Clean Air Metals Announces New Drill Results from the Escape
THUNDER BAY, ON, July 15, 2020 /PRNewswire/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (OTC: CLRMF) is pleased to announce new assay results from the drilling campaign currently underway at the Company's 100%-owned Thunder Bay North Project (the "Project").
A webinar discussion of the results will be hosted by Executive Chairman Jim Gallagher and CEO Abraham Drost at 1pm ET Thursday, July 16, 2020 (details and link below).
The results of four new holes from the Escape Lake Intrusion portion of the Project ("Escape Lake") comprise follow-up intercepts from those previously announced on June 17 and June 29, 2020 and are part of a 20,000m Phase 1 and 2 drill program (Table 1).
The new tranche of assays includes Drill Hole ELR20-004 which intersected 27.9m of 3.39ppm (g/t) Platinum, 4.67ppm (g/t) Palladium, 1.67% Copper and 0.90% Nickel from 391.6m-419.5m downhole.
Previously reported Drill Hole ELR20-003 (June 17, 2020) returned an assay interval of 78.9m of 1.66ppm (g/t) Platinum, 2.17ppm (g/t) Palladium, 0.8% Copper and 0.41% Nickel from 359.5m-438.4m, including 20.0m of 3.3ppm (g/t) Platinum, 4.49ppm (g/t) Palladium, 1.54% Copper and 0.84% Nickel from 395.5m-415.5m downhole.
Abraham Drost, CEO of Clean Air Metals stated that "the newest drill core assays were obtained by Drill 1 from the southern portion of the Escape Lake Mineralized Zone. Hole ELR20-004 has delivered the highest platinum, palladium and copper, nickel grades to date at Escape Lake. We look forward to results next month from the newly added Drill 2 on the northern limits of Escape Lake Zone discovery area."
Phase 1 drilling by the Company is part of a 15-20 drillhole program of 500-600m each, nominally on 50m centers designed to outline the full extent of Escape Lake Zone mineralization (see Figure 1). Phase 2 drilling announced by the Company on June 29, 2020, has now added a second drill to help complete several 50m-spaced sections of holes on the north end of the Escape Lake mineralized zone, before continuing north to test the strike extension and mineral tenors of the known magma conduit. Total contracted drilling commitment is 20,000 metres to date.
Table 1 New (Highlighted) Assay Results from Holes ELR20 004-007 – Escape Lake Zone, Thunder Bay North
- All intercepts are estimated to be 95% of true width based on drill hole inclination
- Mineralized intervals calculated at 1 ppm Pt+Pd cutoff
The Escape Lake Zone mineralization is located at a depth of approximately 400m within the Escape Lake Intrusion (Figure 1). The southern contact of the intrusion appears to be controlled by the east-west trending Escape Lake Fault, a deep seated splay off the Quetico Fault Zone sub-province boundary fault. The objective of the ongoing program is to define the magnitude of the Escape Lake Mineralized Zone and the full strike length of the mineralized area as a precursor to future calculation of a mineral resource estimate of the Escape Lake horizon.
Investor Update Webinar
Please join Abraham Drost, CEO, and Jim Gallagher, Executive Chairman, TOMORROW, July 16th, 2020 at 1:00 PM Eastern Time (US and Canada) to discuss the initial results from the Company's ongoing drill program, followed by a question and answer period.
Thursday, July 16, 2020
1:00 pm (EST)
After registering, you will receive a confirmation email containing information about joining the webinar. Questions may be asked during the webinar, or can be emailed in to [email protected]. A replay will be made available on the Clean Air website.
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.
Quality assurance and quality control (QA/QC) statistical checks were performed on original, ALS-certified analytical data for all 8 holes in Table 1. Selected core intercepts from historic (RT) holes in Table 1 were relogged and resampled and compared with historic data. Mr. Andrey Zagoskin, P.Geo., Ontario, a Qualified Person under National Instrument 43-101 and employee of the Company, led the validation exercise and has approved Table 1 assay results.
All NQ-sized drill core is cut with a diamond-tipped saw blade with half of the core submitted to ALS for sample preparation and analysis. Core samples from selected intervals are individually bagged and tagged, gathered up in larger sealed poly bags and shipped to the sample prep facility in Thunder Bay, ON under custody of Clean Air Metals' personnel at all times. Sample preparation is completed at the ALS sample preparation facility located in Thunder Bay, ON and analysis is completed at the primary ALS assay laboratory located in Vancouver, B.C.
Clean Air Metals follows a documented quality control procedure for its core assay sampling program consisting of the insertion of blind blanks, duplicates, and certified Palladium-Platinum and Copper-Nickel standards into the sample stream. The insertion procedure results in a minimum of 11% to 12% control sample frequency depending on the length of the sampled interval.
Gold, platinum, and palladium are analysed 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 analysed using an optical emission spectroscopy method (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-analysed using a high-grade method consisting of either ICP-AES or atomic absorption spectrometry (AAS) techniques.
The Escape Lake Intrusion and magma conduit which is the Company's present focus in Phase 1 drilling (Table 1), appears to be a standalone, separate twin structure to the Current Lake Intrusion ('Current Lake') and magma conduit on the Thunder Bay North Project on which there exists a historic estimate of 9.8 million Tonnes (Indicated). The Historic Estimate is from Open Pit and Underground sources (Table 2).
The estimate of the Current Lake Deposit at the Thunder Bay North Project is considered by Clean Air Metals to be historic in nature. No Qualified Person as defined by NI 43-101 has completed sufficient work for the Company to classify the historic estimate of the Current Lake Deposit as current and the Company is not treating the historic estimate as current. The Company's QP has verified the data but no resampling of core or any other tests on the analytical procedures has been performed by the Company to-date. Confirming the historic estimate at Current Lake and tradeoff studies on possible underground mining methods will be a concurrent priority for Clean Air Metals.
Thunder Bay North Open Pit Historic Estimate
The open pit Historic Estimate is reported at a cut-off grade of 0.59 g/t Pt-Eq within a Lerchs-Grossman pit shell optimized on Pt-Eq. The strip ratio (waste: ore) of this pit is 9.5:1. The platinum-equivalency formula is based on assumed metal prices and overall recoveries. The Pt-Eq formula is: Pt-Eq g/t = Pt g/t + Pd g/t x 0.3204 + Au g/t x 0.6379 + Ag g/t x 0.0062 + Cu g/t x 0.00011 + Total Ni g/t x 0.000195 + Total Co g/t x 0.000124 + Rh g/t x 2.1816. The conversion factor shown in the formula for each metal represents the conversion from each metal to platinum on a recovered value basis. The assumed metal prices used in the Pt-Eq formula are: Pt US$1,595/oz, Pd US$512/oz, Au US$1,015/oz, Ag US$15.74/oz, Cu US$2.20/lb, Ni US$7.71/lb, Co US$7.71/lb and Rh US$3,479/oz. The assumed combined flotation and PlatsolTM process recoveries used in the Pt-Eq formula are: Pt 76%, Pd 75%, Au 76%, Ag 55%, Cu 86%, Ni 44%, Co 28% and Rh 76%. The assumed refinery payables are: Pt 98%, Pd 98%, Au 97%, Ag 85%, Cu 100%, Ni 100%, Co 100% and Rh 98%.
Thunder Bay North Underground Historic Estimate
The underground Historic Estimate is reported at a cut-off grade of 1.94g/t Pt-Eq. The Pt-Eq formula is: Pt-Eq g/t = Pt g/t + Pd g/t x 0.2721 + Au g/t x 0.3968 + Ag g/t x 0.0084 + Cu g/t x 0.000118 + Sulphide Ni g/t x 0.000433 + Sulphide Co g/t x 0.000428 + Rh g/t x 2.7211. The assumed metal prices used in the Pt-Eq formula are: Pt US$1,470/oz, Pd US$400/oz, Rh US$4,000/oz, Au US$875/oz, Ag US$14.30/oz, Cu US$2.10/lb, Ni US$7.30/lb and Co US$13.00/lb. The assumed process recoveries used in the Pt-Eq formula are: Pt 75%, Pd 75%, Rh 75%, Au 50%, Ag 50%, Cu 90%, and Ni and Co in sulphide 90%. The assumed smelter recoveries used in the Pt-Eq formula are Pt 85%, Pd 85%, Rh 85%, Au 85%, Ag 85%, Cu 85%, Ni 90% and Co 50%. Ni and Co in sulphide were estimated by linear regression of MgO to total Ni and total Co respectively. The regression formula for Nickel in sulphide (NiSx) is: NiSx = Ni - (MgO% x 60.35 - 551.43). The regression formula for Cobalt in sulphide (CoSx) is: CoSx = Co - (MgO% x 4.45 - 9.25).
Clean Air Metals has adopted COVID-19 avoidance and personal protection measures for its geological staff, drilling contractor and service suppliers. Personnel are required to maintain physical distance, use Personal Protective Equipment (PPE), self-monitor and self-isolate or elect to work from home. Management had previously eliminated plans for a camp setup to service a planned diamond drill campaign on the Escape Lake Project. The Company is aware of Thunder Bay Health Unit guidelines that provide for "mandatory" self-isolation for returning overseas and inter-provincial travel. The guidelines previously also "strongly recommended" self-isolation after travel into the Northwest region from other areas of the Province. Mineral Exploration and Development has been deemed an essential service in the Province of Ontario
(http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/). The Company has procured the services of a locally staffed and serviced diamond drilling contractor to complete the Phase 1 and Phase 2 diamond drilling programs.
Mr. Allan MacTavish, P.Geo. a Qualified Person under National Instrument 43-101 and an employee of the Company, has reviewed and approved all technical information in this press release.
Clean Air Metals and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Escape Lake and Thunder Bay North Properties are on the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishnabek, signatories to the Robinson-Superior Treaty of 1850.
ON BEHALF OF THE BOARD OF DIRECTORS
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Neither the 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.
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/clean-air-metals-announces-new-drill-results-from-the-escape-lake-intrusion-at-thunder-bay-north-including-27-9m-of-3-39ppm-gt-platinum-and-4-67ppm-gt-palladium-1-67-copper-0-90-nickel-301093708.html
SOURCE Clean Air Metals Inc.