The aspiring builders of a palladium mine close to Thunder Bay have raised $12.5 million to fund extra exploration on rising mineral useful resource.
Clear Air Metals introduced Feb. 23 that it closed the non-public placement which is earmarked to do exploration drilling on its 29,000-hectare property, 50 kilometres north of town.
Michael Gentile, thought-about a number one strategic investor within the junior mining sector, purchased in for $1.65 million.
A preliminary financial evaluation launched by the corporate in December painted a 10-year mine life at Thunder Bay North, beginning with a ramp entry underground mine on the Present deposit, the extra effectively explored of two deposits on the property.
Clear Air’s Present and Escape deposits, 2.5 kilometres aside, containing high-grade platinum, palladium, copper, nickel and different probably payable metals.
The corporate has not but made a building resolution to proceed. There are nonetheless a couple of extra steps to do by method technical, metallurgical, and financial research.
However exploration nonetheless continues at full velocity with assay outcomes nonetheless arriving. The expectation on the corporate’s half is that the mineral useful resource will get considerably bigger.
Government Chair Jim Gallagher and CEO Abraham Drost imagine Thunder Bay North has the identical geological similarity to that of Norilsk, Russia, one of many world’s richest and most minerally-endowed mining camps. They’re utilizing a Norilsk-inspired mannequin to information their exploration and growth research. The corporate mentioned the mission hosts twin magma conduit our bodies which kind the 2 deposits.
Two diamond drill rigs are at the moment turning at its Escape deposit the place the corporate hopes so as to add extra tonnes and grade in calculating a brand new useful resource estimate. A spotlight of this 12 months’s exploration plan to conduct infill drilling to get a greater, extra outlined image of the mineralization of the deposit with a view to put together a mining plan.
Impala Platinum’s Lac des Iles Mine is 60 kilometres to the northeast.
Clear Air’s Gallagher is the previous CEO of North American Palladium, the previous house owners of the Lac des Iles Mine, which was offered to Impala Platinum for $1 billion in December 2019.