Clean Air Metals Reports Drill Results and Corporate Update including Project Payment and Prefeasibility Kickoff around Metallurgical Optimization

THUNDER BAY, ON, May 26, 2022

New assay highlights from the Escape South deposit area includes (Table 1):

• Hole ELR22-137 which intersected 39.0m grading 1.17g/t Platinum (Pt), 1.47g/t Palladium (Pd), 0.49% Copper (Cu) and 0.27% Nickel (Ni) from 361.0m-400.0m downhole.
• Hole ELR22-139 which intersected 16.0m grading 1.83g/t Platinum (Pt), 2.38g/t Palladium (Pd), 0.88% Copper (Cu) and 0.51% Nickel (Ni) from 383.0m-399.0m downhole including 6.0m grading 2.63 g/t Platinum (Pt), 3.48g/t Palladium (Pd), 1.28% Copper (Cu) and 0.75% Nickel (Ni) from 385.0-391.0m downhole (Figure 1).
• Hole ELR22-140 which intersected 25.0m grading 2.01g/t Platinum (Pt), 2.57g/t Palladium (Pd), 0.94% Copper (Cu) and 0.52% Nickel (Ni) from 325.7m-373.0m downhole.

The Escape Deposit also underwent an additional 37,000m of expansion drilling in 2021 and over 17,000m in 2022 which has confirmed continuity between the Escape South HGZ and the Escape North Zone and may add materially to the total Thunder Bay North Project Indicated insitu mineral resource (effective November 1, 2021) of 8.12 g/t PtEq in 14,553,324 million tonnes (reported December 1, 2021).

Mineral resource endowment and platinum-equivalents are quoted pursuant to the Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, with an effective date of January 20, 2021 (the "Technical Report"). The Technical Report was posted to SEDAR on March 4, 2021 and prepared by Nordmin Engineering Ltd.- QP Glen Kuntz, P.Geo. Ontario. Nordmin as QP utilized 2-year trailing average metal price assumptions[1] for the updated mineral resource as a basis for the Preliminary Economic Assessment reported on December 1, 2021 and filed January 12, 2022.

The Company is also pleased to advise that it has paid Panoramic Resources Limited (ASX: PAN) ('Panoramic') the second deferred consideration instalment payment of C$1.5 million from the sale of the Thunder Bay North PGM Project. The sale of the Thunder Bay North Project was completed via a Share Purchase Agreement in the 2020 financial year (see press release issued on May 14, 2020) whereby Panoramic's wholly-owned subsidiary Magma Metals Pty Limited sold all shares it held in Panoramic PGMs Canada Limited to Clean Air Metals Inc. for total consideration of C$9 million. Inclusive of this latest instalment (C$1.5 million), Panoramic has received sale proceeds totaling C$7.5 million to date. The final deferred consideration payment of C$1.5 million is due to be received by May 13, 2023. A related transaction with Rio Tinto Exploration Canada for the purchase of the Escape Property for C$6 million has been paid in full. Both transactions fall under an Option-Purchase Agreement with Benton Resources Inc.

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1CRU 2-year metal price assumptions can be viewed in the following Link (Click Here) ARIVA.DE Börsen-Geflüster Kurse AAR 65,30 € -2,32% CAPITAL ONE FINANCIAL INC WR -   0,00% Clean Air Metals 0,0365 € 0,00%

The Company also advises that DRA AMERICAS INC ("DRA") is the successful bid under a request for proposal (RFP) for Pre-feasibility Metallurgical Testing and Process Plant Design for the Thunder Bay North Project. The DRA team has reviewed the existing and historical metallurgical testing results and marketing studies culminating in the Preliminary Economic Assessment (PEA) by Nordmin Engineering, the technical report of which was filed on SEDAR on January 12, 2022. DRA will leverage existing knowledge on standard crush, grind, flotation process design and smelter payabilities into the next phase of testing and metallurgical optimization, including amenability to hydrometallurgical recoveries of the main platinum, palladium, copper, nickel commodity suite with rhodium, cobalt, gold, and silver byproducts.

The Company announced a comprehensive mine plan and cashflow model for both the Escape Deposit and Current Deposit as part of a PEA for the Current and Escape PGE-Cu-Ni Deposits of the Thunder Bay North Project on December 1, 2021. The related Technical Report was filed on SEDAR on January 12, 2022 https://cleanairmetals.ca/site/assets/files/5750/21015-01-pfs-0000_ni_43_101_pea_12jan2022.pdf

Table 1: New Insitu Assay Results Update – Escape South Sail-Zone Extension (Figure 1)

Hole ID	Company	From, m	To, m	Length, m	Pt+Pd (ppm)	Cu+Ni (%)	Pt (ppm)	Pd (ppm)	Cu (%)	Ni (%)
ELR22-109	AIR	218.5	221.5	3.0	1.36	0.44	0.63	0.74	0.26	0.19
ELR22-109	AIR	224.5	229.4	4.9	1.52	0.48	0.71	0.81	0.27	0.21
ELR22-122	AIR	385.3	396.3	11.0	2.82	0.76	1.29	1.53	0.54	0.23
ELR22-136	AIR	334	336	2.0	1.04	0.40	0.42	0.62	0.22	0.18
ELR22-136	AIR	356	362	6.0	1.65	0.44	0.74	0.91	0.28	0.17
ELR22-137	AIR	333	347	14.0	1.21	0.42	0.53	0.68	0.23	0.19
ELR22-137	AIR	361	400	39.0	2.64	0.77	1.17	1.47	0.49 Werbung Mehr Nachrichten zur AAR Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:00 - Small- & Micro Cap ... Morningstar-Rating: NurExone mit Kurspotenzial von 120% 01:54 - Boersia.de Dow Aktie: Analysten sehen Aufwärtstrend 00:00 - Boersia.de Cisco Aktie: Preisziel nach Quartalsbilanz gehoben