Clean Air Metals Announces Drilling Program at Thunder Bay North

THUNDER BAY, August 6, 2024 - Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce an upcoming 1,600-metre drilling program at its Thunder Bay North Critical Minerals ("TBN") project (the 'Project') (14.0 Mt Indicated resource 1.31g/t Pt, 1.37g/t Pd, 0.41% Cu, 0.25% Ni - NI 43-101 dated June 19, 2023 ). The program is comprised of up to ten short holes (100 to 185 metres in depth) that will target near-surface high-grade zones within the Current deposit to better define their lateral continuity and tonnage potential. Drilling is expected to start in early August.

Significance of High-Grade Mineralization in the TBN Deposits

The Company's new technical leadership team has completed a detailed assessment of existing geological and geophysical data and resource models for the Project. The key findings of this review are:

• The known high-grade intersections at TBN have a regular periodicity that the Company believes are related to flow processes similar to those associated with alluvial gold deposits.

• Applying a tighter drill spacing within these high-grade areas could result in an increased tonnage and grade.

• High-grade 'plums' within both deposits are not easily detectable with available geophysical data, and there is an opportunity to improve data density and depth of penetration.

To better understand the importance of these high-grade areas in terms of their size and potential impact on the project economics, the Company plans to drill a series of tightly spaced holes into three shallow and readily accessible high-grade areas at the Current deposit, as shown in Figure 1. Each target has a single, existing high-grade intersection. These include:

• 5.02 g/t Pt, 4.84 g/t Pd, 1.18% Cu and 0.56% Ni over 51 m from 85 m in hole BL10-326

• 4.20 g/t Pt, 3.80 g/t Pd, 0.85% Cu and 0.39% Ni over 23.5 m from 123.5 m in hole BL10-328

• 4.87 g/t Pt, 4.44 g/t Pd,1.17% Cu and 0.56% Ni over 19 m from 155 m in hole BL09-155

Figure 1. Plan view of the targeted area for the drill program (red dashed line) within the Bridge Zone of the Current Deposit

Results from the new drilling will be used to develop both an exploration program designed to potentially discover new high-grade zones and a resource delineation program to potentially increase the resources contained in these high-grade areas. They will also help guide the location for a potential bulk sample(s) pending the submission and approval of an Advanced Exploration permit.

Clean Air Metals' CEO Mike Garbutt commented "New insights provided by Vice President of Exploration Dr. Lionnel Djon and director Dr. David Peck has led to a refinement to the geological template for the TBN deposits. The upcoming drilling program is a critical step in the Company's plan to significantly improve the TBN project economics by fully defining the highest value mineralization within the Current and Escape deposits."

Other Activities

As referenced above, the Company is preparing an Advanced Exploration application for the project, representing the first stage in the Provincial mine permitting process. The Company has already applied (July 2022) to convert some of the TBN property claims into a mineral lease (approval pending). The Company has also contracted Sisprobe to complete a passive seismic survey designed to provide a much better definition of the mineralized basal contact and to potentially map out larger sulphide trap sites (i.e., new high-grade 'plum' targets) at this contact in the large and untested, down-plunge target area at the Escape deposit. The Company also continues to evaluate complementary copper- and platinum metal-rich assets in the province.

About Clean Air Metals

Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals ("TBN") project, 40 km northeast of Thunder Bay, Ontario. The TBN project, accessible by road and next to established infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 14.0 Mt indicated mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for expansion down-plunge.

One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders.

Social Engagement

Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of our area. 

The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.

ON BEHALF OF THE BOARD OF DIRECTORS

"Mike Garbutt"

Mike Garbutt, CEO of Clean Air Metals Inc.

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Visit www.cleanairmetals.ca for more information or contact:

Mia Boiridy
Director of Communications and Investor Relations
250-575-3305
mboiridy@cleanairmetals.ca

Neither 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.

Cautionary Note

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: 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.

SOURCE: Clean Air Metals, Inc.