Clean Air Metals Inc (TSX-V:AIR, OTCQB:CLRMF) CEO Jim Gallagher shared insights in an interview with Proactive's Angela Harmantas at PDAC 2024, highlighting challenges and strategies amidst current market conditions.
Gallagher said the mining industry, particularly the junior market, faces financing difficulties with metal prices not reacting to critical mineral discussions. However, he noted positive interactions with politicians, suggesting an emerging recognition of the mining sector's need for incentives.
Despite market lows, Gallagher sees an opportunity, particularly in Northwestern Ontario, for acquiring assets in platinum and palladium deposits. This region is deemed superior for exploration compared to South African deposits, which are well-known but costly due to their depth.
Clean Air Metals' flagship project, Thunder Bay North, in Ontario, is a platinum-palladium venture. Over recent years, extensive drilling has expanded the resource base to 14 million tonnes, with an approximate 2.5 million combined ounces of platinum and palladium. The company plans a modest exploration program focused on the Escape deposit's down-plunge areas, previously unexplored beyond 500 metres depth. This exploration, supported by strong geophysical data, will commence post-winter.
Gallagher emphasized the importance of having a skilled technical team for project advancement, highlighting Clean Air Metals' conservative cash management. With $6 million in reserves, the company aims to navigate through the market's low phase, gradually enhancing project value in anticipation of favorable metal prices.
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