Clean Air Metals files Q1 2022 report showing total assets of $45.35 million
The junior explorer ended the first quarter with total assets of $45.35 million, cash of $7.26 million and working capital of $5.85 million
Company
CVE:AIR
Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North Critical Minerals Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum.
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The junior explorer ended the first quarter with total assets of $45.35 million, cash of $7.26 million and working capital of $5.85 million
"Potential peer leading mining head grades and proximity to infrastructure near the City of Thunder Bay and support of the affected First Nation and Metis communities for this sustainable green energy metal mix position the project well,” s
The junior miner ended the year with total assets of $35 million and total cash of $542,573
The company also completed the second of three C$1.5 million installment payments related to the sale of the project in fiscal 2020
“Mike is capable of leading that process and ultimately, construction of a successful mine development at Thunder Bay North," said Jim Gallagher, executive chair of the company’s board of directors
Highlights from this year's drill campaign at the Escape South deposit area included a hole, which hit 5 metres (m) at a grade of 2.38 grams per ton (g/t) platinum, 2.99 g/t palladium, 1.12% copper and 0.62% nickel from 382m to 387m down th
The exploration agreement lays out a framework for a mutually beneficial relationship between the groups regarding the project, including potential impacts of the project on the participating First Nations interests and rights;
The latest assays hail from the Steepledge extension of the deposit and highlights include an intersection of 15 metres (m) at a grade of 1.73 grams per ton (g/t) platinum, 1.92 g/t palladium, 0.70% copper and 0.30% nickel (Ni) starting fro
Kris Tuuttila has been appointed as director of Sustainability, Permitting and Community Relations, while Dr Geoff Heggie has been promoted to vice president-exploration, the company said
The company noted that Michael Gentile, a leading strategic investor in the junior mining sector, purchased $1.65 million worth of units
The company is exploring its 100%-owned Thunder Bay North platinum and palladium project in northwestern Ontario, with platinum a vital component in the anodes and cathodes of hydrogen fuel cells
The private placement will consist of up to 17,887,200 flow-through (FT) units, of which 10,869,600 will be issued at a price of $0.23 per FT unit and 7,017,600 of which will be issued at a price of $0.285, plus 22,500,000 non-flow-through
The report established baseline ESG performance of the company pursuant to economic, environmental and social charters, principles, or other initiatives to which the company subscribes, or which it endorses, such as PDAC e3-Plus and the UN
The company said the new 2021 drill results include 31.0 meters averaging 3.9 grams per tonne (g/t) platinum, 5.1 g/t palladium, 1.7% copper, and 0.63% nickel with its 2022 drilling program set to restart
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Post period-end, recently the company reported the results of a preliminary economic assessment (PEA) completed on the Current and Escape deposits at the project, which had shown "robust metrics"
Preliminary Economic Assessment (PEA) results from the platinum group element (PGE)-copper-nickel project showed an after-tax net present value of C$378.4 million as well as an internal rate of return of 29.8%
The Ontario-focused explorer is developing the Thunder Bay North property, a platinum, palladium, copper and nickel project located near Thunder Bay, Ontario
The final payment of C$1 million was not due under the terms of the Escape Lake option agreement until October 9, 2022, and was accelerated at the company's option
"Clean Air Metals is fundamentally committed to being a leader and innovator in ESG principles and implementation as we progress the Thunder Bay North project from exploration through development to a long-term, sustainable operating mine,"