Alaska Energy Metals Announces Drilling Program at the Nikolai Project, Canwell
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
NR: 24-20
ALASKA ENERGY METALS ANNOUNCES DRILLING
PROGRAM AT THE NIKOLAI PROJECT, CANWELL
PROSPECTS, ALASKA, AND MARKETING CONTRACT
EXTENSIONS
VANCOUVER, BRITISH COLUMBIA, July 16, 2024 – Alaska Energy Metals
Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“Alaska Energy Metals” or the
“Company”) is pleased to announce that it has begun a drilling program to test
compelling geological – geophysical – geochemical targets at the Canwell block of
claims that form part of its Nikolai Nickel Project in Alaska. The drilling program
includes plans for three holes for a total of 1,200 meters. The Canwell prospects are
located near the Company’s Nikolai project Eureka deposit which represents a large
accumulation of nickel with copper, cobalt, chrome, iron, platinum, palladium and
gold. Additionally, the Company plans to initiate bench-scale metallurgical testing
on the EZ2 mineralization at its Eureka Deposit. Initial testing work will include bond
ball mill grindability, flotation (mill calibration, rougher, cleaner, Cu/Ni separation,
locked cycle) and magnetic separation (Davis Tube and LIMS) testing. Detailed
mineralogical work was recently completed and will inform the metallurgical work.
Canwell Prospects
The photograph in Figure 1, taken from the Richardson Highway, shows the
location of various surface prospects on the Canwell claim block. Featured targets
at Canwell include the Odie, Emerick and Upper Canwell prospects. At the Odie and
Upper Canwell locations, samples of high-grade massive nickel-copper-iron sulfide
mineralization in local, surface talus and outcrop have been previously sampled by
Alaska Energy Metals. The surface samples of massive sulfides are enriched with
platinum-group metals. Controlled-source Audio-frequency Magnetotellurics
(“CSAMT”) and Electromagnetic (“EM”) geophysical surveys conducted by the
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 2
Company in 2023 identified strong low resistivity and conductive zones immediately
beneath the high-grade surface massive sulfide occurrences at all three of the
prospects. The Company’s geochemical and geophysical results for the Canwell
claim block were released in a press release dated January 4, 2024. The CSAMT and
EM conductive zones are also marked by a strong magnetic susceptibility response.
It is hypothesized that the conductive zone and magnetic response is caused by
nickel-copper sulfides in the subsurface. CSAMT results clearly identified the limits
of the ultramafic rocks that host massive sulfides at surface. One drill hole is
planned at each of the targets to test for sulfide mineralization and to validate the
geophysical, geological and geochemical data, as shown in the map in Figure 2.
Figure 3 is a cross-section through the Odie prospect showing the surface sulfide
occurrence and the resistivity low / conductive zone beneath that the Company
intends to drill. Note: Gregory Beischer, the Qualified Person responsible for the
contents of this press release has not done check assays to confirm the historical
results presented but confirms that the samples were assayed at a reliable
laboratory. The Qualified Person has no reason to question the integrity of the
assay data.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 3
Figure 1: Photograph taken from Richardson Highway looking southeast at various Canwell claim block
prospect locations. High-grade massive nickel-copper sulfides enriched in platinum group elements are
present at several of these prospects.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 4
Figure 2: Overview map of the Canwell claim block with surface sampling results, location of historical
drill holes, geophysical anomalies and planned drill holes for 2024.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 5
Figure 3: Odie Prospect cross-section; CSAMT low resistivity zones (bright yellow, red, pink, purple colours)
and magnetic high (blue outline) below surface nickel-copper sulfide occurrences. Historical hole CAN-DH-
06 intersected nickel sulfide mineralization on the yellow-coloured fringe of the conductor.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 6
Marketing Contracts
The Company has signed marketing and investor relations contract extensions with
two firms: MMG Market Medium GmBH & CO. KG and Gold Standard Media, LLC.
Both marketing extensions remain subject to the approval of the TSX Venture
Exchange.
MMG Market Medium GmbH & Co. KG. (“MMG”) is a service provider in the field of
online marketing and investor relations services specializing in the European market
and is based in Germany. The Company has renewed and extended its previously
announced Marketing Services Contract with MMG for an additional term of six (6)
months commencing on approximately July 19, 2024. The contract contemplates an
expenditure budget of €260,000 (approximately CAD$387,700), of which MMG shall
retain a 15% service fee (approximately 39,000 or CAD$58,150). MMG will create
updated German -translated text materials, including text and display
advertisements, advertorials with company-provided, publicly disclosed information
and general information on the nickel and battery metals sector. The firm will create
additional specialized and structured campaigns and ad groups and optimize online
advertising for detailed keyword research, and identify possible target groups of
potential shareholders. MMG will coordinate third -party online advertisers and
marketers corresponding to the online marketing targets.
As of the date hereof, to the Company’s knowledge, MMG (including its directors and
officers) does not own any securities of the Company and has an arm’s length
relationship with the Company. The Company will not issue any securities to MMG
as compensation for its marketing service.
Gold Standard Media: The Company has renewed its previously announced
Advertising Agreement with Gold Standard Media, LLC (“ Gold Standard ”) for an
additional term of 90 days commencing on approximately July 11, 2024 (the
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 7
“Extended Gold Standard Term ”). In consideration of the extension of Gold
Standard’s services through the Extended Gold Standard Term, AEMC shall pay Gold
Standard an upfront fee of USD$150,000, which is the equivalent of approximately
CAD$206,400. Gold Standard Media is a Texas -based firm headed by Kenneth
Ameduri, Juliet Ameduri, and Lior Gantz and shall provide the Company with certain
financial publishing and digital marketing services. The Company has the right to
cancel the Extended Gold Standard Term at any time. Gold Standard operates at an
arm’s length from the Company and the Company will not issue any securities to
Gold Standard Media as compensation for its marketing services. To the best of the
Company’s knowledge, certain affiliates and parties related to Gold Standard
currently own 3,935,582 shares of the Company and 540,541 share purchase
warrants in the Company (each a “Warrant”). Each Warrant is exercisable to acquire
one additional share of the Company for an exercise price of $0.80 until N ovember
24, 2025. For more information on the Company’s initial engagement of Gold
Standard, please refer to its news release dated November 6, 2023.
Qualified Person
Gregory Beischer, the Company’s president and chief executive officer, is the
qualified person, as defined under National Instrument 43-101 Standards of
Disclosure for Mineral Projects, responsible for having reviewed and approved the
technical information contained in this news release.
About Alaska Energy Metals
Alaska Energy Metals Corporation (AEMC) is an Alaska-based corporation with
offices in Anchorage and Vancouver working to sustainably deliver the critical
materials needed for national security and a bright energy future, while generating
superior returns for shareholders.
AEMC is focused on delineating and developing the large-scale, bulk tonnage,
polymetallic Eureka deposit containing nickel, copper, cobalt, chromium, iron,
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Drilling Program at Nikolai and
Marketing Extensions
Page 8
platinum, palladium, and gold. Located in Interior Alaska near existing
transportation and power infrastructure, its flagship project, Nikolai, is well-situated
to become a significant domestic source of strategic energy-related metals for
North America. AEMC also holds a secondary project, ‘Angliers-Belleterre,’ in
western Quebec. Today, material sourcing demands excellence in environmental
performance, carbon mitigation and the responsible management of human and
financial capital. AEMC works every day to earn and maintain the respect and
confidence of the public and believes that ESG performance is measured by action
and led from the top.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Sarah Mawji, Public Relations
Venture Strategies
Email: [email protected]
Forward-Looking Statements
Some statements in this news release may contain forward-looking information (within
the meaning of Canadian securities legislation), including, without limitation, the
statements as to the Company’s ability to successfully drill exploratory drill holes at the
Canwell prospects, to perform metallurgical studies and the TSX-V’s acceptance of the
renewed marekring agreements and the consummation of the transactions
consummated thereunder. These statements address future events and conditions and,
as such, involve known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements to be materially different from
any future results, performance, or achievements expressed or implied by the
statements. Forward-looking statements speak only as of the date those statements are