Clean Air Metals intersects PGMs, copper and nickel at Thunder Bay North, Ontario
Clean Air Metals Inc. [AIR-TSXV; CLRMF-OTCQB; CKU-FSE] reported new assay results from the 2022 drill campaign from the current platinum-group-element-copper-nickel deposit at the 100%-owned Thunder Bay North critical minerals (platinum-palladium-copper-nickel) project near Thunder Bay, northern Ontario, Canada.
| New assay highlights from the Current deposit area include infill test hole CLM22-058, which intersected 10 metres grading 3.31 g/t platinum (Pt), 3.16 g/t palladium (Pd), 0.61% copper (Cu) and 0.43% (Ni) from 244 metres to 254 metres downhole, including 6 metres grading 4.32 g/t Pt, 4.11 g/t Pd, 0.79% Cu and 0.52% Ni from 248 metres to 254 metres downhole. |
Abraham Drost, MSc, PGeo, CEO, stated: “The drilling assay results support prefeasibility study (PFS) mine design at Thunder Bay North. Considerable upside exploration potential for massive sulphides outside the PEA production area remains at the base of the Escape and Current magma conduits along the Escape Lake fault. The company is presently expanding its work permit footprint to accommodate a drill program on these targets this winter.
“These are challenging markets for small-cap junior miners. Clean Air Metals is fortunate to hold peer-leading high-grade platinum-palladium-copper-nickel assets at Thunder Bay North with relatively low capital intensity and close to infrastructure with a highly accomplished exploration and development team. PFS-level engineering, metallurgical optimization and mineral resource validation continue under the supervision of COO Mike Garbutt, PEng, and are expected to culminate in preparation of a PFS technical report outlining minable mineral reserves at the Thunder Bay North project, expected by Q3 2023. In the meantime, environmental baseline fieldwork and hydrogeological test work continue.”
Preliminary economic assessment (PEA): The company announced a comprehensive mine plan and cash flow model for both the Escape deposit and Current deposit as part of a base case PEA for the Current and Escape PGE-Cu-Ni deposits of the Thunder Bay North project on Dec. 1, 2021.
The company again states that DRA Americas Inc. is the successful bid under a request for proposal (RFP) for prefeasibility metallurgical testing and process plant design for the Thunder Bay North project.
The company has selected and contracted SLR Consulting through an RFP process to provide independent validation of an updated TBN project resource estimate for the prefeasibility study. The updated resource estimate will include 53,600 metres of new drilling completed on the Escape deposit since the release of the resource estimate in Q1 2021 and 6,500 metres of additional infill drilling on the Current deposit since the cut-off date for the PEA.
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 Anishinabek. The parties together are the co-operating participants in a memorandum of agreement dated Jan. 9, 2021 and exploration agreement signed April 13, 2022.
The Thunder Bay North project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment (PEA) filed Jan. 12, 2002. The PEA of a ramp access underground mine and on-site 3,600-tonne-per-day milling complex and the two-year trailing average price deck feature a pretax net present value (5%) of $425-million and an internal rate of return of 31% on initial capital of $367-million over a 10-year mine life.