Clean Air Metals reports new assays from Thunder Bay North project

Clean Air Metals (TSXV: AIR) has released new assay results from its flagship Thunder Bay North (TBN) asset, a platinum, palladium, copper and nickel project in northwestern Ontario, about 50 km northeast of the city of Thunder Bay.

The 100%-owned project consists of the Escape Lake and Current Lake deposits, which are 2.5 km apart, and the drill results are from a 30,000-metre diamond drilling campaign underway at Escape Lake.

Hole ELR21-067 intersected a massive sulfide lens over 0.2 metres from 432.2 metres downhole, composed of 12.9 grams per tonne palladium, 15.5 grams per tonne platinum, 7.94% copper and 2.41% nickel (41.2 grams per tonne palladium-equivalent).

Another hole, ELR21-041, also intersected a massive sulfide lens 100 metres to the southeast. ELR21-041 intersected 0.5 metres from 337 metres downhole that graded 7.93 grams per tonne palladium, 6.41 grams per tonne platinum, 4.76% copper, 2.5% nickel and 0.151% cobalt (31.8 grams per tonne palladium-equivalent).

Two other highlights were hole ELR21-059A, which intersected 6 metres grading 1.53 grams per tonne palladium, 1.37 grams per tonne platinum, 0.62% copper and 0.32% nickel from 311 metres downhole (4.3 grams per tonne palladium-equivalent); and hole ELR21-046, which returned 5.1 metres from 337.4 metres downhole grading 1.89 grams per tonne palladium, 1.68 grams per tonne platinum, 0.73% copper and 0.25% nickel (4.9 grams per tonne palladium-equivalent).

All holes were drilled within the project’s Bullseye magnetic anomaly. The company believes this grouping of Norilsk-style copper-nickel-cobalt massive sulfide veinlets or injections with substantial platinum and palladium suggests leakage from a possible source in the area of the magnetic anomaly.

“It is still relatively early days at Escape with 150 holes in,” Clean Air’s CEO, Abraham Drost, says in an interview. “However, the ongoing drill results from the Escape Lake deposit suggest that it will ultimately rival its big sister, the Current Lake deposit to the east, with 700 holes in. This has important implications for scale and as a potential future source of feed in combination with the Current Lake deposit at Thunder Bay North.”

In January, Clean Air released an updated resource estimate for Escape Lake, outlining indicated resources of 4.3 million tonnes grading 3.67 grams per tonne palladium-equivalent for 505,000 oz. palladium-equivalent, with inferred resources of 3.5 million tonnes grading 2.23 grams per tonne of palladium-equivalent for 247,000 oz palladium-equivalent. The adjacent Current Lake deposit’s indicated mineral resource stands at 12 million tonnes grading 3.44 grams per tonne palladium-equivalent for 1.3 million oz. palladium-equivalent. 

TBN is close to several operating mines, including Impala Platinum Holdings’ (JSE: IMP) Lac des Iles mine and Lundin Mining’s (TSX: LUN) Eagle mine.

 In February, Clean Air closed a $11.5 million bought deal private placement, the proceeds of which have been used for exploration work at TBN.

According to Drost, the company’s plans for 2021 are to have “infill delineation drilling to continue at the Escape Lake deposit, while an upcoming preliminary economic assessment (PEA) will initially focus on the Current Lake deposit on a standalone basis.” He says they are looking to the last quarter of this year to complete the PEA.

At press time, Clean Air’s shares were trading at 31¢ within a 52-week range of 26-48¢. The company has just under 144 million shares outstanding and a market cap of $44.6 million.