Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has completed its follow-up metallurgical test program for the Thunder Bay North Critical Minerals Project, consisting of locked cycle tests on a variety of composite samples, and the results are encouraging.
A range of head grades from both the Current and Escape deposits delivered recoveries of 70.2% to 80.9% platinum (Pt) and 74.0% to 86.9% palladium (Pd), the company said.
"The extensive Phase 2 test program demonstrates very good recoveries of Platinum, Palladium and Copper, all Critical Metals for the Green Energy revolution. In addition, there are material amounts of Nickel, Gold and Silver. These are recoverable with conventional flotation technology producing two saleable concentrates. These results will be incorporated into the ongoing optimization studies for the mine plan at Thunder Bay North,” Jim Gallagher, CEO of Clean Air Metals said in a statement.
The test program was completed using core samples from both the Current and Escape deposits to produce three composites and 17 variability samples. The company noted that locked cycle flotation (LCT) tests highlighted the potential for recoveries as high as 80.9% platinum and 86.9% palladium along with recoveries as high as 96.3% copper and up to 69.5% nickel and 84.3% gold.
The results are consistent with the stated metallurgical outcomes in the previous test program undertaken by Blue Coast Research in 2021 when using similar head grades.
Financial Results
Clean Air Metals also filed its unaudited consolidated interim financial statements for the quarter ended April 30, 2023, with total assets of $41,653,021 and total cash of $9,951,916 at the period end, while working capital was at $9,896,655 and shareholder's equity was at $38,158,330.
During the quarter, the company posted a net loss of $905,500 while losses per share, both basic and diluted, were $0.00 respectively.
The company also granted an aggregate of 4,250,000 incentive stock options to certain directors, officers and employees, exercisable at $0.06 for a period of five years from the grant date.
Clean Air Metals' flagship asset is the 100% owned, high-grade Thunder Bay North Project, which hosts the twin magma conduit bodies that host the Current and Escape deposits forming the basis for the new mineral resource estimate reported on May 4, 2023.
Contact the author at jon.hopkins@proactiveinvestors.com