Clean Air Metals (TSXV:AIR) has bolstered its board as the emerging PGM, copper, and nickel exploration and development company continues to advance its Thunder Bay North Critical Minerals Project in Ontario, Canada.
Dr David Peck, who holds a Ph.D. in geology from Melbourne University in Australia and a M.Sc. from the University of Windsor in Canada has been appointed to the board at a time in which Clean Air Metals is assessing a range of potential growth opportunities.
Peck has a 35-year career working around the world for major mining companies, junior explorers, government, and academic institutions. He is a registered Professional Geoscientist in Ontario, Manitoba and British Columbia and a recognised global expert in the genesis of and exploration for magmatic platinum group and nickel copper sulfide deposits.
Clean Air Metals is confident this skillset will easily be applied to the company’s 100% owned flagship project, which encompasses the Thunder Bay North Intrusive Complex (TBNIC). The TBNIC comprises intrusions of the same age and similar rock types, with a common parental magma source.
Platinum, palladium, nickel, and copper mineralisation or anomalism has been identified in all with the Current intrusion – also known as chonolith based on its morphology of a sinuous magma tube – has a strike and plunge extent of greater than 5km.
Having a career that includes the discovery of Ni-Cu-PGE mineralisation in the East Bull Lake intrusion west of Sudbury Ontario, and expansion of the mineral resource at the Lac des Ilse Mine for North American Palladium (now Impala Canada), Clean Air CEO Jim Gallagher says he is ‘incredibly pleased’ to be working with Peck again.
“We shared several difficult, but ultimately successful years working together at North American Palladium. His knowledge of PGE, Ni, Cu deposits globally and in particular Northwestern Ontario will be invaluable to the company.
Combined with the experience of our own VP Exploration, Dr Geoff Heggie, we have perhaps the most knowledgeable team in the industry to not only expand the resource at Thunder Bay North but generate further exploration opportunities throughout Northwestern Ontario and beyond.”
Peck was instrumental in bringing both Anglo Platinum and Impala Platinum exploration teams into Ontario. The long relationship with Impala led to exploration joint ventures with North American Palladium and contributed to the eventual acquisition of North American Palladium by Impala.
Impala Canada formed in 2019 when North American Palladium was sold for about C$1 billion to Impala Platinum. Gallagher was CEO at North American Palladium at the time.
Peck says it is a ‘great privilege’ to be asked to serve on the board of directors for Clean Air Metals and resume his professional association with CEO Jim Gallagher and Non-executive Chair Dean Chambers.
“I see the Thunder Bay North project as a cornerstone asset upon which Clean Air Metals can build a much larger and globally attractive resource base. I look forward to contributing to the growth of the company and its resources by providing insights gained from my career in exploration, asset evaluation and mineral development.”
Renewed focus with Clean Air
Meanwhile, Clean Air Metals has received ‘opportunistic’ interest following the Strategic Review process that was launched in October of 2023.
The company says discussions with several parties have taken place over the past few months but the company did not feel any of the interest expressed represented fair value for the company.
During this process Clean Air Metals has undertaken an extensive review of its peer group junior explorers in the PGE, Cu, Ni space throughout Ontario as potential merger or acquisition candidates. A conclusion has been made that there remains significant opportunity because of the large number of prospective intrusions and mineral occurrences in the region.
The company notes that many of these assets are dormant due to a lack of cash within their holding companies and in some cases a lack of the expertise to further explore the deposits.
Based on a detailed assessment of the opportunities and Clean Air’s strengths, the board of directors has approved an evolution of the strategy to include rigorous evaluation, and possible mergers, earn-ins, acquisitions or other business relationships with other assets.
“The current environment of low investor interest and declining and stagnant metal prices is a negative for the mining industry. The strategy of assembling a small, manageable portfolio of assets, many of which are dormant due to financial constraints, turns this negative into an opportunity“
Gallagher says: “The current environment of low investor interest and declining and stagnant metal prices is a negative for the mining industry. The strategy of assembling a small, manageable portfolio of assets, many of which are dormant due to financial constraints, turns this negative into an opportunity.”
Additionally, Clean Air Metals ‘strongly believes’ that with the diverse geological setting present in the province in which it operates, there exists the potential for numerous new discoveries to be made. This realisation has contributed to the evolution of the company’s strategy which is based on the Thunder Bay North project being a ‘relatively low risk’ project that has significant upside potential when metal prices recover.
Clean Air Metals is continuing to add value through down plunge exploration and additional technical work remains the first priority.
The team believes in the potential for an increase in metal prices given the developing demands of the green energy revolution against the current backdrop of low investment in the global mining industry due to social, financial and political challenges.
Meanwhile, the company further believes that Northwestern Ontario has a significant number of prospective intrusions which host known PGE, copper, and nickel mineral showings and remains one of the best places globally to explore for this suite of metals.
Clean Air Metals notes it also has a demonstrated track record in early and positive engagement with aboriginal communities in this area and have the environmental capabilities to move projects efficiently through the permitting stages.
Write to Adam Orlando at Mining.com.au
Images: Clean Air Metals
