Clean Air Metals (TSXV: AIR; OTC: CLRMF) has released new assay results from the 2022 drill campaign at both the Escape and Current PGE (platinum group elements)-copper-nickel deposits, part of the company's Thunder Bay North project located in Ontario.
Three drill holes from the 2022 program were highlighted. Metallurgical bulk sample hole CLM22-007 intersected 19 metres grading 3.92 g/t platinum, 3.90 g/t palladium, 0.98% copper and 0.56% nickel, including 13.4 metres grading 5.06 g/t platinum, 5.14 g/t palladium, 0.98% copper and 0.56% nickel. This result, according to the company, supports the grade profile of the production area in the first four years of the mine plan outlined in the preliminary economic assessment (PEA).
Hole CLM22-008 returned 37.8 metres grading 2.91 g/t platinum, 2.80 g/t palladium, 0.70% copper and 0.39% nickel, including 19.2 metres grading 4.25 g/t platinum, 4.14 g/t palladium, 0.99% copper and 0.55% nickel. Hole CLM22-010 had 22.6 metres grading 2.33 g/t platinum, 2.17 g/t palladium, 0.62% copper and 0.41% nickel.
"The drilling assay results are in line with expectations for peer-leading mill head grade in the first seven years of mining at Thunder Bay North. Considerable upside exploration potential for massive sulphides outside the PEA production area remains at the base of the Escape and Current magma conduits along the Escape Lake fault," Abraham Drost, CEO of Clean Air Metals, said.
"The company is presently expanding its work permit footprint to accommodate a drill program on these targets this winter," he added. The prefeasibility study is advancing, with the technical report expected in May or June 2023. In the meantime, environmental baseline fieldwork, engineering studies and hydrogeological drilling test work will continue on the project site.
As outlined in the December 2021 PEA, the Thunder Bay North project features a ramp access underground mine and on-site 3,600 t/d milling complex that boast an after-tax net present value of $378.4 million and internal rate of return of 29.8% (at a 5% discount rate).
During an estimated 10-year mine life, its total metal production would reach 629,000 oz. platinum, 618,000 oz. palladium, 111 million lb. copper and 57 million lb. nickel, plus 38,000 oz. gold and 850,000 oz. silver.
Additional details of the PEA are posted on www.CleanAirMetals.ca.