Impact: Positive
Clean Air Metals reported assays from the first two holes completed at its 100%-owned, Thunder Bay North (TBN) polymetallic project in Ontario. The 10-hole (~1,600m) program targeted near-surface, high-grade zones within the Current deposit to better define its lateral continuity and tonnage potential. Both holes intersected high-grade mineralization beyond the high-grade zones modeled in this area as part of the May/23 MRE. Highlights intercepts include: 1) 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu and 0.55% Ni over 51.8m including 11.51 g/t Pt, 10.64 g/t Pd, 2.61% Cu and 1.25% Ni over 9.29 m (CL24-001), and 2) 4.22 g/t Pt, 4.04g/t Pd, 0.95% Cu and 0.56% Ni over 31.4m (CL24-003). Overall, we view these results positively as assays have returned high Pt, Pd and Cu grades, with Pt & Pd grades coming in ~3.5x higher than the resource grade of the Current deposit (~2.5 g/t 2PGE) and showing considerable widths (30m-50m). We highlight that met work conducted previously has shown good recoveries and that mining of the Current deposit would be relatively simple (with an underground access ramp expected to take 4 months to complete). We look forward to seeing the remaining assays from this program that could demonstrate further high-grade potential, boding well for the economics of the project.
