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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.
Clean Air Metals closed a C$10 million first tranche of a C$15 million mineral royalty financing agreement with Triple Flag Precious Metals, effective December 16, 2022. This agreement involves a 2.5% NSR royalty on the Thunder Bay North Critical Minerals Project, which includes platinum, palladium, copper, and nickel. The second tranche of C$5 million will follow pending due diligence by Rio Tinto on its royalty. Proceeds will finance a final payment for project ownership, a prefeasibility study, and other expenses.
Clean Air Metals announced new assay results from its 2022 drill campaign at the Current PGE-Cu-Ni Deposit in Thunder Bay, Ontario. Highlighted results include Hole CLM22-058, which intersected 10.0m grading 3.31g/t Pt, 3.16g/t Pd, 0.61% Cu, and 0.43% Ni, showcasing significant mineralization. The company is advancing its pre-feasibility study, expecting to deliver a technical report by Q3/2023. Clean Air Metals is also engaging in environmental work and optimizing its processes with DRA Americas and SLR Consulting for metallurgical testing and resource validation.
Clean Air Metals Inc. (OTCQB: CLRMF) has released its interim financial results for the period ending July 31, 2022. Key highlights include total assets of $42.67 million, total cash of $3.13 million, and a working capital of $2.25 million. The company raised $12.5 million through a private placement and completed significant drilling activities on its Thunder Bay North Critical Minerals Project.
Additionally, the company announced the kickoff of a Prefeasibility Study and appointed Mike Garbutt as COO to oversee the project's development.
Clean Air Metals has released promising assay results from its 2022 drilling campaign at the Thunder Bay North Project. Highlights include Hole CLM22-007, which intersected 19.0m grading 3.92g/t Pt and 3.90g/t Pd, demonstrating strong mineralization. Additional results from other holes also indicate strong grades of platinum, palladium, copper, and nickel. The company continues its prefeasibility study with a technical report expected in mid-2023. DRA Americas and SLR Consulting have been engaged for metallurgical testing and resource validation, respectively, indicating further potential for the project.
Clean Air Metals Inc. announced promising new assay results from its 2022 drill campaign at the Thunder Bay North Project. Notable findings include a 19.0m intersection grading 2.04g/t Platinum, 2.52g/t Palladium, 0.87% Copper, and 0.45% Nickel at the Escape deposit. At the Current deposit, a 12.0m intersection yielded 2.28g/t Platinum and 2.14g/t Palladium. The company is engaging DRA for metallurgical testing and SLR for resource validation to optimize project feasibility. The upcoming virtual roadshows will present further insights, with participation encouraged for stakeholders.
Clean Air Metals Inc. (OTCQB: CLRMF) will hold its Annual General Meeting (AGM) virtually on July 27, 2022, at 9:00 am ET. Shareholders can attend online or by phone and must vote by the deadline of July 25, 2022, at 9:00 am ET. The company emphasizes its commitment to economic reconciliation with Indigenous communities, engaging Indigenous-owned vendors for technical and environmental work. Clean Air Metals is focused on the Thunder Bay North Critical Mineral Project, boasting strong economic metrics, including a pretax NPV of C$425 million and an IRR of 31% over a 10-year mine life.
Clean Air Metals filed its unaudited interim financial results for the quarter ended April 30, 2022. Key highlights include total assets of $45.35 million, cash reserves of $7.27 million, and working capital of $5.86 million. The company raised approximately $12.5 million via a private placement and completed 34 drill holes totaling 13,103 m on the Escape Deposit. The net loss for the quarter was $560,871, compared to a loss of $47,741 in the previous year, which reflects increased operational expenses of $1.1 million.
Clean Air Metals has announced positive assay results from its 2022 drill campaign at the Thunder Bay North Project in Ontario, with notable grades from the Escape and Current PGE-Cu-Ni deposits. Key highlights include 70.5m grading 1.18g/t Platinum and 1.52g/t Palladium from the Escape South deposit, and 25.0m grading 2.01g/t Platinum and 2.57g/t Palladium from the Current deposit. The ongoing drilling aims to enhance the known dimensions and resources, with DRA selected for metallurgical testing, potentially improving project viability.
Clean Air Metals has filed its audited financial statements for the year ended January 31, 2022. Key financial highlights include total assets of $35,059,465, cash of $542,573, and a working capital deficit of $1,632,099. The company raised approximately $12.5 million through a private placement shortly after the filing. During the year, significant drilling activities and environmental studies were conducted for the Thunder Bay North Project, which has a pretax NPV5 of C$425m and an IRR of 31%.
Clean Air Metals announced assay results from its 2022 drilling campaign at the Escape PGE-Cu-Ni Deposit in Thunder Bay, Ontario. Notable intersections include 39.0m grading 1.17g/t Platinum and significant Copper and Nickel content from hole ELR22-137. The drilling has confirmed resource continuity, potentially increasing the indicated mineral resource of 8.12 g/t PtEq. The company made a C$1.5 million payment to Panoramic Resources, moving towards full ownership of the project. DRA Americas has been appointed for pre-feasibility studies, with a study expected by Q2 2023.