THUNDER BAY, ON, March 18, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) is very pleased to announce new assay
results from the drilling campaign at the Escape Lake Deposit
currently underway at the Company's Thunder Bay North Project (the
"Project"). Highlights in Table 1 and Figure 1 include:
- Hole ELR21-041 intersected a massive sulphide horizon grading
7.93g/t Palladium (Pd), 6.41g/t Platinum (Pt), 4.76% Copper
(Cu), 2.5% Nickel (Ni), 0.151% Cobalt (Co) over 0.5m from 337.0 – 337.5m downhole. This intercept of
"loop-textured" massive sulphides (Figure 2) is located
350m north of the centroid of the
Escape South High Grade Zone pod containing 2,351,310 tonnes
grading 4.82g/t PdEq (reported January 20,
2021¹) The ppm metal ratios for Cu/Pt+Pd (=3300) and
Ni/Pt+Pd (=1740) found in this sample closely match similar metal
ratios found in the Norilsk deposits in Russia (Figure 3).
- Hole ELR20-032 intersected 35.1m of 2.23g/t Palladium (Pd), 1.64g/t Platinum
(Pt), 0.80% Copper (Cu) and 0.41% Nickel (Ni) from 379.0 –
414.1m downhole located in the Escape
South resource area of the Escape Lake Deposit, drilled in
December, 2020 and only partially reported.
- Hole ELR21-036 intersected 20.3m of 1.21g/t Palladium (Pd), 1.01g/t Platinum
(Pt), 0.43% Copper (Cu) and 0.22% Nickel (Ni) from 200.8 –
221.1m downhole located between the
Escape South High Grade Zone and the Steepledge North Zone.
Further, Hole CLM20-002 intersected 27m of 3.09g/t Palladium (Pd), 3.09g/t Platinum
(Pt), 0.78% Copper (Cu) and 0.50% Nickel (Ni) from 93.1 –
120.0m downhole located in the Bridge
Zone area of the Current Lake Deposit, as part of a mini bulk
sample drilled with HQ core for bench test flotation metallurgical
processing taking place with Blue Coast Research of British Columbia, Canada.
The Company has also recently completed a series of property
wide geophysical transects using the magnetotelluric ("MT")
geophysical method. MT uses natural, low frequency electromagnetic
currents to map areas of low resistivity and high conductivity in
the subsurface. The survey has identified a series of high
conductivity features that were not previously recognized. These
are being compiled with stratigraphic and structural data into a
number of high priority massive sulphide exploration targets in and
around both the Escape and Current magma conduit deposit areas.
The inherent fertility of the Escape Lake magma conduit deposit
is well illustrated by the recent mineral resource update reported
on January 20, 2021 (see
Footnote¹). 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. With the 2020
investment of CAD$4.5 million into
19,000m of drilling at Escape in
2020, the average cost of discovery and compiling historical drill
results was approximately $9.00 per
Indicated ounce PdEq.
¹ NI 43-101 TECHNICAL
REPORT AND MINERAL RESOURCE ESTIMATE FOR THE THUNDER BAY NORTH
PROJECT, THUNDER BAY, ONTARIO, effective date January 20, 2021.
Posted to SEDAR March 4, 2021. Prepared by Nordmin Engineering
Ltd.- QP Glen Kuntz, P.Geo. Ontario
|
Abraham Drost, CEO of Clean
Air Metals stated that "the discovery of Norilsk-style
Ni-Cu-Co massive sulphides with substantial Pt and Pd in the Escape
Lake Deposit system is a potential game changer for the Company.
Early on we recognized the high-level similarities of the magma
conduit chonolith system and structural and stratigraphic controls
on mineralization at Thunder Bay North with the Talnakh complex at
Norilsk, one of the world's foremost Nickel-Copper-PGM deposits.
Based on the new discovery of massive sulphides in the Escape Lake
Deposit with favorable metal ratios and the recent completion of a
structural analysis and MT geophysical surveys, we are well funded
to ramp up our exploration efforts in both the Escape Lake and
Current Lake magma conduit deposit systems."
The Company plans a minimum 30,000m of further delineation drilling at the
Escape Lake Deposit at a cost of approximately $6.6 million in 2021. The Current Lake Deposit,
itself with 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 (reported
January 20, 2021; see Page 1
Footnote¹) will also receive additional $2.2
million budget for approximately 10,000m of drilling to convert Inferred into
Indicated in the Beaver Lake Zone area.
A further minimum $1.1 million
program of 5000m drilling will be
allocated to drilling specific structural/stratigraphic targets
both inside and outside the known magma conduit areas, with
coincident high conductivity MT geophysical anomalies and high
prospectivity for massive sulphide mineralization.
Table 1: New Assay Results Update – Escape Lake Zone, Thunder
Bay North
Hole
ID
|
Company
|
From,
m
|
To,
m
|
Length,
m
|
Pt+Pd
(g/t)
|
Cu+Ni
(%)
|
Pt
(g/t)
|
Pd
(g/t)
|
Cu
(%)
|
Ni
(%)
|
ELR20-032
|
AIR
|
379.0
|
414.1
|
35.1
|
3.87
|
1.21
|
1.64
|
2.23
|
0.80
|
0.41
|
|
**incl
|
395.1
|
405.1
|
9.9
|
6.50
|
1.96
|
2.72
|
3.77
|
1.29
|
0.66
|
ELR21-035
|
AIR
|
169.2
|
170.9
|
1.8
|
2.11
|
0.24
|
0.97
|
1.14
|
0.16
|
0.08
|
ELR21-035
|
AIR
|
315.0
|
333.0
|
18.0
|
1.31
|
0.47
|
0.60
|
0.71
|
0.26
|
0.21
|
ELR21-036
|
AIR
|
200.8
|
221.1
|
20.3
|
2.22
|
0.65
|
1.01
|
1.21
|
0.43
|
0.22
|
ELR21-038
|
AIR
|
289.8
|
298.7
|
8.9
|
1.78
|
0.58
|
0.81
|
0.96
|
0.39
|
0.19
|
ELR21-038
|
AIR
|
337.7
|
339.4
|
1.7
|
1.95
|
0.91
|
0.88
|
1.07
|
0.62
|
0.29
|
ELR21-041
|
AIR
|
337.0
|
337.5
|
0.5
|
14.34
|
7.16
|
6.41
|
7.93
|
4.76
|
2.50
|
CLM20-001
|
AIR
|
149.6
|
166.4
|
16.8
|
4.07
|
0.71
|
2.06
|
2.00
|
0.48
|
0.23
|
|
incl
|
163.6
|
166.4
|
2.8
|
11.22
|
1.65
|
5.71
|
5.51
|
1.23
|
0.41
|
CLM20-002
|
AIR
|
79.2
|
83.1
|
3.8
|
1.96
|
0.40
|
1.00
|
0.96
|
0.23
|
0.17
|
CLM20-002
|
AIR
|
88.1
|
89.9
|
1.9
|
2.10
|
0.43
|
1.07
|
1.03
|
0.24
|
0.19
|
CLM20-002
|
AIR
|
93.1
|
120.0
|
27.0
|
6.17
|
1.29
|
3.09
|
3.09
|
0.78
|
0.50
|
|
incl
|
98.3
|
114.5
|
16.1
|
8.15
|
1.69
|
4.04
|
4.11
|
1.03
|
0.66
|
CLM20-003
|
AIR
|
252.0
|
255.4
|
3.4
|
2.00
|
0.41
|
1.04
|
0.95
|
0.25
|
0.15
|
CLM20-004
|
AIR
|
145.1
|
150.9
|
5.9
|
1.26
|
0.29
|
0.66
|
0.60
|
0.15
|
0.14
|
CLM20-004
|
AIR
|
155.0
|
166.0
|
11.0
|
9.67
|
1.60
|
4.96
|
4.71
|
1.09
|
0.51
|
|
incl
|
156.2
|
166.0
|
9.8
|
10.53
|
1.73
|
5.40
|
5.14
|
1.18
|
0.55
|
CLM20-004
|
AIR
|
172.0
|
174.0
|
2.0
|
2.23
|
0.72
|
1.12
|
1.11
|
0.44
|
0.28
|
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
|
**
|
Previously reported
composite assay interval on December 7, 2020 on a Rush
basis
|
COVID Policy
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.
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.
Social 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 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"
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, 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.
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SOURCE Clean Air Metals Inc.