Clean Air Metals Inc said it has completed an updated Indicated and Inferred Mineral Resource estimate for the company's flagship, 100%-owned Thunder Bay North Critical Metals Project.
The company said the Current deposit contains an Indicated Mineral Resource of 8.2 million tonnes grading 2.7 grams per ton (g/t) 2PGE, 0.33% copper and 0.22% nickel and an Inferred Mineral Resource of 1.6 million tonnes grading 1.7 g/t 2PGE, 0.32% copper and 0.20% nickel. Meanwhile, the Escape deposit contains an Indicated Mineral Resource of 5.8 million tonnes grading 2.6 g/t 2PGE, 0.52% copper and 0.28% nickel and an Inferred Mineral Resource of 0.6 million tonnes grading 1.5 g/t 2PGE, 0.29% copper and 0.17% nickel.
It highlighted that the contained metal Indicated Mineral Resource at the Current deposit is 717,000 ounces (oz) 2PGE, 27,000 tonnes copper, and 17,700 tonnes nickel, while the contained metal Indicated Mineral Resource at the Escape deposit is 492,000 oz 2PGE, 30,400 tonnes copper and 16,500 tonnes nickel.
"The new combined Mineral Resource Estimate (MRE) for the Escape and Current deposits comprising the Thunder Bay North Critical Metals Project is now complete. Work will continue to determine viability of a potentially bulk mineable, ramp accessible underground constrained mineral resource. Run rates, production sequencing and preliminary economics of the new MRE are presently being scoped internally in preparation to continue technical studies. The Inferred mineralization suggests that the Current and Escape deposits are open and that the underexplored remainder of the two host magma conduits have the potential to add additional mineral resources,” said Abraham Drost, Clean Air Metals' CEO, in a statement.
“The Thunder Bay North Critical Metals Project is a potential domestic North American source of platinum, palladium, copper and nickel. Federal and provincial governments have placed a strong focus on bolstering the domestic critical mineral supply chain in North America.”
The company also said that Triple Flag Precious Metals (TSX:TFPM) Corp. has now forwarded the Tranche 2 payment of C$5 million under the royalty facility of the Thunder Bay North Project.
The company noted that it drilled a total of 73,990 meters (m) in 171 holes from 2020-2023 for a total drilling database of 105,086 m in 266 holes which support the new Mineral Resource Estimate at the Escape deposit.
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