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Clean Air Metals Inc. reports developments tied to its 100%-owned Thunder Bay North Critical Minerals Project in Northwestern Ontario. Company news centers on PGE-Cu-Ni exploration and development work, including the Current and Escape deposits, down-plunge drilling, geophysical planning, preliminary economic assessment updates, toll-milling and stand-alone mill concepts, and infrastructure planning for site access and power.
Updates also cover project funding, Ontario exploration support, commodity-market context for platinum, palladium, copper and nickel, interim financial statements and management discussion, and governance changes affecting technical leadership. The company also references engagement with First Nations and Métis communities connected to the Thunder Bay North project area.
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Clean Air Metals Inc. (OTCQB: CLRMF) updates on the Thunder Bay North Project, confirming collaboration with SLR Consulting to address discrepancies in mineral resources. A review is underway, including geological modeling and mineralogy analysis. Notably, over 38,000 meters of infill drilling at the Escape deposit shows no significant discrepancies in metal content. Abraham Drost, CEO, acknowledged the importance of transparent processes under NI 43-101. The project engages Indigenous communities, emphasizing respectful collaboration. Upcoming updates on resource estimation timelines are anticipated.
Clean Air Metals has announced an ongoing internal review of its mineral resource estimate for the Thunder Bay North Project, revealing a potential 20% to 50% reduction in the metal content of the Current Deposit. This significant adjustment stems from discrepancies in earlier estimates provided by Nordmin Engineering Ltd. The Company has retracted previous assessments, indicating that projected economics may be adversely affected. Meanwhile, the Escape Deposit remains stable, supported by recent drilling data. Additional validation and further assessments are required before finalizing the updated resource estimates.
Clean Air Metals announced the selection of BBA E&C Inc. as the prime engineering consultant for the Thunder Bay North Critical Minerals Project. BBA will lead the remaining Pre-Feasibility Study (PFS) work, focusing on mine design and carbon neutrality. The metallurgical optimization work continues with DRA Americas, expected to finish in Q1 2023, while a mineral resource update is set for Q2 2023. The company aims to complete the PFS by Q3 2023, leveraging a recent C$15 million investment to ensure financing for its environmentally sustainable mining operations.
Clean Air Metals Inc. announced the filing of its unaudited consolidated interim financial statements and management's discussion for the nine-month period ended October 31, 2022. Key financial highlights include total assets of $42,279,897, cash of $903,741, and a working capital deficiency of $472,891. Operating expenses increased to $3,352,677 for the nine months, while net loss reached $2,456,850. The Company continued exploration and prefeasibility studies for its Thunder Bay North Project, with external validation for the Escape Deposit's mineral resource update.