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Clean Air Metals Announces Management Changes; Jim Gallagher Appointed Interim CEO
THUNDER BAY, ON, June 2, 2023 /CNW/ - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) announces that Mr. Abrah
About this update from Clean Air Metals, Inc.
[{"type":"text","content":" THUNDER BAY, ON, June 2, 2023 /CNW/ - Clean Air Metals Inc. (\"Clean Air Metals\" or the \"Company\") (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) announces that Mr. Abraham Drost will no longer be continuing as CEO and Director of the Company effective immediately. Mr. Jim Gallagher, who has served as Executive Chair since Clean Air Metals began to trade on the TSX Venture Exchange in early 2020 will assume the role of CEO on an interim basis while retaining the Executive Chair role. A search for a permanent CEO will commence in due course. Mr. Gallagher is a mining engineer and experienced executive who most recently was CEO of North American Palladium with its single asset being the Lac des Iles Palladium mine located approximately 90 km north of Clean Air Metals' Thunder Bay North Critical Minerals Project. Mr. Gallagher assumed the CEO role in 2015 as the company emerged from a CCAA process and over the next 5 years led an operational and financial turn-around of the company culminating in the sale to Impala Platinum of South Africa at the end of 2019 for just under C$ 1 Billion. Updated Resource Estimate On May 4th, 2023 the Company press released an updated Mineral Resource Estimate for the Company's 100% owned Thunder Bay North Critical Minerals project. The Indicated resource of 14 million tonnes contains 1.2 million ounces of Platinum and Palladium (on a one-to-one ratio), 57,000 tonnes of Copper and 34,300 tonnes of Nickel. All 4 of these potentially payable metals are defined as Critical Metals by both the Provincial and Federal Governments. The Company is near completion with DRA Americas on validating metallurgical recoveries and potential smelter offtake terms. Technical evaluation of mining options, production rates and site infrastructure will be ongoing over the next several months and we will continue to advance environmental studies towards future permit applications. Exploration The almost 25,000 meters of infill drilling in 2022 on both the Escape and Current deposits that make up the Thunder Bay North Critical Minerals project have provided a well-defined resource model above approximately 500 metres in depth which is the basis for the mineral resource estimate. Both deposits are open at depth and have minimal drilling below 500 meters. An exploration plan is in devel...