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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 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.
Clean Air Metals has appointed Shannin Metatawabin to its Board of Directors, effective immediately. Metatawabin, currently the CEO of the National Aboriginal Capital Corporations Association, has extensive experience in economic development for Indigenous communities. He will provide valuable insights as the company advances its Thunder Bay North project. As part of his appointment, the company granted him 400,000 stock options at $0.265 per share. Clean Air Metals emphasizes its commitment to ESG principles and community engagement in its operations.
Clean Air Metals has announced new assay results from its Thunder Bay North Project, highlighting drilling progress at the Escape and Current deposits. The Escape Deposit has seen expansion drilling of nearly 30,000m, while the Current Deposit holds a well-defined Indicated mineral resource of 1,328,789 PdEq ounces. Notable assay results from recent drilling include significant grades from various holes, with Hole ELR21-085 showing 16.1m grading 4.20g/t PdEq. The company's ongoing metallurgical studies are set to inform a Preliminary Economic Assessment (PEA) planned for release in Q4 2021.
Clean Air Metals Inc. has made a CAD $1 million payment to Rio Tinto Exploration Canada to fulfill a payment requirement for Benton Resources. This is part of a larger CAD $6 million agreement for the Escape Lake Property. Additionally, Clean Air Metals acquired the TBN Property, which includes the Current Lake Deposit, and has committed to CAD $9 million in payments to Magma over three years. The company acknowledges collaboration with local First Nations and recognizes the project's environmental implications.
Clean Air Metals has appointed Dr. Geoff Heggie as the new Exploration Manager, succeeding Allan MacTavish, who will remain as a consultant. Dr. Heggie brings 7 years of experience from the Thunder Bay North Project and contributions from Noront Resources. Recent drilling at the Project revealed impressive assay results, including 21.3m grading 4.80g/t Palladium Equivalents. The company is set to publish a Preliminary Economic Assessment (PEA) in Q4 2021, enhancing its underground mine model based on Current and Escape Lake deposits.
Clean Air Metals has filed its interim financial statements for the six-month period ending July 31, 2021. Key highlights include total assets of $37,696,643, cash of $9,164,586, and working capital of $5,927,070. The company recently closed a $11.5 million private placement and initiated a 30,000 meter diamond drill program at the Thunder Bay North Project. It aims to enhance palladium equivalent resources while also conducting metallurgical studies for a Preliminary Economic Assessment set for Q4 2021.
On September 7, 2021, Clean Air Metals announced positive assay results from its Thunder Bay North Project. Significant findings include Hole ELR21-077, which intersected 76.6m grading 5.67g/t PdEq, featuring high grades of Palladium, Platinum, Copper, and Nickel. The Escape Lake Deposit has expanded and an updated mineral resource is planned for Q1 2022. The Current Lake Deposit shows a well-defined Indicated resource of 1,328,789 PdEq ounces, with a Preliminary Economic Assessment due in Q4. Ongoing metallurgical studies are set to enhance project valuation.
Clean Air Metals Inc. announced promising assay results from its Thunder Bay North Project on Aug. 12, 2021. Key findings include Hole CL21-004 with a 13.0m intersection grading 2.9 g/t PdEq, and Hole ELR21-070 showing 8.0m at 3.3 g/t PdEq. The Current Lake Deposit holds 1,328,789 oz PdEq, while the Escape Lake Deposit features 505,369 oz PdEq, indicating significant mineral resources. A Preliminary Economic Assessment (PEA) is expected by early Q4 2021 based solely on the Current Lake Deposit. The company is also revising its resource estimate for the Escape Lake Deposit in Q1 2022.