Clean Air Metals Inc (TSX-V:AIR, FRA:CKU, OTCQB:CLRMF) has announced new assay results from the drilling campaign currently underway at the Escape Lake and Current Lake deposits on its Thunder Bay North Project in northern Ontario, which included 76.6 metres grading 5.67 grams per tonne (g/t) palladium equivalents.
The company said it has successfully expanded the size of the Escape South high grade zone and demonstrated about 700m of mineralization along trend.
“Infill assay results from the Beaver Lake Zone of the Current Lake deposit infill drilling is an affirmation of our understanding of the deposit and ability to target and execute on drilling which has the potential to materially impact the results of the upcoming PEA (Preliminary Economic Assessment),” Clean Air Metals CEO Abraham Drost said in a statement.
READ: Clean Air Metals releases assay results from Thunder Bay North ahead of preliminary economic assessment
“The company is looking forward to publication of a PEA in Q4/21 based solely on the Current Lake deposit and the present round of assay results is also being added to the Escape Lake deposit database which will result in a revised mineral resource estimate in Q1/22,” Drost added.
Clean Air Metals noted the Escape Lake deposit has been the focus of the majority of the drilling over the past 14 months.
It added that Hole ELR21-077, with its significant thickness and grade, appears to further expand the edge of the Escape Lake high grade zone and demonstrates potential contribution of scale of the Escape Lake deposit to the overall Thunder Bay North Project.
Clean Air Metals is developing its flagship high-grade polymetallic Thunder Bay North project, which contains both the Current deposit and the Escape deposit.
The Current deposit contains an Indicated resource of 1,328,789 ounces of palladium equivalent at a grade of 3.44 g/t, while the Escape deposit is open on strike and houses an Indicated resource of 505,369 ounces palladium equivalent grading 3.67 g/t and is geologically open to expansion.
Contact Sean at sean@proactiveinvestors.com