Alaska Energy Metals Intersects Nickel Sulfide Mineralization over Significant Widths, Nikolai Nickel Project, Alaska
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
NR: 23-14
ALASKA ENERGY METALS INTERSECTS NICKEL
SULFIDE MINERALIZATION OVER SIGNIFICANT
WIDTHS, NIKOLAI NICKEL PROJECT, ALASKA
Highlights:
● Drilling of eight diamond drill holes totaling 4,138 meters was completed during the
2023 campaign and assay results from drill holes EZ-23-001 & EZ-23-002 have been
received. Six holes remain pending.
● Drill hole EZ-23-001 returned: 341.6 meters(m) @ 0.23% Ni, 0.08% Cu, 0.02% Co,
0.107 g/t Pd, 0.051 g/t Pt and 0.011 g/t Au (0.34% Nickel Equivalent (“NiEq”). EZ-
23-001 was collared approximately 100m southwest of historical drill hole PNI-10-
036 and confirmed the previously reported historical drilling results in that hole.
● Drill hole EZ-23-002 returned: 296.6m @ 0.23% Ni, 0.09% Cu, 0.02% Co, 0.115 g/t
Pd, 0.052 g/t Pt and 0.013 g/t Au (0.35% NiEq). EZ-23-003 was collared
approximately 300m northwest of EZ-23-001.
● Drilling results demonstrate consistent mineralization and the potential to
accelerate publication of a maiden bulk tonnage resource early in 2024.
● Additionally, 27-line kilometers of CSAMT geophysical surveys and 16-line kilometers
of EM surveys were completed, primarily on the Canwell claim block, to analyze
future high-priority drill targets.
Alaska Energy Metals President & CEO Gregory Beischer commented: “We intersected exactly
what we expected with these initial holes. The main Eureka Zone appears to be remarkably
persistent and homogeneous in metal concentration and the width of the mineralized zone is
quite significant. With a 100-meter step-out, assay results from EZ-23-001 confirmed the grade
historically encountered in drillhole PNI-10-036. Two additional, parallel zones of mineralization
may have been revealed within the current and historical drilling datasets. With all the historical
drill hole logs and assays now in hand, we see potential to accelerate the publication of a
maiden resource at what we view as an emerging base metal district.”
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 2
VANCOUVER, BRITISH COLUMBIA, October 16, 2023 – Alaska Energy Metals Corporation
(TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce the
completion of its 2023 exploration program at the 100% owned Nikolai Nickel Project in
central Alaska (Figure 1).
2023 Exploration Update
• Eight diamond drill holes, totaling 4,138 meters (m), were drilled over a 1.2-
kilometer (km) strike length of the Eureka Zone. Results for the first two drill holes
EZ-23-001 & EZ-23-002 have been received, with assay results for the remaining six
holes pending.
• In addition to the drill program, the Company carried out 27-line km of ground-
based Controlled-source Audio-frequency Magnetotellurics (CSAMT) surveys on the
Eureka and Canwell claim blocks, as well as 16-line km of ground-based
Electromagnetic (EM) surveys on the Canwell claim Block. The surveys, in
conjunction with the recently purchased historical data set, will be used to analyze
and prioritize drill targets for the 2024 exploration campaign.
• The 2023 exploration drill program was completed using one surface diamond drill
rig (Figure 2). The program consisted of eight holes drilled into the main Eureka
Zone mineralization (Table 1). EZ-23-001 was drilled ~100m southwest of historical
drillhole PNI-10-036 to validate geology and historical assay results. The additional
seven holes were drilled at approximately 250m to 300m offsets to test grade and
thickness of a 1.2-km strike length of the Eureka Zone (Figure 3).
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 3
Figure 1. Nikolai Project Property Location Map.
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 4
Figure 2. Diamond drill rig on the Nikolai Nickel Project.
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 5
Table 1. Completed 2023 Diamond Drill Holes
Figure 3. Drill hole location map, surface geology and surface trace of Eureka Zone 2 mineralization.
Drill hole #
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)
EZ-23-001 540781 7013747 1242 -60 26 641.6
EZ-23-002 540753 7014036 1217 -60 26 385.3
EZ-23-003 540997 7013645 1241 -60 26 588.9
EZ-23-004 541247 7013770 1223 -60 26 434.3
EZ-23-005 540498 7013854 1244 -60 26 608.4
EZ-23-006 540467 7014155 1217 -60 26 480.7
EZ-23-007 540307 7014013 1236 -60 26 552.8
EZ-23-008 540214 7014314 1194 -60 26 446.2
Nikolai 2023 Completed Drill Holes - Eureka Zone
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 6
Hole EZ-23-001 Summary
• The hole pierced 16.2m of overburden and then drilled into a poorly mineralized
gabbro from 16.2m to 148.0m. The gabbroic unit transitioned into a weakly
mineralized pyroxenite-rich unit from 148.0m to 220.1m.
• The main mineralized Eureka zone was intersected at target depth from 220.1 to
561.7m downhole, with assays grading 341.6m @ 0.23% Ni, 0.08% Cu, 0.02% Co,
0.32% Cr, 9.94% Fe, 0.107 g/t Pd, 0.051 g/t Pt and 0.011 g/t Au (0.34% NiEq)
(Table 2 and Figure 4).
• The main mineralized zone was hosted within a pervasively serpentinized
peridotite, with varying amounts of disseminated sulfides, with up to 10%
disseminated sulfides within the Core Eureka Zone 2 (Figure 5).
• Grades and sulfide abundance within the main mineralized zone decrease near the
contact with a pyroxenite intrusive rock phase from 593.6m to 608.7m.
• Another pervasively serpentinized peridotite, with an increase in disseminated
sulfides, was intersected from 608.7m to 614.6m (EOH). This lower peridotite unit
assayed 49.4m @ 0.15 Ni%, 0.02 Cu%, 0.02% Co, 0.44 Cr%, 10.25% Fe, 0.017 g/t
Pd, 0.031 g/t Pt and 0.008 g/t Au (0.21% NiEq) and remains open at depth.
Table 2. Significant Intersections from EZ-23-001 & EZ-23-002
Drill hole # End of Hole
Depth (m)
Downhole
From (m)
Downhole
To (m)
Downhole
Intersection
(m)
Estimated
True
Thickness1
(m)
Mineralized Zone Ni (%) Cu (%) Co (%) Pd (g/t) Pt (g/t) Au (g/t) Cr (%) Fe (%) NiEq%2,3
EZ-23-001 641.6 220.1 561.7 341.6 315.8 Eureka Zone 2 (EZ2) 0.23 0.08 0.02 0.107 0.051 0.011 0.32 9.94 0.34
Including 220.1 330.1 110.0 101.8 Upper EZ2 0.21 0.05 0.02 0.117 0.056 0.008 0.35 9.31 0.31
Including 330.1 445.9 115.8 107.0 Core EZ2 0.27 0.14 0.02 0.148 0.071 0.019 0.34 10.62 0.43
Including 445.9 561.7 115.8 107.0 Lower EZ2 0.20 0.04 0.02 0.057 0.026 0.008 0.27 9.87 0.27
and 592.2 641.6 49.4 45.6 Eureka Zone 3 (EZ3) 0.15 0.02 0.02 0.017 0.031 0.008 0.44 10.25 0.21
EZ-23-002 385.3 7.5 304.1 296.6 281.1 Eureka Zone 2 (EZ2) 0.23 0.09 0.02 0.115 0.052 0.013 0.30 9.92 0.35
Including 7.5 108.2 100.7 95.4 Upper EZ2 0.23 0.06 0.02 0.117 0.053 0.011 0.35 9.43 0.33
Including 108.2 192.3 84.1 79.7 Core EZ2 0.26 0.15 0.02 0.180 0.083 0.019 0.28 10.18 0.43
Including 192.3 304.1 111.8 106 Lower EZ2 0.20 0.03 0.02 0.061 0.028 0.009 0.26 10.03 0.27
and 323.5 385.3 61.8 58.6 Lower EZ2 0.15 0.03 0.01 0.019 0.028 0.009 0.43 9.87 0.19
1. Estimated true thickness calculated from hole angle and average dip of modeled mineraliation (46 °)
3. Fe and Cr are not included in the NiEq calculations
2. Metal Prices for NiEq calculations: Ni = $7.50/lb, Cu = $3.50/lb, Co = $14.00/lb, Pd = $1200/oz, Pt = $900/oz & Au = $1800/oz.
Nikolai Signifcant Intersections - Eureka Zone
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 7
Figure 4. Cross section through EZ-23-001. Location of section line A-A’ displayed on Figure 3. The Main
Eureka Zone (EZ2) has a higher-grade core of 0.43% NiEq over 107m thickness within an envelope of lower
grade (0.27-0.31% NiEq) metal concentration, for an estimated true width of 315.8m. Note: Chrome and
iron are reported in the drilled interval but are not included in the NiEq calculation.
ALASKA ENERGY METALS INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Alaska Energy Metals
Announces Acquisition
Page 8
Figure 5. Example of Core Eureka Zone 2 mineralization: EZ-23-001: 390.2m – 390.4m
EZ-23-002 Summary
• This hole drilled into 7.5m of overburden, and then into the main mineralized
Eureka Zone.
• The Eureka zone was intersected from 7.5m to 304.1m downhole, with assays
grading 296.6m @ 0.23% Ni, 0.09% Cu, 0.02% Co, 0.30% Cr, 9.92% Fe, 0.115 g/t Pd,
0.052 g/t Pt and 0.013 g/t Au (0.35% NiEq) (Table 2 and Figure 6).
• The main mineralized zone was hosted within a pervasively serpentinized
peridotite, with varying amounts of disseminated sulfides, and up to 10%
disseminated sulfides within the Core Eureka Zone 2.
• Grades and sulfide abundance within the main mineralized zone decrease near the
contact with a pyroxenite intrusive phase from 304.1m to 323.5m.
• Another pervasively serpentinized peridotite, with an increase in disseminated
sulfides, was intersected from 323.5m to 385.3m (EOH). This lower peridotite unit
assayed 61.8m @ 0.15 Ni%, 0.03 Cu%, 0.01% Co, 0.43 Cr%, 9.87% Fe, 0.019 g/t Pd,
0.028 g/t Pt and 0.009 g/t Au (0.19% NiEq) and is still open at depth.