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Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection
Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoram...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"\n \n \n \n Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n THUNDER BAY, ON\n \n ,\n \n May 11, 2021\n \n /CNW/ -\n \n Clean Air Metals Inc. (\"Clean Air Metals\" or the \"Company\")\n \n (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce completion of a\n \n C$1.5 million\n \n installment payment to Panoramic Resources Limited (PAN: ASX) of\n \n Australia\n \n .\n \n \n The Company acquired a 100% interest in the Current Lake Pt-Pd-Rh-Cu-Ni magma conduit deposit from Panoramic Resources for\n \n C$9 million\n \n , with a\n \n $4.5 million\n \n down payment under a security interest on\n \n May 14, 2020\n \n as previously reported. The transaction included the sale of a 100% interest in Canadian subsidiary Panoramic PGMs (\n \n Canada\n \n ) Ltd. directly to Clean Air Metals under the option with Benton Resources Inc. (BEX: TSXV). Panoramic PGMs (\n \n Canada\n \n ) Ltd., now a wholly-owned subsidiary of Clean Air Metals, in turn owns 100% of the Current Lake deposit. Two equal payments totaling\n \n C$3 million\n \n remain for May, 2022 and May, 2023. The security obligation may be retired in advance by payment in full at any time without penalty.\n \n \n In keeping with its commitment to environmental sustainability as it continues with a previously announced\n \n 45,000m\n \n diamond drilling campaign, the Company has also commenced environmental baseline field data gathering in support of a future environmental impact assessment and permitting of the Thunder Bay North Project. The Company's service providers DST, a Division of Englobe Corp. and NorthWinds Environmental are mandated to systematically gather and report on baseline data for hydrology (surface waters), hydrogeology (subsurface water table), noise, water quality, aquatic biology, wildlife biology, weather patterns and potential for metals leaching and acid rock drainage (ARD).\n \n \n In addit...