TORONTO, June 29, 2020 /PRNewswire/ - Clean Air Metals Inc. (formerly Regency Gold Corp.) ("Clean Air" or the "Company") (TSX.V: AIR) is pleased to announce that a second drill has now been mobilized to the Escape Lake area of the Thunder Bay North Project. Phase 1 and 2 drilling at Escape Lake continues on with a minimum total of 20,000m of drilling going forward.
One drill continues to be focused on the southern portion of the Escape Lake mineralized zone (see press release dated June 17, 2020) conducting stepout holes testing possible lateral and along strike extensions to the south and east. The second drill has mobilized to the northern portion of the Escape Lake mineralized zone and will be helping complete Phase 1 planned holes and stepout holes to the north to follow the postulated trend of the mineralized magma conduit on the Phase 2 drilling layout.
Recent Phase 1 drilling by the Company within the Escape Lake Intrusion generated a result in Hole ELR20-003 of 78.9m of 1.66ppm (g/t) Platinum, 2.17ppm (g/t) Palladium, 0.8% Copper and 0.41% Nickel including 20.0m of 3.23ppm (g/t) Platinum, 4.27ppm (g/t) Palladium, 1.54% Copper and 0.84% Nickel (see Clean Air Press Release dated June 17, 2020).
Reconnaissance drilling by the previous project operator 650m north of the Company's Phase 1 drill pattern, obtained a mineralized intercept in favourable ultramafic conduit rocks including peridotites and olivine melagabbros in Hole 10CL0003 from 205.5m to 232.8m assaying 27.3m of 1.15ppm (g/t) Platinum, 1.3ppm (g/t) Palladium, 0.43% Copper, 0.22% Nickel (Figures 1,2).
The Company plans a systematic approach to drilling off the potential strike extensions of the mineralized conduit in Phase 2 including application of borehole electromagnetic (BHEM), borehole magnetometric resistivity (MMR) and magnetotelluric (MT) surveys to isolate conduit architecture and follow the path of electrical conductivity in the mineralized magma conduit trend.
CEO Abraham Drost stated that "the addition of a second drill at Escape Lake is a welcome result of the recent closing of the Company's oversubscribed C$6.7M flowthrough financing at C$0.50/flowthrough share. The second drill will help the Company to increase the pace of exploration on Phase 1 testing of the Escape Lake Intrusion mineralized zone, transitioning to Phase 2 testing of an interpreted strike extension of the mineralized magma conduit to the north and south."
Clean Air Metals Inc. has adopted COVID-19 avoidance and personal protection measures for its geological and technical staff, drill contractor personnel and other goods and services suppliers. Personnel are required to use personal protective equipment (PPE), maintain physical distance, self-monitor and self-isolate or elect to work from home. Management had previously eliminated plans for a camp setup to service a planned diamond drill campaign on the Escape Lake Project. The Company is aware of Thunder Bay Health Unit guidelines that provide for "mandatory" self-isolation for returning overseas and inter-provincial travel. The guidelines previously also "strongly recommended" self-isolation after travel into the Northwest region from other areas of the Province. Mineral Exploration and Development has been deemed an essential service in the Province of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/). The Company has procured the services of a locally staffed and serviced diamond drilling contractor to complete the Phase 1 and commence the Phase 2 diamond drilling program.
Mr. Allan MacTavish, P.Geo. a Qualified Person as such term is defined under NI 43-101, and an employee of the Company, has reviewed and approved all technical information in this press release.
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Escape Lake Property is on the traditional territory of the Fort William First Nation and the Red Rock First Nation, signatories to the Robinson-Superior Treaty of 1850.
ON BEHALF OF THE BOARD OF DIRECTORS
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
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SOURCE Clean Air Metals Inc.