Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has updated on the preparation of a new mineral resource estimate at the Thunder Bay North Project by SLR Consulting (Canada) Ltd.
The company said it continues to work with SLR Consulting, with the cooperation of Nordmin Engineering, to determine the nature, cause, and extent of any discrepancy, if confirmed, as previously outlined on February 15, 2023. At the time, the company reported on an ongoing internal review of the mineral resource estimate at the 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resource at the current deposit, the mineral resource estimate and subsequent Preliminary Economic Assessment have been retracted by the company.
The company has commissioned SLR, at the completion of the current review, to complete a full and independent mineral resource update of the Thunder Bay North project including both the Current and Escape deposits. Review work for the Escape deposit, which has had over 38,000 metres of additional infill drilling since the previous mineral resource estimate was published, do not suggest a discrepancy in metal content.
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The company noted that Todd McCracken, director - Mine and Geology at BBA E&C Inc and a recognized expert in resource estimation, has been appointed as an owner representative to the company to assist senior management and the board of directors with the technical issues under review.
"The parties are engaged in a robust process to reconcile the mineral resource at the Current Deposit. The continued collaboration of the parties towards resolution of the discrepancy is appreciated and recognizes the efficacy of disclosure requirements under NI 43-101,” Abraham Drost, chief executive officer of Clean Air Metals, said in a statement.
Social Engagement
Clean Air Metals and its wholly owned subsidiary Panoramic PGMs (Canada) Ltd also acknowledged that the Thunder Bay North Critical Minerals Project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the cooperating participants in a Memorandum of Agreement dated January 9, 2021, and Exploration Agreement signed April 13, 2022.
The company said it appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial.
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.
Contact the author at jon.hopkins@proactiveinvestors.com