Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) announced it has signed an exploration agreement with its First Nations partners in the Thunder Bay area of Ontario.
The junior resource company signed the agreement with the Fort William First Nation, Red Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek groups, it said in a statement.
Clean Air Metals and its wholly-owned subsidiary, Panoramic PGMs (Canada) Ltd, are exploring and developing mining claims located in the Greenwich Lake Area and Tartan Lake Area, on its Thunder Bay North Project.
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The company's exploration and development activities are located on lands which the participating First Nations assert are part of their traditional territory and in which the participating First Nations assert their members hold and exercise Aboriginal or Treaty rights, according to Clean Air Metals.
The agreement is based on the relationship affirmed by a Memorandum of Agreement (MOA) signed January 8, 2021.
The exploration agreement lays out a framework for a mutually beneficial relationship between the groups regarding the project, including potential impacts of the project on the participating First Nations interests and rights; design appropriate measures to mitigate and avoid any adverse effects; and to adopt an approach which enhances positive impacts and benefits, Clean Air Metals said.
"The participating communities appreciate the commitment to equity, diversity and inclusion that Clean Air Metals continues to demonstrate,” Marcus Hardy, chief of Red Rock Indian Band said in a statement.
“Sustainable development by Clean Air Metals of the critical minerals platinum, palladium, copper and nickel found at the Thunder Bay North project will allow our youth and young adults to address climate change and participate meaningfully in the global transition to cleaner forms of energy."
Clean Air Metals CEO Abraham Drost told stakeholders that the company is “very pleased” to sign the exploration agreement and to be an active participant at the Thunder Bay North critical minerals project.
“The company pledges integrity and meaningful consultation and accommodation with affected First Nation communities and commends the participating communities for their vision around sustainable regional economic development,” Drost said.
Thunder Bay North is a platinum, palladium, copper, nickel project located near Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The project’s current preliminary economic assessment envisions a 10-year mine life at 3,600 tonnes per day with a fully discounted net present value of C$425 million and an internal rate of return of 31% against initial capital of $367 million.
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