THUNDER BAY, ON / ACCESS Newswire / February 27, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce the first results from its ongoing winter drilling program at its 100%-owned Thunder Bay North Critical Minerals Project ("TBN"). Results from the first three (3) holes confirmed that the known areas of near-surface, high-grade mineralization at the Current deposit are more significant than initially thought. Assay results for the remaining 10 holes are pending and will be released when received.
Assay highlights:
21.4 m of 2.71 g/t Pt, 2.41 g/t Pd, 0.53% Cu and 0.28% Ni(7.64 g/t Pt.eq1; 2.56% Cu.eq2) from 96 m downhole in Hole CL25-002, including
3.83 g/t Pt, 3.37 g/t Pd, 0.68% Cu and 0.34% Ni (10.39 g/t Pt.eq1; 3.48% Cu.eq2) over 5.75 m from 100.3 m, and
4.20 g/t Pt, 3.76 g/t Pd, 0.89% Cu and 0.34% Ni (11.86 g/t Pt.eq1; 3.97% Cu.eq2) over 6.4 m from 111.0 m
49.0 m of 1.57 g/t Pt, 1.46 g/t Pd, 0.32% Cu and 0.21% Ni(4.63 g/t Pt.eq1; 1.55% Cu.eq2) from 74 m downhole in Hole CL25-001, including
2.91 g/t Pt, 2.67 g/t Pd, 0.55% Cu and 0.29% Ni (8.15 g/t Pt.eq1; 2.73% Cu.eq2) over 8 m from 96 m, and
2.74 g/t Pt, 2.42 g/t Pd, 0.53% Cu and 0.27% Ni (7.66 g/t Pt.eq1; 2.57% Cu.eq2) over 9 m from 110 m
Notes
1. Platinum equivalent are calculated as follows: Pt.eq = (Pt grade/31.1035 x $976 + Pd grade x 31.1035 x 86.2% x $966 + Cu grade x 2204 x 95.9% x $4.25 + Ni grade x 2204 x 57% x 6.98 + Au grade/31.1035 x 85% x $2,939 + Ag grade/31.1035 x 65.2% x $32.89) / $976 x 31.1035
2. Copper equivalents are calculated as follows: Cu.eq= (Cu grade x 2204 x $4.25 + Pt grade x 31.1035 x 80.6% x $976 +Pd grade x 31.0135 x 86.2% x $966 + Ni grade x 2204 x 57% x $6.98 + Au grade/31.1035 x 85% x $2,9392 + Ag grade/31.1035 x 65.2% x $32.89) / $4.25 / 2204
Equivalents are based on the following recoveries Pt 80.6%, Pd 86.2%, Cu 95.9% Ni 57%, Au 85%, Ag 65.2%; and metal prices from February 20, 2025, US Spot; Pt $976, Pd $966, Cu $4.25, Ni $6.98, Au $2939, Ag $32.89
Mike Garbutt, CEO of Clean Air Metals, remarked, "These latest results have validated our belief that the Current deposit hosts more near-surface high-grade mineralization than previously estimated. The impressive grade and significant thickness encountered during the recent drilling programs provide additional support for establishing a more robust, low-tonnage, high-grade production model. These results have also highlighted the critical importance of leveraging downhole geophysics to locate the highest-value mineralization targets at Current and Escape as we continue to advance the Thunder Bay North Project."
Table 1. Assays results from reported holes
Hole ID
From (m)
To
(m)
Length
(m)
Pt (g/t)
Pd (g/t)
Cu (%)
Ni (%)
Pt+Pd (g/t)
Cu+Ni (%)
Pteq1
(g/t)
Cueq2
(%)
CL25-001
74.0
123.0
49.0
1.57
1.46
0.32
0.21
3.03
0.53
4.63
1.55
Incl
96.0
104.0
8.0
2.91
2.67
0.55
0.29
5.58
0.84
8.15
2.73
And
110.0
119.0
9.0
2.74
2.42
0.53
0.27
5.15
0.80
7.66
2.57
CL25-002
96.0
117.4
21.4
2.71
2.41
0.53
0.28
5.12
0.81
7.64
2.56
incl.
100.3
106.0
5.75
3.83
3.37
0.68
0.34
7.20
1.01
10.39
3.48
incl.
111.0
117.4
6.4
4.20
3.76
0.89
0.34
7.96
1.23
11.86
3.97
CL25-003
88.0
116.0
28.0
0.89
0.83
0.22
0.20
1.72
0.42
2.94
0.99
Incl
102.0
113.0
11.0
1.12
1.01
0.27
0.23
2.13
0.50
3.61
1.21
The Winter 2025 drilling program is strategically designed to augment the number, size, and grade of near-surface high-grade subzones at the Current deposit, building on the positive results from the Summer 2024 program (see September 10, 2024, and October 3, 2024 news releases), including:
51.79 m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni(14.82 g/t Pt.eq; 4.71% Cu.eq) from 86 m downhole in Hole CL24-001;
31.40 m of 4.22g/t Pt, 4.04g/t Pd, 0.95% Cu and 0.56% Ni(13.04 g/t Pt.eq; 4.14% Cu.eq) from 118 m downhole in Hole CL24-003.
These new findings, in conjunction with the summer program's results, validate the extensions of the mineralized subzones beyond the most recent resource model (NI 43-101 technical report on the Thunder Bay North Project, Ontario, Canada, SLR Consulting Canada Ltd, June 19, 2023). This further reinforces our strategy of advancing a high-grade, high-margin moderate tonnage project.
Figure 1. Plan view map showing drill hole locations for the ongoing 13-hole program at the Current deposit.
Downhole Geophysics Program
To enhance the targeting of high-grade mineralized subzones, Clean Air Metals has engaged Crone Geophysics to conduct downhole Electromagnetic (EM) surveys in the Lower Current zone. This advanced program is designed to accurately identify and target the thickest, most enriched portions of the subzones within both the Current and Escape deposits for future drilling campaigns.
Recent analyses of historical geophysical data have revealed that downhole EM surveys have been the most effective method for targeting high-grade mineralization at various depths. For the upcoming downhole EM, the approach will be significantly enhanced by employing smaller loop sizes and advanced sensor technologies specifically designed to improve the detection of mineralized subzones, ensuring more precise identification.
Clean Air Metals' Vice President of Exploration, Lionnel Djon, commented, "The results from our recent drilling at the Current deposit have provided us with increased confidence in successfully targeting the highest-grade subzones. We're particularly excited by the lateral extensions of the known high-grade areas, which remain open along strike. The systematic application of borehole EM surveys to pinpoint the position of these high-grade ‘plums' will allow us to target them downplunge to significant depths."
Table 2. Hole Coordinates
Hole ID
Easting- NAD83_16 (m)
Northing NAD83_16
(m)
Elevation (m)
Azimuth
(deg)
Dip (deg)
Hole length (m)
CL25-001
357548
5402688
493
208.2
-73.9
165
CL25-002
357548
5402688
493
210.6
-85.2
150
CL25-003
357587
5402644
494
288.0
-84.1
150
Update on Project Development Activities
After completing the winter drill program and subsequent geophysics work, the Company will evaluate the potential to update the resource, leading to a Preliminary Economic Assessment that details our high-grade, high-margin, low-capital development strategy for the Thunder Bay North project.
In line with our commitment to meaningfully advance the project, Clean Air Metals has submitted a Notice of Project Change and Project Definition Report to the Ontario Ministry of Mines in support of an Advanced Exploration Project designation. The status change is the first step towards obtaining permits for a potential underground ramp and bulk sample at the Current deposit.
Upcoming Investor Event
Clean Air Metals invites shareholders and interested parties to meet with Management and the Technical team at the upcoming PDAC convention Core Shack (#3107B) on March 4 and 5, 2025 at the Metro Toronto Convention Centre, Toronto.
Qualified Person
Dr. Lionnel Djon, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President of Exploration for the Company, has reviewed and approved all technical information in this press release.
Quality Assurance / Quality Control
Clean Air Metals uses ALS Global ("ALS"), a well-established and recognized mineral assay and geochemical analytical services company. The Thunder Bay laboratory holds ISO-9000 accreditation; the Vancouver facility holds ISO-17025 registration.
All NQ-sized drill cores are cut with a diamond-tipped saw blade, and half are submitted to ALS for sample preparation and analysis. Sample preparation is completed at the ALS sample preparation facility in Thunder Bay, ON, and analysis is completed at the primary ALS assay laboratory in Vancouver, B.C.
Clean Air Metals follows a quality control procedure for its core assay sampling program: inserting blind blanks and certified Palladium-Platinum and Copper-Nickel standards into the sample stream. The insertion procedure follows industry standards with control sample frequency depending on the length of the sampled interval.
Gold, platinum, and palladium are analyzed using fire assay (FA) with an inductively coupled plasma mass spectrometry (ICP-MS) finish. Samples with grades above the optimal ICP-MS detection limits are analyzed using optical emission spectroscopy (ICP-OES).
Also, thirty-three (33) elements of each sample, including copper, nickel, silver, chromium, cobalt, and sulphur, are analyzed by a multi-element analytical method using the atomic emission spectroscopy (ICP-AES) technique following four-acid digestion of the sample. When samples have grades above the optimal detection limits for this analytical method, they are re-analyzed using a high-grade assay method with an ICP finish.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals ("TBN") project, 40 km northeast of Thunder Bay, Ontario. The TBN project, accessible by road and next to established infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for expansion down-plunge.
One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders.
Social Engagement
Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of our area.
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or, future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
