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Clean Air Metals Inc
Symbol AIR
Shares Issued 140,000,516
Close 2021-03-02 C$ 0.34
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Clean Air starts 40,000 m drill program at Thunder Bay

2021-03-03 06:15 ET - News Release

Mr. Abraham Drost reports

CLEAN AIR METALS PROVIDES A CORPORATE UPDATE INCLUDING 40,000M OF DRILLING AT THUNDER BAY NORTH PROJECT AND VIRTUAL CORE SHACK AT PDAC

Clean Air Metals Inc. has commenced a 40,000-metre diamond drill program at the Thunder Bay North project.

Following on the successful closing of the recent $11.5-million financing (announced Feb. 23, 2021), drilling with two drills has recommenced at the Escape Lake deposit. The program is focused on systematic stepouts to add to the indicated mineral resource of 4,286,220 tonnes grading 3.67 grams per tonne palladium equivalent (PdEq) (6.16 g/t platinum equivalent (PtEq)) using a $77 (U.S.) cut-off, outlined at the Escape Lake deposit (announced Jan. 20, 2021).

The company is also mobilizing a third drill to focus on resource delineation drilling at the adjacent Current Lake deposit, building on the indicated mineral resource of 11,999,177 tonnes grading 3.44 g/t PdEq (5.79 g/t PtEq) defined in the recent mineral resource update. The third drill will also test a number of promising new geophysical targets advanced by Clean Air Metals' vice-president, exploration, Dawn Evans-Lamswood, in the search for the source of massive sulphide mineralization. Massive sulphides have been documented and validated in the Current Lake deposit by Nordmin Engineering (reported Jan. 20, 2021). Hole BL10-197 previously intersected a massive sulphide lens grading 2.6 metres of 52.77 g/t Pt, 41.54 g/t Pd, 11.6 per cent copper, 3.29 per cent nickel from 187.4 metres to 190.0 m.

The company is also targeting completion of a preliminary economic assessment (PEA) on the Current Lake deposit in June, 2021. The PEA will be based on the recent mineral resource numbers and on bench-test-scale metallurgical testwork by Blue Coast Research in Victoria, B.C., on a drill-derived minibulk sample. This work is progressing under the supervision of Nordmin Engineering Ltd. as previously disclosed (Aug. 11, 2020).

Abraham Drost, chief executive officer of Clean Air Metals, stated that: "With the release of the underground ramp-access-constrained mineral resource on Jan. 20, 2021, the company's management team and board put its stamp on the Thunder Bay North project. We look forward to the preliminary economic assessment of the Current Lake deposit by Nordmin expected in Q2 2021. We continue to be encouraged about significant exploration potential for the presence of massive sulphides in the Thunder Bay North magma conduit system, highlighted by VP, exploration, Dawn Evans-Lamswood and her team. The new financing will also allow the company to fully test Dawn's ideas, drawing on her notable discovery experience at Voisey's Bay, Newfoundland."

Prospectors & Developers Association of Canada conference and core shack

Clean Air Metals is pleased to announce its participation in the 2021 virtual PDAC conference to be held March 7 to March 11, 2021. The company has also been chosen to participate in the PDAC core shack where there will be core displayed from its 2020 drill campaign on the Escape Lake deposit at the Thunder Bay North project. Clean Air Metals drilled approximately 19,000 metres in 2020, leading to estimation of a maiden mineral resource at the Escape Lake deposit, in addition to the Current Lake deposit. Company representatives will be available at the PDAC virtual booth to answer any questions with regard to the company and its drill program.

About Clean Air Metals Inc.

Clean Air Metals' flagship asset is the Thunder Bay North project, a platinum, palladium, copper, nickel project located near the city of Thunder Bay, Ont., and the Lac des Iles mine owned by Impala Platinum Holdings. The Clean Air Metals project hosts the Current Lake deposit and magma conduit, and the company is actively exploring the Escape Lake deposit, a twin structure to the Current Lake deposit. Executive chairman Jim Gallagher, PEng, and Mr. Drost lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide continuing exploration and development studies. As the former chief executive officer of North American Palladium Ltd., which owned the Lac des Iles mine prior to the sale to Impala Platinum in December, 2019, Mr. Gallagher and his team are credited with the mine turnaround and creation of significant value for shareholders.

Qualified person

Allan MacTavish, PGeo, a qualified person under National Instrument 43-101 and vice-president and project manager of the company, has reviewed and approved all technical information in this press release.

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