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Clean Energy Transition Inc
Symbol TRAN
Shares Issued 36,431,350
Close 2024-11-07 C$ 0.06
Market Cap C$ 2,185,881
Recent Sedar Documents

Clean Energy estimates Aurora historical resource

2024-11-12 14:23 ET - News Release

Mr. Sean Samson reports

TRANSITION.INC ANNOUNCES THE AURORA NICKEL PROJECT, UPDATED MINERAL RESOURCE ESTIMATE NOW IN-PROCESS, MANAGEMENT PRESENTING AT BENCHMARK WEEK IN USA

Clean Energy Transition Inc. has provided the details of its previously acquired Aurora nickel project, 25 kilometres southeast of Timmins, Ont. The company is now updating the historic mineral resource estimate (MRE). Next week, Sean Samson, president, chief executive officer and director will host a panel and present at Benchmark Week in California.

"The Aurora nickel project has the potential to become a low-carbon production opportunity, like we have prioritized in our strategy," said Mr. Samson. "Good-grade, near-surface nickel mineralization, located just outside Timmins, is the type of opportunity the market has interest in and I look forward to connecting with the CarCos in the USA next week. With the inevitable political change coming to the industry, companies are planning now for how they will prepare for that future and are certainly interested in sourcing nickel from closer to home."

Aurora nickel project

Earlier this year Clean Energy Transition acquired a mining lease in Ontario (see news release dated July 7, 2024) that hosts the Langmuir North and Langmuir No. 1 deposits. The company has consolidated these assets and will refer to the assets as the Aurora nickel project, incorporating the Aurora North and Aurora South deposits. The Aurora nickel project is approximately 25 kilometres southeast of Timmins, Ont., and the mining lease incorporates approximately 905 hectares.

Aurora nickel project historical mineral resource estimate

Micon International Ltd. previously completed an MRE for the Aurora nickel project (see SEDAR+ filed report titled "Technical Report on the Initial MRE for the Langmuir North and Langmuir No. 1 Nickel Deposits, Langmuir Township, Ontario, Canada," issued Jan. 6, 2010, revised June 4, 2015) and this MRE (see attached table) is considered historical in nature. Although the resource estimate was prepared and disclosed in accordance with disclosure requirements for mineral resources set out in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and the classification of the historical resource as a measured, indicated and inferred resource is consistent with the 2014 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards for mineral resources and mineral reserves, a qualified person has not done sufficient work to classify the historical resource estimate as a current mineral resource in view of the recent (November, 2019) CIM best-practice guidelines on the estimation of mineral resources/reserves and the CIM environmental, social and governance guidelines (September, 2023); hence, the company is not treating the historical resource estimate as a current mineral resource.

It is emphasized that a qualified person has not done sufficient work to classify the historical estimates referenced herein as current mineral resources and the company is not treating the historical estimate as current mineral resources or mineral reserves.

For context -- equivalent number of electric vehicles in the historic MRE's contained nickel

It is estimated that the average electric vehicle battery requires approximately 145 pounds of nickel (Bloomberg New Energy Finance (BNEF) estimate for a 100-kilowatt-hour battery), and, based on this, the contained nickel in the Aurora nickel project's historical MRE represents the equivalent nickel that would be used in more than 642,000 electric vehicles. For context, this is approximately 3.5 times the total 2023 new battery EV registrations in Canada.

Benchmark Week presentation

This week, in California, Mr. Samson will speak at Benchmark Week 2024. Since 2016, Benchmark Week has been the leading gathering for the world's lithium-ion battery supply chain and the wider energy transition. Mr. Samson has been asked to present on the company's assets, including the Aurora nickel project.

About Clean Energy Transition Inc.

Clean Energy Transition is focused on opportunities to generate positive cash flow across the energy transition. The company includes a quartz division, focused on advancing its silica/quartz business with the Snow White project in Ontario and the Silicon Ridge project in Quebec. The silica in high-quality quartz can be used to make silicon metal, a key component in solar energy panels. In addition to quartz, Clean Energy Transition is looking for low-carbon production opportunities in critical minerals and additional opportunities developing with the rapid change under way.

Qualified person

The qualified person for this news release as defined by NI 43-101, is Charley Murahwi, MSc, PGeo, PrSciNat, FAusIMM, senior economic geologist at Micon. Mr. Murahwi has reviewed and approved the technical information in this press release related to the Aurora project historical resource. There are no known factors that could materially affect the reliability of the information verified by Mr. Murahwi.

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