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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 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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Clean Air Metals Inc. has filed a technical report for the Preliminary Economic Assessment (PEA) of the Thunder Bay North Project. The report, prepared by Nordmin Engineering Ltd., outlines significant changes in the post-tax IRR, now at 25.2%, and a post-tax NPV5 estimated at C$293 million with a payback period of 2.6 years. The project remains situated on the traditional territories of the Fort William First Nation and others. Clean Air Metals continues to commit to respectful relationships with Indigenous communities while advancing its high-grade mineral project in Ontario.
Clean Air Metals announced new assay results from the 2021 drilling campaign at its Thunder Bay North Project, indicating significant mineralization in the Escape and Current deposits. Notable results include Hole ELR21-083A, which intersected 46.0m grading 19.6 g/t PtEq, suggesting robust continuity of mineralization. The Escape Deposit's ongoing drilling aims to enhance its Indicated resource of 849,481 ounces PtEq. A Preliminary Economic Assessment highlights high-value mining areas, with plans for 10,000m of infill drilling to improve resource estimates.
Clean Air Metals Inc. (CLRMF) has filed its condensed interim financial statements for the nine-month period ending October 31, 2021. As of that date, total assets were $36,713,683, with cash reserves of $4,597,966 and working capital of $1,909,343. The company continues its diamond drill program focusing on the Thunder Bay North project, which currently hosts a combined mineral resource of 1,834,158 oz PdEq across two deposits. Operating expenses for Q3 were $1,056,915, with a net loss of $43,617.
Clean Air Metals has announced the completion of a Preliminary Economic Assessment (PEA) for its Thunder Bay North Project, which showcases strong financial metrics. The project holds a pre-tax NPV of $425 million and an after-tax NPV of $378 million, with an internal rate of return (IRR) of 31.1% pre-tax. Expected revenues average $239.8 million annually from mining platinum, palladium, copper, and nickel over a projected 10-year mine life. The capital payback is projected at 2.4 years, with an operating margin of 53%.
Clean Air Metals Inc. (OTCQB: CLRMF) has made a final payment of CAD $1 million to Rio Tinto Exploration Canada Inc. to fulfill its obligations under a definitive option agreement with Benton Resources Inc. for the Escape Lake Property. This payment, due by October 2022, was accelerated by Clean Air Metals. Following this, Benton will hold 100% rights to the property, granting Clean Air Metals the option to acquire it under predetermined terms. The company is actively exploring the high-grade Thunder Bay North Project, which includes the Current Lake and Escape Lake deposits.