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 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.
Clean Air Metals has appointed Mike Garbutt as the new Chief Operating Officer, effective immediately, enhancing its leadership with his extensive mining and operations experience. Mr. Garbutt, previously Deputy General Manager of a major mine in Ontario, brings significant expertise in mine engineering and operational excellence. The appointment aligns with the company’s commitment to advance the Thunder Bay North Project, which has a projected NPV of C$425 million. Clean Air Metals has also granted 1,000,000 stock options to Mr. Garbutt at $0.22 per share.
Clean Air Metals Inc. (OTCQB: CLRMF) has released promising drill assay results from the Escape PGE-Cu-Ni Deposit at its Thunder Bay North Project. Highlights include Hole ELR22-129, which showed 90.0m at 1.04g/t Platinum and 1.33g/t Palladium. Other significant results from Holes ELR22-131 and ELR22-133 were also reported. The increased drilling (37,000m) is expected to enhance the Indicated in situ mineral resource of 8.12g/t PtEq. The company aims for an updated mineral resource estimation to support prefeasibility studies. CEO Abraham Drost emphasized the high value of the Escape South HGZ.
Clean Air Metals has signed an Exploration Agreement with Fort William First Nation, Red Rock Indian Band, and Biinjitiwaabik Zaaging Anishinaabek, effective April 13, 2022. This agreement facilitates mineral exploration in the Thunder Bay North Project area, asserting mutual benefits and respecting Indigenous rights. The project aims to develop critical minerals like platinum and nickel, with sustainability in focus. Clean Air Metals maintains COVID-19 protocols, ensuring safety for its personnel while preparing for future feasibility studies that could enhance regional economic development.
Clean Air Metals Inc. (OTCQB: CLRMF) has appointed Kris Tuuttila as Director of Sustainability, Permitting and Community Relations, and promoted Dr. Geoff Heggie to VP-Exploration. The company is seeking a COO to advance the Thunder Bay North project, focusing on metallurgical optimization and net-zero emissions. Recently published 'Clean Air Metals Inc. – 2021 ESG Report' showcases a commitment to sustainability. The company is also actively drilling to enhance the PEA mine plan, with a financing of $12.5 million signaling their growth strategy in the mining sector.
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