Alaska Energy Metals Discovers Broad Zones of Nickel with Other Critical Metals at the Canwell Property, Nikolai Project, Alaska District–wide Potential of the Nikolai Ultramafic Intrusions Has Been Demonstrated
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
NR: 24-35
ALASKA ENERGY METALS DISCOVERS BROAD ZONES OF
NICKEL WITH OTHER CRITICAL METALS AT THE CANWELL
PROPERTY, NIKOLAI PROJECT, ALASKA
DISTRICT–WIDE POTENTIAL OF THE NIKOLAI ULTRAMAFIC
INTRUSIONS HAS BEEN DEMONSTRATED
HIGHLIGHTS
• Alaska Energy Metals received assay results from three drill holes completed on the
Canwell claim block at the Emerick, Odie and Upper Canwell prospects. Significant
thicknesses of polymetallic mineralization were intersected including:
o CAN-24-001 (Emerick) – 56.5 meters @ 0.40% nickel equivalent (NiEq)
(0.26% Ni, 0.62% Cr, 7.00% Fe, 0.012% Co, 0.01% Cu, 0.019 ppm Pd, 0.032
ppm Pt & 0.007 ppm Au)
o CAN-24-002 (Odie) – 193.6 meters @ 0.42% NiEq (0.26% Ni, 0.69% Cr, 8.58%
Fe, 0.01% Cu, 0.014% Co, 0.035 ppm Pd, 0.041 ppm Pt and 0.007 ppm Au)
o CAN-24-003 (Canwell) – 429.3 meters @ 0.39% NiEq (0.24% Ni, 0.64% Cr,
8.12% Fe, 0.01% Cu, 0.013% Co, 0.031 ppm Pd, 0.035 ppm Pt and 0.007 ppm
Au), including 1.4 meters @ 0.93 NiEq (0.65% Ni, 0.66% Cr, 8.90% Fe, 0.06%
Cu, 0.021% Co, 0.275 ppm Pd, 0.246 ppm Pt and 0.012 ppm Au)
• District-wide potential has been demonstrated. All three prospects are located ~30
kilometers from the Company’s Eureka deposit which has a current Mineral
Resource Estimate (Nikolai Mineral Resource Estimate Technical Report Amended
and Updated, Derek Loveday and Allan Schappert, April 12th, 2024) containing more
than 3.9 billion pounds of nickel in the Indicated category (813 million tonnes
grading 0.22% nickel) and more than 4.2 billion pounds of nickel in the Inferred
category (896 million tonnes grading 0.21% nickel).
• The confirmation of nickel mineralization has provided valuable data on the
potential for additional nickel mineralization systems across the Nikolai district.
These results provide the justification for additional drilling at Canwell with the goal
of expanding disseminated sulfides zones and testing for massive sulfide
mineralization.
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Canwell Drill Results
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VANCOUVER, BRITISH COLUMBIA, November 21, 2024 – Alaska Energy Metals
Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to
announce analytical results of its 2024 inaugural exploration drilling program at the
Canwell claim block, which forms part of the Nikolai Project in Alaska. The Canwell
prospects, Emerick, Odie and Upper Canwell, are located approximately 30 kilometers (km)
northeast of the Company’s nickel-rich Eureka deposit, which contains five materials
designated by the US Government as critical metals: nickel, cobalt, chromium, platinum,
and palladium. The deposit also contains copper, iron and gold (Figure 1).
The 2024 Canwell drill program was completed using one surface diamond drill rig (Figure
2). The program consisted of three holes, totaling 1,047.9 meters (m). One hole was drilled
into each of the three target prospects (Table 1) to test compelling geological, geophysical,
and geochemical targets (Figure 3).
Alaska Energy Metals Chief Geologist Gabe Graf commented: “After 20 years of limited
exploration on the Canwell property, the information collected from these drill holes will aid our
understanding of the mineralized ultramafic systems within the Wrangellia Terrane of interior
Alaska. In fact, the blebby sulfides intersected at the Upper Canwell prospect is the first
subsurface indication for higher-grade sulfides on the property. Furthermore, the potential for
coarser-grained nickel sulfides and additional disseminated sulfide zones on the Nikolai Project
is encouraging, and we are excited to continue advancing the geologic understanding of the
property. We look forward to getting back into these areas in the next exploration season.”
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Canwell Drill Results
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Figure 1. Nikolai Project - Property Location Map
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
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Figure 2. Diamond drill rig on the Odie Prospect, Canwell claims, Nikolai Project.
Table 1. Drill locations, azimuth and total depth for 2024 Inaugural Canwell drill holes
Canwell 2024 Completed Drill Holes
Drill hole # Prospect
Easting
(NAD 83
Zone 6N)
Northing
(NAD 83
Zone 6N)
Drill Hole Collar
EL (NAD 83
Zone 6N)
Dip Azimuth
End of
Hole
Depth
(m)
CAN-24-001 Emerick 564849 7025792 907 -50 38 74.8
CAN-24-002 Odie 569198 7023575 1329 -50 165 527
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CAN-24-003 Upper Canwell 570631 7022894 1468 -70 195 446.1
Figure 3. Overview map of the Canwell claim block with surface sampling results, location of
historical drill holes, geophysical anomalies and completed drill holes for 2024.
Note: The drill intercepts in this press release are reported as nickel equivalent for
convenience in representing the polymetallic mineralization. The reported grade is for total
in-situ, gross metal content and does not account for metal recoveries, the type of metal
concentrates that might be produced from the rock, or the marketability and prices that
may be paid for concentrates. The Company has done testing to determine the percentage
of nickel that appears to be in metallic or sulfide form. These results are reported below
with each drill hole. Some nickel is likely locked in silicate minerals and therefore not
recoverable. However, based on this additional assay work and visual observation, it
appears a significant amount of the reported nickel is in sulfide or metallic form. Metal
prices used for the equivalent calculation are (US$): nickel - $9.00 per pound, copper - $4.25
per pound, cobalt - $14.00 per pound, platinum - $950 per ounce, palladium - $1,200 per
ounce, gold - $2,000 per ounce, iron - $80 per tonne and chromium - $1.03 per pound. The
true thickness of the reported drill intercepts is not known as there is insufficient geological
information.
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
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EMERICK PROSPECT SUMMARY (CAN-24-001)
• CAN-24-001 intersected 16.0 meters of overburden followed by serpentinized
peridotite with varying amounts of sulfide minerals (0.2 - 0.5%) to a depth of 72.5
meters. Sulfide estimations were difficult due to intense fracturing, clay alteration,
and serpentinization of the peridotite. Multiple, non-mineralized, mafic dikes were
intersected within the peridotite. Rock conditions were very difficult for drilling. The
hole was lost at 74.8 meters due to a large fault and did not intersect the targeted
DIGHEM magnetic susceptibility anomaly or the interpreted base of the ultramafic
intrusion. Rather than attempt to redrill the hole, a decision was made to defer
further drilling on this target until 2025.
• Mineralized peridotite intervals, including narrow zones of unmineralized mafic
dikes, assayed (Table 2 & Figure 4):
o 56.5 meters @ 0.40% NiEq (0.26% Ni, 0.62% Cr, 7.00% Fe, 0.012% Co, 0.01%
Cu, 0.019 ppm Pd, 0.032 ppm Pt & 0.007 ppm Au)
Including:
§ 9.9 m @ 0.45% NiEq (0.29% Ni, 0.67% Cr, 7.96% Fe, 0.013% Co, 0.01%
Cu, 0.037 ppm Pd, 0.064 ppm Pt & 0.013 ppm Au)
§ 11.6m @ 0.43 NiEq (0.29% Ni, 0.67% Cr, 7.03% Fe, 0.013% Co, 0.01%
Cu, 0.029 ppm Pd, 0.028 ppm Pt & 0.009 ppm Au)
§ 28.3m @ 0.44 NiEq (0.30% Ni, 0.71% Cr, 6.19% Fe, 0.013% Co, 0.013
ppm Pd, 0.028 ppm Pt & 0.006 ppm Au)
• Nine selected samples were assayed to determine the proportion of nickel in
sulfide/metallics. The results found that between 41% to 95% of the total assayed
nickel is hosted within sulfide/metallics with the remaining nickel in other phases.
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Canwell Drill Results
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Table 2. Significant Intersections from CAN-24-001 (Emerick Prospect)
Drillhole # End of Hole
Depth (m)
Downhole
From (m)
Downhole
To (m)
Downhole Intersection
(m)
Estimated
True
Thickness1
(m)
Mineralized Zone Ni (%) Cu (%) Cr (%) Fe (%) Co (%) Pd (ppm) Pt (ppm) Au (ppm) NiEq%2
NiEq%3
(with Cr &
Fe)
CAN-24-001 74.8 16 72.5 56.5 N/A Emerick 0.26 0.01 0.62 7.00 0.012 0.019 0.032 0.007 0.30 0.40
including 16 25.9 9.9 N/A Emerick 0.29 0.01 0.67 7.96 0.013 0.037 0.064 0.013 0.34 0.45
including 30.2 41.8 11.6 N/A Emerick 0.29 0.01 0.67 7.03 0.013 0.029 0.028 0.009 0.33 0.43
including 44.2 72.5 28.3 N/A Emerick 0.30 0.00 0.71 6.19 0.012 0.013 0.028 0.006 0.33 0.44
Emerick Signifcant Intersections
1. True thickness of mineralization is unknown due to a limited geologic constraint on the geometry of the ultramafic intrusions
2. Metal Prices for NiEq calculations: Ni = $9.00/lb, Cu = $4.25/lb, Co = $14.00/lb, Pd = $1200/oz, Pt = $950/oz & Au = $2000/oz.
3. Metal Prices for Cr and Fe for NiEq calculations: Fe = $80/tonne, Cr = $1.03/lb. NiEq Calculations include metals listed in footnote #2.
ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
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Figure 4. Cross section through CAN-24-001. Location of section line A-A’ displayed on Figure 3. Drillhole
FB97-01 was drilled by Falconbridge in 1997. EM-05-02 was drilled by bcMetals in 2005.