Clean Air Metals Reports 50.7 m Grading 4.52 g/t Pt, 4.38 g/t Pd, 0.99% Cu and 0.53% Ni in Latest Near Surface High-Grade Drilling Results

THUNDER BAY, ON / ACCESSWIRE / October 3, 2024 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) is pleased to announce additional high-grade drilling results from the Current deposit at its 100%-owned Thunder Bay North Critical Minerals Project ("TBN").

Assay highlights include:

• 50.7 m of 4.52 g/t Pt, 4.38 g/t Pd, 0.99% Cu and 0.53% Ni(13.74 g/t Pt.eq¹; 4.36% Cu.eq²) from 82.0 m downhole in Hole CL24-010, including

  • 6.35 g/t Pt, 6.10 g/t Pd, 1.32% Cu and 0.69% Ni over 30.7 m from 102 m,

• 38.4 m of 3.38g/t Pt, 3.26g/t Pd, 0.72% Cu and 0.45% Ni (10.32 g/t Pt.eq¹; 3.27% Cu.eq²) from 153 mdownhole in Hole CL24-005, including

  • 13.2 m of 8.39g/t Pt, 8.09 g/t Pd, 1.75% Cu, 0.95% Ni from 178.2 m. and;

  • 20.40 g/t Pt, 21.00 g/t Pd, 4.20% Cu and 2.18 % Ni over 0.5 m from 188.9 m. (Massive Sulphides)

• 23.3 m of 4.54 g/t Pt, 4.23 g/t Pd, 1.11% Cu and 0.60% Ni (14.20 g/t Pt.eq¹; 4.51% Cu.eq²) from 154.7mdownhole in Hole CL24-008, including

  • 13.8m of 6.01 g/t Pt, 5,56 g/t Pd, 1.45% Cu, 0.75% Ni, from 159.0 m.

• 19.3 m of 3.61 g/t Pt, 3.26 g/t Pd, 0.79% Cu and 0.38% Ni (10.75 g/t Pt.eq¹; 3.40% Cu.eq²) from 150 mdownhole in Hole CL24-006, including

  • 10.8 m of 5.33 g/t Pt, 4.65 g/t Pd, 1.13% Cu, 0.40% Ni from 157.0 m.

Notes

1. Platinum equivalent are calculated as follows: Pt.eq = (Pt grade/31.1035 x $982 + Pd grade x 31.1035 x 86.2% x $1,057 + Cu grade x 2204 x 95.9% x $4.27 + Ni grade x 2204 x 57% x 7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x 65.2% x $31.73) / $982 x 31.1035

2. Copper equivalents are calculated as follows: Cu.eq= (Cu grade x 2204 x $4.27 + Pt grade x 31.1035 x 80.6% x $982 +Pd grade x 31.0135 x 86.2% x $1,057 + Ni grade x 2204 x 57% x $7.58 + Au grade/31.1035 x 85% x $2,642 + Ag grade/31.1035 x 65.2% x $31.73) / $4.27 / 2204

Equivalents are based on the following recoveries Pt 80.6%, Pd 86.2%, Cu 95.9% Ni 57%, Au 85%, Ag 65.2%; and metal prices from September 25, 2024 US Spot; Pt $982, Pd $1057, Cu $4.27, Ni $7.58, Au $2642, Ag $31.73

A summary of all assays is presented in Table 1.

Clean Air Metals' CEO Mike Garbutt commented, "The new drilling results confirm our belief that the tonnage of the highest-grade parts of the Current deposit is likely underestimated by the most recent resource model - largely because of an inadequate drilling density in these areas. Additional geophysical modeling and tightly-spaced drilling is expected to allow us to quantify the highest value mineralization within both the Current and Escape deposits. We believe that a more robust, low-tonnage high-grade production model anchored by these high-grade areas is attainable."

The summer drilling program targeted near-surface high-grade zones within the Current deposit to better define their lateral continuity and tonnage potential. These new results, in conjunction with the initial assays (see September 9^th release), confirm that high-grade mineralization in the areas targeted extends beyond what was outlined in the most recent resource model (NI 43-101 technical report on the Thunder Bay North Project, Ontario, Canada, SLR Consulting Canada Ltd, June 19, 2023).

Results Confirm Improved High-Grade Continuity

The revised geological model for the high-grade areas at Thunder Bay North employs flow processes similar to those associated with alluvial gold processes. These results provide confidence and "proof of concept" that continued success in the expansion of the high-grade pods along strike is possible with tighter drilling. The Company believes that a predictive tool based principally upon geophysical data can quickly be developed that will allow the identification of additional high-grade pods that occur within the Current and Escape deposits.

Clean Air Metals' Vice President of Exploration, Lionnel Djon commented, "The results of the proof-of-concept drilling at Current provide a high level of confidence that the high-grade pods have a regular periodicity that can be predicted using 3D geophysical models and that their tonnage potential is likely greater than previously appreciated. We are excited to follow up on these encouraging results and begin the job of delineating these high-grade domains to support an independent estimation of their tonnage and grade."

Drilling at four high-grade target areas has produced exceptional results. Nine of the ten holes completed in the program intersected significant widths of high-grade mineralization, defined here as averaging over 6 g/t combined Pt and Pd. Hole locations relative to the high-grade targets and the different mineralized zones within the Current deposit are shown in Figure 1. Figure 2 outlines an area in the Lower Current Zone where the program delivered improved grade, continuity and volume, expanding the high-grade zone to the southeast.

Figure 1. Plan view map showing drill hole locations for the recently completed 10-hole program at the Current deposit.

Figure 2. Section showing CL24-003 and CL24-004 in the Lower Current Zone and interpreted expansion of the high-grade shell.

In the Bridge Zone, a flat-lying zone of high-grade mineralization was targeted as shown in plan view in Figure 3. The program was successful in expanding the volume of the target area, at grades equal to or greater than those estimated in the most recent resource model. The high-grade shell extends laterally toward the southeast, and there remains good potential for extending this shell to the west.

Figure 3. Plan view outlining drill hole pierce points in the flat-lying section of the Bridge Zone and outlining the lateral expansion of the high-grade shell. This drilling included hole CL24-008 that returned a grade of 14.20 g/t Pteq¹ over 23.4m.

Farther northwest in the Lower Current Zone, Hole CL-24-010 added significant grade and volume to the shell along strike and Hole CL-24-002 added to the shell to the northeast (into the section) in comparison to the existing resource model (Figure 4).

Figure 4. Section outlining interpreted high grade shell expansion from hole CL24-010 (13.74 Pteq¹)

Additional Massive Sulphide Intersected in Hole CL24-005

A second hole within the 10-hole program (Hole CL24-005) intersected 0.5m of massive sulphides near the base of the intrusion. The deposit is known to carry massive sulphides in pockets and embayments at both the Current and Escape deposits. These occurrences demonstrate the potential for these deposits to host additional massive sulphide, and continued exploration work is needed to identify the feeder zone for this material.

The Company is in the process of developing a follow-up exploration program designed to discover new high-grade zones within the Current and Escape deposits and a resource delineation program to support an independent resource estimate of the highest-grade domains in both deposits.

Reconfiguring the Mine Plan

The project path forward, that includes a smaller tonnage, high-grade and low-capital cost mine plan is buoyed by the results from this program. It is evident that higher-grade mineralization is spatially distributed in distinct and separable zones that allow for targeted extraction using traditional open-stoping mining methods. A bulk sample is under consideration as part of a move towards advanced exploration designation. The goal for the bulk sample will be to validate the high-grade mining approach outlined above, as well as quantify the metallurgical performance of a toll milling scenario on a larger scale.

Qualified Person

Dr. Lionnel Djon, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101 and Vice President of Exploration for the Company, has reviewed and approved all technical information in this press release.

Table 1. Hole Assays

1. Refer to Note 1 on page 1 of this release

2. Previously reported in the September 9^th, 2024 press release

Table 2. Hole Coordinates