Clean Air Metals Inc (CVE:AIR) (OTCQB:CLRMF) (FRA:CKU) has revealed new results from its drill campaign at the Escape Lake Deposit on its Thunder Bay North project that shows multiple high-grade Platinum group elements (PGEs) massive sulfide veinlets.
The intersections came 450 metres (m) north of the Escape high-grade zone on the northern Ontario property, the company said.
One hole intersected a massive sulphide lens grading 41.2 grams per ton (g/t) palladium equivalent from the Bullseye magnetic anomaly, where another hole intersected a massive sulphide lens 100m southeast grading 31.8 g/t palladium equivalent.
READ: Clean Air Metals releases 1Q financial update and highlights
Clean Air told investors that the cluster of veinlets at Escape Lake suggests “leakage” from a possible source in the area of the Bullseye anomaly.
"The exploration team has discovered a cluster of massive sulphide material in a locus of intersecting structures coincident with a change of direction or inflection point in the Escape Deposit,” Clean Air CEO Abraham Drost said in a statement.
“Notably, the net-textured Escape South High-Grade Zone is also located at what is interpreted as an inflection point 400m south, along the deep crustal Escape Lake Fault. We have confirmed these inflection points are important localizers of mineralization within the Escape conduit.”
Drost noted that the company is using “various borehole and surface electromagnetic techniques” to develop follow-up exploration targets in the continuing search for a massive sulphide deposit in the Thunder Bay North mineral conduit system.
PEA update
Separately, Clean Air Metals also updated investors on the status of its upcoming preliminary economic assessment (PEA), anticipated to drop in early 4Q 2021.
The company said it had revised its average cost of discovery to around $9 per indicated ounce of palladium equivalent after investing C$4.5 million into 19,000 metres of drilling at Escape last year.
"The company is looking forward to crystallizing value in Q4/21 with publication of a benchmark PEA at the Current Lake Deposit, using a ramp-access underground mine model constraining the existing mineral resource,” Drost said.
“The potential to also add scale to this remarkable Platinum and Palladium Project with potential feed from the Escape Deposit is an accomplishment resulting from the consolidation of the two assets last year."
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