
metallogeny of the Mid-Continent Rift Metallotect. Lakehead University will have confidential access
to technical information generated at the Thunder Bay North
Property of Clean Air Metals and may review other exploration and
development projects in the area. Clean Air Metals' commitment was
matched 2:1 by the National Science and Engineering Research
Council of Canada for a total of
$450,000 to be invested in targeted
research that may lead to new mineral discoveries (reported
September 3, 2020).
- Completed approximately 8250m of
diamond drilling on the Escape Lake deposit trend at an approximate
total all-in cost of $1.73 million.
Geophysical surveying with borehole EM, Magnetometric Resistivity
(MMR) and Audio Magnetotelluric AMT) soundings added approximately
$300,000 to this total. This work
helped generate the intercept in Hole ELR20-025 which
intersected 98.9m of 1.89g/t Palladium (Pd), 1.40g/t
Platinum (Pt), 0.69% Copper (Cu) and 0.35% Nickel
(Ni) including a higher-grade intercept within this
interval which returned 19.2m of 4.09g/t Pd, 2.90g/t
Pt, 1.42% Cu and 0.75%
Ni from 392.5m-411.8m downhole (reported
October 29, 2020).
- Retained Nordmin Engineering Ltd. ("Nordmin") as the
Technical Services Provider for the Thunder Bay North Project with
a mandate to complete a Resource Validation of the Current Lake
Deposit Historic Estimate and develop a preliminary resource model
for the Escape Lake trend in cooperation with Clean Air Metals'
Database Geologist. Nordmin will develop a global resource estimate
for the Thunder Bay North Project expected in the first quarter of
2021 (Q1/21) and early tradeoff studies toward publication of a
scoping study or Preliminary Economic Assessment expected in the
second quarter of 2021 (Q2/21) (reported August 11, 2020).
Financial Summary
|
|
|
|
|
|
For the three
months ended
|
For the nine
months ended
|
|
October
31,
2020
|
October
31,
2019
|
October
31,
2020
|
October
31,
2019
|
|
|
|
|
|
Operating
Expenses
|
$
620,791
|
$
730,507
|
$
2,524,098
|
$
854,358
|
|
|
|
|
|
Net Loss and
Comprehensive Loss
|
(608,334)
|
(880,507)
|
(289,901)
|
(1,004,358)
|
|
|
|
|
|
Loss per share
–
|
|
|
|
|
Basic and
Diluted
|
$
(0.00)
|
$
(0.03)
|
$
(0.01)
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
October
31,
2020
|
January
31,
2020
|
|
|
|
|
|
|
|
Total
Assets
|
$
26,751,246
|
$
1,961,497
|
|
|
|
|
|
|
|
Total
Liabilities
|
2,149,269
|
693,114
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
$
22,602,288
|
$
1,268,383
|
|
|
Full details of the financial reports and operating results for
the third quarter ended October 31,
2020 are described in the Company's condensed interim
consolidated financial statements with accompanying notes and
related Management's Discussion and Analysis, available on SEDAR at
www.sedar.com.
CEO of Clean Air Metals, Abraham
Drost, MSc, P.Geo. stated that "third quarter financial
results demonstrate that the Company continued to successfully
invest into exploration of the Escape Lake and Current Lake
polymetallic magma conduit-hosted mineral deposits. Through
continued exploration and development of these two robust trends of
notable platinum, palladium, copper and nickel mineralization as
outlined in its continuous public disclosure, Clean Air Metals
continues to add value for its shareholders and is well financed to
position the Company for continued success in 2021."
COVID Policy
Clean Air Metals continued to apply COVID-19 avoidance and
personal protection measures for its geological staff, drilling
contractor and service suppliers during the third quarter.
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 and inter-provincial travel. The guidelines also
"strongly recommended" self-isolation after travel into the
Northwest region from other areas of the Province. 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 Phase 1 and
Phase 2 diamond drilling programs.
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.
Corporate Social Responsibility
Clean Air Metals and its wholly-owned subsidiary, Panoramic PGMs
(Canada) Ltd., acknowledge that
the Escape Lake and Thunder Bay North Properties are on the
traditional territories of the Fort William First Nation, Red
Rock First Nation and Biinjitiwaabik Zaaging Anishinabek,
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.
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 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.
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.