TSX-V-listed Clean Air Metals has announced a new mineral resource estimate (MRE) for the Thunder Bay North critical minerals project, with an indicated resource of 14-million tonnes, containing 1.2-million ounces of platinum and palladium (2PGE), 57 500 t of copper and 34 300 t of nickel.
The new resource estimate, prepared by SLR Consulting, is based on an underground constrained resource model using a net smelter return cut-off value of $48/t.
The Current deposit contains an indicated mineral resource of 8.2-million tonnes grading 2.7 g/t 2PGE, 0.33% copper and 0.22% nickel and an inferred mineral resource of 1.6-million tonnes grading 1.7 g/t 2PGE, 0.32% copper and 0.20% nickel.
The Current deposit contains 717 000 oz 2PGE, 27 000 t copper and 17 700 t nickel.
The Escape deposit contains an indicated mineral resource of 5.8-million tonnes grading 2.6 g/t 2PGE, 0.52% copper, 0.28% nickel and an inferred mineral resource of 0.6-million tonnes grading 1.5 g/t 2PGE, 0.29% copper and 0.17% nickel.
Contained metal at the Escape deposit is 492 000 oz 2PGE, 30 400 t copper and 16 500 t nickel.
The underground mineral resources at the Current and Escape deposits will now be the focus of a renewed economic study, which will include specific work completed on mining run rate, optimal sequencing of the two adjacent deposits, geotechnical analysis by Carlisle Mine Geotech and updated metallurgical recoveries.
“The new combined MRE for the Escape and Current deposits comprising the Thunder Bay North critical metals project is now complete. Work will continue to determine viability of a potentially bulk mineable, ramp-accessible, underground constrained mineral resource. Run rates, production sequencing and preliminary economics of the new MRE are presently being scoped internally in preparation to continue technical studies.
“The inferred mineralization suggests that the Current and Escape deposits are open and that the underexplored remainder of the two host magma conduits has the potential to add additional mineral resources,” said CEO Abraham Drost.
The Thunder Bay North project is a potential domestic North American source of platinum, palladium, copper and nickel.
Federal and provincial governments have placed a strong focus on bolstering the domestic critical mineral supply chain in North America.
“We are very pleased that Triple Flag Precious Metals has completed Tranche 2 of a previously announced royalty financing to facilitate potential development, together with our Indigenous partners, of a sustainable critical metals mining project at Thunder Bay North,” added Drost.