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Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option

Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option
Canada NewsWire
THUNDER BAY, ON, Oct. 12, 2021

THUNDER BAY, ON, Oct. 12, 2021 /CNW/ – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (F…

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Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option

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THUNDER BAY, ON, Oct. 12, 2021 /CNW/ – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to announce that it has paid,  for and on behalf of Benton Resources Inc. (“Benton”) (TSX:V BEX), the sum of CAD $1 Million directly to Rio Tinto Exploration Canada Inc. (“RTEC”) as Vendor, pursuant to the terms of the definitive option agreement (the “Option Agreement”) entered into between the Company and Benton in order to satisfy a payment requirement of Benton under its pre-existing option with RTEC (see previous press release dated January 6, 2020 and May 14, 2020). The Company acquired an option to acquire a 100% right, title and interest in and to the Escape Lake Property (the “Escape Lake Property”), subject to a 1.0% net smelter return royalty to be retained by RTEC, from Benton under the Option Agreement, with such option conditional on Benton exercising its pre-existing option to acquire the Escape Lake Property from RTEC and under the Option Agreement, the Company has agreed to make all of the payments of Benton to RTEC that are required in order for Benton to exercise the pre-existing option.  Clean Air Metals agreed to pay to RTEC an aggregate of C$6 million in order for Benton to exercise the pre-existing option, C$3 million of which was originally paid by Benton to RTEC on October 9, 2019, and C$1 million of which was paid by the Company to RTEC on October 9, 2020. The remaining financial obligation to RTEC on behalf of Benton is $1 million due October 9, 2022.

In addition, pursuant to the Option Agreement outlining the terms of a definitive share purchase agreement dated January 6, 2020 entered into between the Company and Magma Metals Pty Ltd. (“Magma”), the Company completed the acquisition of 100% of Panoramic Resources Limited’s indirect subsidiary, Panoramic PGMs (Canada) Ltd. (“Pan PGMs”), which owns the Thunder Bay North Property (the “TBN Property”), hosting the Current Lake Deposit. Pan PGM’s is now a 100% wholly-owned subsidiary of Clean Air Metals. In consideration of the acquisition of Pan PGMs, Clean Air Metals has also agreed to pay to Magma in equal installments over a three-year period, an aggregate of C$9 million, C$4.5 million of which was paid on closing of the transaction on May 14, 2020, and C$1.5 million of which was paid on May 14, 2021. Two payments of $1.5 million remain by May 13, 2022 and May 13, 2023 respectively.

The Escape Lake Property and the TBN Property are collectively referred to as the “TBN Project”. The Company has the right to prepay all remaining property payments at any time. There are no additional exploration or other spending commitments required to fully vest the Option Agreement.

Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Project is on the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021.

The Company is also in discussions with Red Sky Metis Independent Nation and the Metis Nation of Ontario and other non-proximate First Nation communities. Woodland Heritage Northwest, a Metis-owned consultancy has been retained to conduct archaeological studies on the Thunder Bay North Project and surrounding areas.

About Clean Air Metals Inc.
Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Clean Air Metals project hosts the Current Lake Deposit and magma conduit and the Company is actively exploring the Escape Lake Deposit, a twin structure to the Current Lake Deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

Abraham Drost

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.

Website: www.cleanairmetals.ca

Neither the 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 cost estimates and the potential for unexpected costs and expenses; results of technical studies, benchmark reports, 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.

View original content:https://www.prnewswire.com/news-releases/clean-air-metals-announces-payment-to-rio-tinto-to-maintain-escape-lake-property-option-301397573.html

SOURCE Clean Air Metals Inc.


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Court of Appeals Rules Favorably on PolyMet Water Permit

MPCA to conduct "Maui" testSt. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects…

MPCA to conduct “Maui” test

St. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects of the water discharge permit for the NorthMet Project, overruling six of the seven challenges to the permit made by mining opponents, according to Poly Met Mining, Inc., a wholly owned subsidiary of PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (together “PolyMet” or the “company”).

The Court of Appeals affirmed virtually every aspect of PolyMet’s permit at issue. In particular, the court endorsed the district court’s factual findings regarding the Minnesota Pollution Control Agency’s (MPCA) and the Environmental Protection Agency’s interactions during the permitting process; agreed with MPCA’s application of state law governing groundwater discharges; upheld the agency’s conclusion that PolyMet’s project has no reasonable potential to violate water quality standards; agreed with MPCA’s finding that PolyMet’s project will not violate the Fond du Lac Band’s water quality standards; and affirmed the agency’s denial of mining opponents’ requests for a contested case hearing.

In its decision the panel concluded that the MPCA should still consider whether “any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges.” The Court remanded the permit to the MPCA to conduct this functional-equivalence analysis, which the U.S. Supreme Court established in County of Maui v. Hawaii Wildlife Fund, a new precedent set more than a year after PolyMet’s permit was issued.

“We are pleased that we have prevailed on the majority of the issues and the court has narrowed the case to just this single issue regarding Maui, where considerable scientific data already exists,” said Jon Cherry, chairman, president and CEO. “MPCA has already determined there is not a permittable discharge to groundwater and we are optimistic the agency will reach the same conclusion from the Maui test. This will mean a little more process, but it gives us a clear roadmap to the reactivation of this permit,” Cherry said.

The NorthMet mine will feed the mineral supply chain to meet the growing global demand for copper, nickel, cobalt and other metals needed for the U.S. and global transition to clean energy technologies such as solar and wind farms, battery storage and electric mobility, Cherry said. Most of the known resources of nickel and cobalt in the U.S. are found in Minnesota according to the U.S. Geological Survey.

* * * * *

About PolyMet

PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.

Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.

For further information, please contact:

Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
[email protected]

Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
[email protected]

PolyMet Disclosures

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2020, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.

The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.

No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111376




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Discovery Harbour Announces Fortuity 89, Nevada Drilling Underway

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest“), has confirmed that its planned drill program at Fortuity 89, Nevada is underway.

Subject to the continued impacts of COVID-19, Newcrest plans to drill a minimum of eight drill holes and 3,400 metres to test a series of low sulphidation epithermal gold targets on Fortuity 89. Newcrest has implemented a comprehensive safety plan for the drill program, including extensive COVID-19 protocols.

Newcrest completed an initial exploration program in 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop on Fortuity 89 and extend into a large plain overlain by a gravel cover.

Newcrest’s program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.

Mark Fields, President & CEO of Discovery Harbour comments, “Newcrest has planned this drill program so it can be executed in the most effective manner to test the targets they identified. We are looking forward to the results as they become available.”

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

About Newcrest

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world’s largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects – predominantly in the Asia-Pacific and North and South America.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111334





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Angkor Resources Corp. to Present at Sequire Metals & Mining Conference on January 27th, 2022

Presentation on Thursday, January 27th, 2022 at 14:00 ET

GRANDE PRAIRIE, AB – TheNewswire – Jan.  24, 2022 – Angkor Resources Corp. (TSXV:ANK) and…

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Presentation on Thursday, January 27th, 2022 at 14:00 ET

GRANDE PRAIRIE, AB – TheNewswire – Jan.  24, 2022 – Angkor Resources Corp. (TSXV:ANK) and (OTC:ANKOF) (“Angkor” or “the Company”) is pleased to announce that it will be presenting virtually at the upcoming Sequire Metals & Mining Conference on Thursday, January 27th at 2:00 ET.  Delayne Weeks, CEO of Angkor, will be giving the presentation.

Event:        Angkor Resources Corp.

Presentation at the Sequire Metals & Mining Conference

Date:         Thursday, January 27th, 2022

Time:         2:00 – 2:25 ET, Track 3

 

Register to watch the presentation HERE. Investors can also request 1×1 meetings with Angkor on the event website.

 

Summary of Sequire Metals & Mining Conference

With a massive uptick in the mining industry and electric vehicles on the rise, Sequire is spending the entire day with public mining companies and industry experts exploring possibilities, opportunities, and the latest news.

 

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia with multiple mineral licenses in NE quadrant of the country and approval for negotiations on Production Sharing Contract (PSC) terms for Block VIII energy and oil and gas concession, a 7,300 square kilometre oil and gas license in Cambodia.

CONTACT:

Delayne Weeks, CEO        Telephone: +1 (780) 831-8722                Email: [email protected]

Website: http://www.angkorresources.ca  or follow us on Twitter @AngkorResources

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Copyright (c) 2022 TheNewswire – All rights reserved.

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