Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) CEO Abraham Drost has told investors that the company is continuing with its ongoing internal review of the mineral resource estimate for its Thunder Bay North project.
Due to an apparent overestimation of the original mineral resource at the current deposit, the mineral resource estimate and subsequent Preliminary Economic Assessment have been retracted by the company.
Drost said initial mineral resource update results on the current deposit which show there is likely to be a material reduction in the metal content in the range of 20% to 50% from what was previously reported by the company were unexpected and disappointing.
READ: Clean Air Metals hires consultant BBA for rest of Thunder Bay North pre-feasibility study, expected to be completed in Q3
“They may have a material effect on the projected economics of the Thunder Bay North project,” he said.
However, he noted that more work needs to be completed before the final determination of the metal content reduction at the current deposit can be estimated.
“The outcome of the new, updated mineral resource expected for the Thunder Bay North project will guide next steps,” Drost said.
“The company's technical and management team together with its independent consultants are now solely focused on this important work and will update the market on a priority basis.”
Clean Air Metals is a Canadian-based platinum and palladium exploration company focused on its flagship Thunder Bay North critical minerals project located in the Thunder Bay region of Ontario.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie