Thunder Bay, Ontario, February 15, 2023 /CNW/- Clean Air Metals Co., Ltd. (“Clean Air Metals”) (“Company”) (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU), under independent oversight, for its ongoing internal review of mineral resource estimates at the Thunder Bay North Project. reporting. SLR Consulting’s (Canada) Limited (“SLR”). The company has determined that the metal content of its current deposit, one of the two deposits that make up the Thunder Bay North Project, is likely to be significantly reduced. The company previously reported.
A previous report was based on independent mineral resource estimates and Nordmin Engineering Ltd. (January 20, 2021; December 1, 2021; January 13, 2022). Due to the apparent overestimation of the original mineral resources of the current deposits, the technical report “NI 43-101 Technical Report and Preliminary Economic Assessment for the Thunder Bay North Project, Thunder Bay, Ontario(Submitted to SEDAR January 12, 2022) and we withdraw both documents.
of July 2022Clean Air Metals contracted with SLR to independently monitor and monitor the latest Mineral Resource estimates that were to be produced for both the PGE-Cu-Ni deposits (Current and Escape deposits) within the Thunder Bay North project. provided verification (press release August 2, 2022).The process started with an escape deposit that included the addition of approx. 38,980m Infill drilling data for 78 holes (varyingly reported between 2021 and 2022) completed after the initial PEA cutoff date. Work at this stage maintains the tonnage and grade characteristics of the escape deposit. The ongoing Mineral Resource update work on the Escape Deposit suggests no material changes evident from Nordmin’s estimates.
This was followed by a review of a large (approximately 750 drill holes) historical current account drill hole database. 6,480m Infill drilling in 30 holes completed by the company after the first PEA cut-off date. A preliminary resource model review of the current deposit identified discrepancies with the disclosed resource estimates, as noted.
More work needs to be completed before a definitive determination of metal content reduction in current deposits can be extrapolated. Additional checks on current deposit models and Mineral Resource estimates are necessary and ongoing to estimate expected dispersal. The latest Mineral Resource estimates from both Escape and Current Deposits will form the basis of a new Mineral Resource Technical Report (“SLR Technical Report”) produced by SLR.
DRA Americas continues the metallurgical optimization work begun in 2000. May 2022 (press release May 26, 2022). The metallurgical test program he plans to complete in the first quarter of 2023. Further work on mill flowsheets and plant design awaits the SLR Technical Report.Similarly, mine design work anticipated by BBA Engineering (reported January 10, 2023) will be reviewed based on the results of the SLR Technical Report.
Abraham DostCEO of Clean Air Metals, “We commenced our regular review of our escape deposits and current deposit Mineral Resource estimates in August 2022. The Mineral Resource update was initiated first at our escape deposits. The resource re-estimation results are consistent with those reported in the Disclosed Resource Statement and the PEA and are approximately 38,980m Number of 78-hole infill drills since the first PEA cut-off date.
The initial Mineral Resource update results for the current deposit are unexpected and disappointing. They can have a significant impact on the forecast economics of the Thunder Bay North Project. Expected new and updated Mineral Resource results for the Thunder Bay North Project will guide the next steps. Our technical and management teams, along with independent consultants, are now dedicated to this important task, giving priority to market updates. ”
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Doctor Jeff HeggiePh.D., P.Geo., National Instrument 43-101, our Vice President – Exploration Officer, has reviewed and approved all technical information in this press release.
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Clean Air Metals Inc. and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledges that the Thunder Bay North Critical Minerals Project is located in the traditional territory of Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties agree to participate in the memorandum of understanding dated January 9, 2021 (press release dated January 11, 2021) and exploration contract signed on April 13, 2022 (press release dated April 14, 2022) is a person.
We value the opportunity to work in these areas and are committed to recognizing and respecting the people who have lived, traveled and gathered here since time immemorial. Clean Air Metals is committed to stewardship of Indigenous heritage and builds respectful relationships with First Nations and Métis based on the principles of mutual trust, respect, reciprocity and cooperation in the spirit of reconciliation. We remain committed to , promote and encourage
About Clean Air Metals
Clean Air Metals’ flagship asset is the 100% owned high-grade Thunder Bay North Critical Minerals Project, a platinum, palladium, copper and nickel mine located near the City of Thunder Bay, Ontario and the Lac des Iles mine owned by Impala Platinum. It’s a project.
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Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements relate to information based on management’s assumptions, projections of future results and estimates of amounts that cannot yet be determined. Statements that represent projections, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance may be “forward-looking statements” and not statements of historical fact. Forward-looking statements in this press release include statements regarding projected reductions in metals content, mineral resources and preliminary economic assessments, and the timing of updated resource estimates is subject to actual events. and are subject to various risks and uncertainties that may cause different results. Those reflected in forward-looking statements include, but are not limited to: risks associated with the outcome of legal proceedings; Political and regulatory risks associated with mining and exploration. Risks associated with maintaining a stock exchange listing. Risks related to environmental regulation and liability. potential delays in completing exploration or development activities or feasibility studies; uncertainties in profitability; risks and uncertainties regarding interpretation of drilling results, geology, deposit grade and continuity; the uncertainties inherent in production and cost estimates and the risks associated with the possibility of unexpected costs and expenses; the results of pre-feasibility and feasibility studies and the results of future exploration, development or mining may not meet our expectations; Risk associated with fluctuations in commodity prices. and other risks and uncertainties relating to our prospects, assets and business that are detailed elsewhere in our disclosure records. If one or more of these risks and uncertainties materializes, or if the underlying assumptions prove incorrect, actual results may differ materially from those set forth in the forward-looking statements. There is a possibility. Investors are cautioned against ascribed undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and we undertake no obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. We do not owe. Actual events or results may differ materially from our expectations and projections.
