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  • Writer's pictureJeffrey White

Clean Air (AIR-V) Reports High Grade Drill Results

Clean Air Metals (AIR) reported another round of high-grade platinum + palladium drill results from the Thunder Bay North project. After a summer that was impacted by forest fires and delays at the assay labs, we are very encouraged by these new holes, particularly the highlight hole from the Escape Lake deposit. These results also build excitement going into the PEA for Current Lake, which is expected in Q4 of this year, and an updated resource for Escape in Q1 ’22.

Highlight Hole:

  • ELR21-077: intersected 76.6m of 5.67g/t PdEq (1.63g/t Pt, 2.14g/t Pd, 0.81% Cu, 0.41% Ni), including 21m grading 9.98g/t PdEq (2.97g/t Pt, 3.93g/t Pd, 1.41% Cu, 0.68% Ni)

AIR also posted assays for a number of infill holes at Current Lake, all of which will be included in the upcoming PEA expected in Q4. Recall that the resource released in Q1 showed a well-defined Indicated mineral resource of 1,328,789 PdEq ounces at a grade of 3.44 g/t PdEq. Management has focused on a ramp-access underground model, to produce more robust economics and minimize the environmental impact.

Current Lake Infill Holes:

  • CL21-007: 13.49m grading 6.09g/t PdEq (2.79g/t Pt, 2.61g/t Pd, 0.52% Cu and 0.31% Ni)

  • CL21-006: 14.83m grading 4.65g/t PdEq (1.92g/t Pt, 1.90 g/t Pd, 0.46% Cu and 0.28% Ni)

  • CL21-008: 20.0m grading 3.43g/t PdEq (1.55g/t Pt, 1.41g/t Pd, 0.26% Cu and 0.20% Ni)

Investment Thesis and Catalysts:

  • A high-grade resource of ~2.5Moz PdEq in a mining friendly jurisdiction and close to infrastructure.

  • 2021 exploration program of 40,000m – with restrictions and fire bans now rescinded, AIR will be able to fully implement its drilling plan and currently has three rigs running. We expect that further assays will follow every month.

  • World-class management with experience in exploration, development and the sale of assets.

  • A PEA for Current Lake expected in Q4 ’21, which will include metallurgy currently being completed.

  • Updated resource for Escape Lake scheduled for Q1 ’22. The majority of the drilling this year will be focused on Escape, particularly on further exploring the cluster of Norilsk-style massive sulfides discovered earlier this year.

  • Well-funded to complete current initiatives with ~$9M of cash on the balance sheet.

The balance of the year should be busy for AIR and we expect significant news flow in the next few months. Please reach out if you would like to discuss further or are interested in meeting with the management team.


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