Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) has unveiled compelling magnetic inversion results at its Thunder Bay North critical minerals project in Ontario.
The junior resource firm executed a magnetic inversion case study along the Escape chonolith's trend and the intersection of the Escape fault, aiming to model the potential down-plunge extension of the deposit.
The study succeeded in identifying a volume of material with high magnetic susceptibility at depth, along the plunge of the Escape intrusion, with impressive estimated dimensions.
Moreover, a broader geophysical inversion program utilizing existing datasets is already underway, targeting an area of approximately 80 square kilometers, encompassing the Thunder Bay North Intrusive complex.
The Thunder Bay North project already boasts an indicated resource of 13.8 million tonnes, holding 1.2 million ounces of platinum and palladium, 56,800 tonnes of copper, and 33,800 tonnes of nickel between the Current and Escape deposits. Notably, the high-grade zone in the Escape deposit remains open to the southeast.
"The location and size of this magnetic anomaly is a logical down plunge extension of the Escape intrusion and fits with the genesis theory of these intrusions where mineral bearing magma was injected at high pressure from depth,” Geoff Heggie, vice president, exploration said. “The further refinement of this anomaly by the recently commissioned geophysical inversion program will establish the targets for the next phase of diamond drilling which is expected to commence early in 2024".
Clean Air Metals is also making notable progress in permitting and recently received the final report for its Phase Two metallurgical test program, revealing compelling recovery rates.
Jim Gallagher, CEO of Clean Air Metals, highlighted the unique position of the Thunder Bay North project as one of the rare platinum ventures outside of Africa.
“The project development timeline of further exploration, permitting, technical studies and project construction potentially aligns with the growth of the hydrogen economy and potential metals price appreciation,” Gallagher told shareholders.
The CEO stressed the company's prudent management of cash resources and its commitment to advancing the Thunder Bay North project. The company maintains a cash reserve of approximately $8 million, which Gallagher said should support planned activities well into 2024.
Additionally, Gallagher mentioned ongoing efforts to explore strategic partnerships with entities that share the company's long-term outlook on the platinum market, potentially leading to future collaborations and advancements in the project.