Clean Air Metals seeks continuity between zones at Escape project

Clean Air Metals (TSXV: AIR; OTC: CLRMF) has received new assays from drilling at the Escape platinum group-copper-nickel deposit, part of its flagship Thunder Bay North project. The property is located near Thunder Bay, Ont., about 60 km southeast of the Lac des Iles mine owned by Impala Platinum.

The latest drill results from the Steepledge extension area are highlighted by hole ELR22-115, which intersected 15.0 metres grading 1.73 g/t platinum, 1.92 g/t palladium, 0.70% copper and 0.30% nickel from 237.5 to 252.5 metres down the hole. This includes 2.8 metres grading 2.86 g/t platinum, 3.05 g/t palladium, 1.18% copper and 0.38% nickel from 246.4 to 249.18 metres.

Prior to this year's drill campaign, the Escape deposit already underwent 37,000 metres of expansion drilling in 2021, which established the continuity between the Escape South high-grade zone and the Steepledge extension. This may add materially to the Thunder Bay North project's indicated mineral resource of 14.6 million tonnes grading 8.12 g/t platinum-equivalent.

"Assay results to date suggest good continuity of mineralization between sections along the 900-metre trend of mineralization between the Escape South high-grade zone and Steepledge South zone," Abraham Drost, CEO of Clean Air Metals, stated. "Previous step-out drilling on the margins of the Escape South high-grade zone and continuing up trend to the Steepledge area continues to deliver impressive assay results."

The Escape deposit is one of two deposits that form the basis for a preliminary economic assessment around a ramp access underground mine at Thunder Bay North. The PEA, published in December 2021, gave the project an after-tax net present value of $378.4 million and internal rate of return of 29.8%, at a 5% discount rate.

The study envisioned a 10-year mine with total metal production of 629,000 oz. platinum, 618,000 oz. palladium, 111 million lb. copper, 57 million lb. nickel, 38,000 oz. gold and 850,000 oz. silver (2.9 million oz. platinum-equivalent).

As shown in the PEA, the Escape South high-grade zone, which averages over 5 g/t platinum and palladium, is identified as a high-value potential mining area at the base of the Escape deposit in years commencing in year four of the mine plan.

Production will only occur at the Current deposit during years one through three, after which its production rate will be reduced.

Additional details of the PEA are posted on www.CleanAirMetals.ca.