Clean Air Metals Inc, a platinum group metals (PGM) developer released its condensed consolidated interim financial statements as well as an operations update for the first half of 2021.
The Ontario-focused company banked $5,927,070 in working capital; as well as an increase in total assets which climbed to $37,696,643 by the end of July, up from $27,146,884 from the end of January.
The first six months of 2021 also saw Clean Air Metals close a bought deal private placement which raised $11.5 million. Total shareholders' equity increased to $31,135,289 from $23,223,532 between January and July.
READ: Clean Air Metals reveals more high-grade palladium equivalent results from its Thunder Bay North Project in Ontario
At the company’s flagship PGM project, Thunder Bay North, a 30,000-meter diamond drill program utilizing two drills was initiated. The program focused on “systematic step-outs between resource centers within the Escape Lake Deposit to add to the 505,369-ounce palladium equivalent (PdEq) indicated mineral resource at 3.67 grams per ton (g/t) PdEq in 4,286,220 tonnes,” the explorer said.
Additional resource delineation drilling was also conducted at the adjacent Current Lake deposit, which built on the indicated mineral resource of 1,328,789 oz PdEq at an average grade of 3.44 g/t PdEq in 11,999,177 tonnes.
Finally, metallurgical studies were also commenced at Thunder Bay North and will serve as a precursor to smelter offtake analysis and underground mine modeling. This data will provide key inputs for a Preliminary Economic Assessment of the Current Lake Deposit which is scheduled for completion and disclosure during the fourth quarter of 2021.
Contact the writer at georgia@proactiveinvestors.com
Follow her on Twitter @MissInformd