Clean Air Metals Receives 3-Year Exploration Permit for Its Thunder Bay North Project and Provides a Company Update

THUNDER BAY, ON / ACCESSWIRE / November 27, 2023 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce it has received approval from the Ontario Ministry of Mines for its 3-year exploration permit as submitted in May 2023. The permit covers the down plunge extension to the south-east of the Escape deposit as has previously been communicated but also covers other areas of interest for future potential drilling and geophysical work within the Company's Thunder Bay North Critical Minerals Project near Thunder Bay, Ontario, Canada (the "Project").

The Thunder Bay North Critical Minerals Project hosts an indicated mineral resource of 13.8Mt containing 1.2M ounces of 2PGE (Pt+Pd), 56,800 tonnes of Cu and 33,800 tonnes of Ni between the twin magmatic intrusions (chonoliths) known as the Current and Escape deposits. Both deposits remain open and largely unexplored below 500 metres in depth.

In addition to the down plunge potential of the Escape Deposit, as outlined in the press release of August 29, 2023, this permit also includes proposed work to continue testing the Current chonolith down plunge, continued exploration of untested magnetotelluric (MT) anomalies associated with emplacement controlling structures of the Escape and Quetico faults and the capacity to undertake infill drilling for conversion of inferred to indicated mineral resources as required, in both the Escape and Current deposits.

Foto: Accesswire

Figure 1. Plan view of the Current and Escape intrusions as defined by diamond drilling and magnetic interpretation. Spatial extend of Early Exploration permit PR23-000153 shown by green cross-hatching.

Geoff Heggie, VP Exploration commented: "Approval of the 3-year early exploration permit which covers the two resource areas and the down plunge potential on both mineralized intrusions provides the Company the opportunity to continue expanding the mineral resource with future exploration programs."

Company Update

The Strategic Alternatives process announced by the Company on October 3, 2023, is fully in progress. The Company does not expect to have any material information to report on this process until early in the new year.

Jim Gallagher CEO stated: "The press has recently begun to cover the difficult situation in the Canadian junior mining market, with investor interest and available financing at an all-time low despite the global concern for supply of Critical Metals to supply the green energy revolution. BlackRock, the large American investment fund that has significant holdings in both the mining and green energy spaces, recently expressed concern that if investors don't return to mining, the green energy transition cannot happen. Further compounding the issue is the fact that many of the critical metals, including Platinum, Palladium, Copper and Nickel, all of which are in the Thunder Bay North mineral resource, are at multi-year low prices. Management at Clean Air Metals has recognized this growing issue and has proactively reacted to it. In June 2023, we reduced staff, deferred exploration drilling until early 2024 at a minimum and cutback on attendance at investor conferences and other investor outreach programs. These activities do not yield the intended benefits in the current environment."