Clean Air Metals Inc. Announces Commencement of Trading and Phase 1 Drilling on the Escape Lake Intrusion at Thunder Bay North
Thunder Bay, May 22, 2020 - Clean Air Metals Inc. (TSXV: AIR) ("Clean Air" or the "Company") is pleased to announce that further to its press release of May 20 2020, effective at open today, trading in the common shares of Clean Air resumed on the TSX Venture Exchange ("TSXV") under the symbol "AIR". Clean Air is now listed on the TSXV as a Tier 2 "Mining Issuer" (as such term is defined in the policies of the TSXV).
Clean Air is also pleased to announce that in conjunction with the commencement of trading today, May 22, 2020, the Company has initiated the Phase 1 10,000m diamond drilling campaign on the Escape Lake Intrusion portion of its Thunder Bay North Project, located 40 km northeast of Thunder Bay, Ontario Canada (Figure 1).
Phase 1 drilling will consist of approximately 15-20 holes of 500-600m each, nominally on 50m centers is designed to test the Escape Lake High Grade Zone target discovered in 6 holes by the previous project Operator. The Company's QP is in the process of validating the historical drilling data at Escape Lake including relogging and resampling of selected core intercepts and performing QA/QC checks on original, certified analytical data. The target area is located at approximately 350-450m vertical depth and is open geologically. The objective of the program is to better define the full geological extent of the mineralized area as a precursor to future calculation of a mineral resource estimate.
Abraham Drost, CEO of Clean Air Metals Inc. stated that, "After completing a $15M financing in February, 2020 with a lead order by Mr. Eric Sprott, and on behalf of our Board of Directors led by Executive Chairman Jim Gallagher, former CEO of North American Palladium Ltd., and our technical and administrative team and shareholders, I am very gratified to be up and trading and commencing drill testing of the Escape Lake mineralized horizon. Mineralization at Thunder Bay North is preferentially enriched with the catalytic conversion pollution control metals palladium and platinum in a 1:1 ratio, with ancillary copper and nickel; metals powering the electric vehicle revolution."
Allan MacTavish, M.Sc., P.Geo. (Ontario) and employee of Clean Air Metals Inc. is a Qualified Person under the provisions of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical content of this press release.
Clean Air has adopted COVID-19 avoidance and personal protection measures for its staff and service suppliers. Personnel are required to maintain physical distance, self-monitor and self-isolate or elect to work from home. Management has 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 also "strongly recommend" 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 in order to commence the Phase 1 diamond drilling program.
The Company also announces that pursuant to a Form 3C "Certified Filing for Persons Conducting Investor Relations, Promotional or Market-Making Activities" with the TSX Venture Exchange, it has entered into an agreement (the "Agreement") to retain the services of Mr. Christopher Kaplan of Independent Trading Group ("ITG"). Mr. Kaplan will assist Clean Air in market making activities as Clean Air Metals Inc. (TSXV: AIR) resumes trading on the TSXV.
Under the terms of the Agreement, Mr. Kaplan will provide market making services to the Company for an initial six-month term commencing May 22, 2020, at a cost of $5,000 per month. The Agreement is subject to acceptance by the TSX Venture Exchange. Mr. Kaplan has a current Personal Information Form (PIF) filed with the TSXV.
Figure 1 Phase 1 and Future Phase 2 Use of Proceeds, Escape Lake Intrusion and Conduit
To view an enhanced version of Figure 1, please visit:
ON BEHALF OF THE BOARD OF DIRECTORS
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
For further information, please contact:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Escape Lake Property is on the traditional territory of the Fort William First Nation and the Red Rock First Nation, signatories to the Robinson-Superior Treaty of 1850.
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: risks related to the TSXV approval, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56383