EML.V · 2023-10-31 12:00:00

Electric Metals announces final assays from the Emily Manganese Project with high-grade manganese drill intersections up to 64.68 meters containing zones of up to 46.3% Mn (59.8% MnO) Assay results from the final seven drill holes confirm that thick intersections of high-grade

Drill Results

Electric Metals announces final assays from the Emily Manganese

Project with high-grade manganese drill intersections up to 64.68

meters containing zones of up to 46.3% Mn (59.8% MnO)

Assay results from the final seven drill holes confirm that thick intersections of high-grade

manganese extend along trend for more than 1,100 meters (3,609 feet), containing grades up

to 46.3% Mn in individual samples. Results include1:

▪ 46.30% Mn (59.78% MnO) over 1.46 meters within 16.62% Mn over 20.60m

▪ 44.60% Mn (57.59% MnO) over 1.43 meters within 12.31% Mn over 32.46m

▪ 42.60% Mn (55.01% MnO) over 0.76 meters within 12.85% Mn over 64.68m

▪ 41.10% Mn (53.07% MnO) over 1.43 meters within 25.63% Mn over 5.61m

The drilling program has demonstrated excellent continuity of high-grade manganese, and

mineralization has not been closed by drilling along trend or at depth.

Analytical data confirms that sulfur (S), which is assayed in every sample, is seldom above

detection (0.001%).

Toronto, Ontario, 31st October 2023: Electric Metals (USA) Limited (“EML” or the “Company”)

(TSXV: EML) (OTCQB: EMUSF) is pleased to announce the final assay results from the recent

drilling program at the high-grade Emily Manganese Project (“Emily Project”), Minnesota, USA.

Previously reported results from the first twenty diamond drill holes of the program (refer

announcements dated 27th June 2023, 13th July 2023, 24th August 2023 and 21st September 2023)

described continuity of thick intervals of more than 30% manganese with a northerly dip and east-

west strike direction.

New results reported in this announcement are for an additional seven drill holes located on 100-

meter collar spacing (23047, 23048, 23049, 23050, 23052, 23053 and 23054) which confirm that

high-grade, thick manganese intervals encompass at least 1,100 meters along an east-west trend

(Table 1 and Figures 1 -4) and show that the high -grade manganese oxide mineralization

(manganite) has not been closed at depth or along trend.

New Assay Results

All seven drill holes intersected high-grade manganese with drilled intervals (approximate true

thickness) of more than 20 meters (Table 1). Intervals with manganese contents of more than

44% Mn were intercepted in holes 23047, 23050 and 23053 however, all holes contain

conspicuous intervals of more than 30% Mn within mineralized zones (5% Mn cut-off) of up to

64.68 meters thick. Importantly, the mineralization has excellent continuity in both thickness and

tenure both along trend (Figure 2) and down down-dip (Figures 3 and 4).

Data Summary

Analytical data on quartered PQ sized drill core from the 27 completed diamond drill holes at

Emily comprise a total of 2,156.6 meters (7,075.5 feet) of drill core (Table 2). Overlying rocks, host

1 Drilled intervals shown are close to true thickness.

rock and underlying strata without visible mineralization were not sampled and uncut drill core

from these intervals are kept on site for ongoing geology study. In total, 417 samples exceeded

10% Mn and these showed an average grade of 24% Mn which is largely contained within the

dark grey to black manganese oxide mineral manganite (MnO(OH)).

Other major elements in the Mn mineralized rock include iron (Fe) and this ranges from 4.54% Fe

to 51.99% Fe. Average iron content is the same for both the high Mn and low Mn sample groups

(21.72% Fe) but the distribution shows a trend of lower Iron content in manganese samples with

more that 25% Mn (Figure 5).

Quartz (SiO2) is the other main component of the mineralization and ranges up to 78.1% in the

mineralized samples. Like Fe, there is a distinct decrease in quartz component with increasing

manganese (Figure 5) and only a few samples with more than 25% Mn have greater SiO2 than Mn

content. Typically, very high-grade Mn samples have low SiO2 content (Figure 6).

Copper, nickel and lead do not occur in the mineralization. Contents of these for each assayed

interval are commonly less than detection (0.001%) and seldom more than 0.05%. Similarly, sulfur

(S), also assayed for every sample, is seldom above detection (0.001%) and only ten samples (1.3%

of analyses) contain more than 0.05% sulfur. There is unlikely to be concerns over metal

contamination and acid generation from sulfides in any future development.

Figure 1. Location of drill holes 23047, 23054, 23048, 23053, 23049, 2305 2 and 23050 showing the project

area, manganese host rock (Emily Iron Formation) and location of cross sections in Figures 2, 3 and 4.

Figure 2. Long section I-J (refer Figure 1) showing drill hole traces of AC-02-11, 23001A, 23042, 23044, 23045, 23046A, 23047, 23048, 23049 and 23050, with manganese

contents in assayed intervals and geology.

Figure 3A and 3B. Cross section A-B (refer Figure 1) upper (Figure 3A) showing drill hole traces of 23047 and

23054 and cross section C -D lower (Figure 3B) showing drill hole traces of 23048 and 23053 together with

manganese contents in assayed intervals and geology.

Figure 4A and 4B. Cross section E-F (refer Figure 1) upper (Figure 4A) showing drill hole traces of 23049 and

23052 and cross section G-H lower (Figure 4B) showing drill hole trace of 23050 together with manganese

contents in assayed intervals and geology.

Table 1. Average assay data highlights for drill holes 23047, 23048, 23049, 23050, 23052, 23053 and 230542.

Drill Hole

Number From To

Intercept

Length From To

Intercept

Length

Average

MnO

Average

meters meters meters feet feet feet % % %

23047 81.69 95.77 14.08 268.00 314.20 46.20 14.21 18.35 27.63

incl 81.69 82.57 0.88 268.00 270.90 2.90 26.90 34.73 28.03

incl 90.68 91.74 1.07 297.50 301.00 3.50 26.90 34.73 18.94

incl 93.88 95.77 1.89 308.00 314.20 6.20 26.90 34.73 18.38

102.72 141.43 38.71 337.00 464.00 127.00 10.60 13.69 22.35

incl 122.22 127.85 5.61 401.00 419.40 18.40 25.63 33.09 19.39

incl 122.22 122.68 0.46 401.00 402.50 1.50 44.10 56.94 9.92

incl 125.67 127.10 1.43 412.30 417.40 4.70 41.10 53.07 13.98

incl 130.55 132.22 1.68 428.30 433.80 5.50 28.71 37.07 27.14

23048 78.94 102.41 23.47 259.00 336.00 77.00 10.17 13.13 27.23

incl 79.89 86.69 6.80 262.10 284.40 22.30 17.20 22.21 24.47

111.71 135.33 23.62 366.50 444.00 77.50 12.84 16.58 20.08

incl 112.47 118.87 6.40 369.00 390.00 21.00 19.32 24.95 18.87

incl 117.04 117.65 0.61 384.00 386.00 2.00 36.70 47.39 16.22

incl 118.32 118.87 0.55 388.20 390.00 1.80 36.00 46.48 14.29

incl 121.55 125.03 3.47 398.80 410.20 11.40 25.41 32.81 22.05

23049 125.21 189.89 64.68 410.80 623.00 212.20 12.85 16.59 24.40

incl 128.20 141.43 13.23 420.60 464.00 43.40 23.61 30.49 23.70

incl 164.04 176.94 12.89 538.20 580.50 42.30 21.70 28.02 23.15

incl 166.30 171.30 5.00 545.60 562.00 16.40 30.87 39.86 24.78

incl 169.93 170.69 0.76 557.50 560.00 2.50 42.60 55.01 14.32

23050 125.43 157.89 32.46 411.50 518.00 106.50 12.31 15.89 24.02

incl 142.34 147.28 4.94 467.00 483.20 16.20 35.68 46.07 18.40

incl 145.85 147.28 1.43 478.50 483.20 4.70 44.60 57.59 13.72

incl 148.99 151.06 2.07 488.80 495.60 6.80 28.03 36.19 28.95

171.91 174.04 2.13 564.00 571.00 7.00 10.02 12.94 14.58

23052 61.26 93.06 31.79 201.00 305.30 104.30 14.88 19.21 20.80

incl 62.33 64.31 1.98 204.50 211.00 6.50 24.91 32.16 15.29

incl 70.62 74.37 3.75 231.70 244.00 12.30 35.94 46.41 11.68

113.69 116.31 2.62 373.00 381.60 8.60 10.03 12.95 23.67

23053 60.96 81.56 20.60 200.00 267.60 67.60 16.62 21.46 17.46

incl 64.71 67.45 2.74 212.30 221.30 9.00 42.19 54.48 9.70

incl 65.99 67.45 1.46 216.50 221.30 4.80 46.30 59.78 7.93

incl 72.54 74.07 1.52 238.00 243.00 5.00 36.10 46.61 20.12

23054 59.13 63.70 4.57 194.00 209.00 15.00 8.07 10.42 25.87

78.33 100.58 22.25 257.00 330.00 73.00 18.72 24.17 19.02

incl 78.94 87.42 8.47 259.00 286.80 27.80 30.08 38.84 17.49

incl 85.25 87.42 2.16 279.70 286.80 7.10 39.36 50.82 9.48

104.97 114.30 9.33 344.40 375.00 30.60 8.42 10.87 19.56

2 Assaying undertaken by ALS (Reno, NV) included a 23-element suite (ME-XRF21). High-grade manganese samples (>25% Mn) were

re-assayed using ME ICP81. Appropriate reference materials, duplicates and blanks were incorporated in each batch of samples.

Table 1. Average assay data highlights for drill holes 23047, 23048, 23049, 23050, 23052, 23053 and 230542.

2 Assaying undertaken by ALS (Reno, NV) included a 23-element suite (ME-XRF21). High manganese samples (>25% Mn) were re-

assayed using ME ICP81.

Table 2. Summary data for manganese mineralized samples in the 2023 Emily drilling program3.

Summary data for 27 drill holes (assays completed for

2156.6m (7075.5 ft) of drill core) 5 % Mn Cut-off 10 % Mn Cut-off

Number of samples with Mn assays above cut 766 417

Total length of Mn intervals above cut (meters) 798.0 415.7

Total length of Mn intervals above cut (feet) 2618.1 1363.7

Manganese (Mn) % range 5 - 50 10 - 50

Weighted average Mn % 16.00 24.05

Iron (Fe) % range 4.54-51.99 5.61-48.77

Weighted average Fe % 21.72 21.72

Quartz (SiO2 ) % range 5.95-78.1 0.45-66.6

Weighted average SiO2 % 34.54 22.15

Highest content of copper (Cu) % 0.074 0.074

Highest content of nickel (Ni) % 0.15 0.056

Highest content of lead (Pb) % 0.066 0.066

Highest content of sulfur (S) % 0.192 0.094

Figure 5. Data plots of Mn% vs Fe% (left) and Mn% vs SiO2% (right) for 766 mineralized samples with

Manganese contents more than 5% Mn.

Typical mineralized drill core is shown in Figures 6, 7 and 8. These contain considerable differences

in Mn:Fe and Mn:SiO2 ratios despite some similarities in manganese mineralogy and texture.

Metallurgical test work on composited samples collected from drill holes completed in the first

part of the program is progressing at Kemetco Research Inc in Vancouver and results from this

work will assist in manganese separation and concentration parameters of different ore types and

ratios. Metallurgical investigations are expected to continue into 2024.

Geological Consultants, Big Rock Exploration have managed the drilling program and geology

work and are currently near completion of a geological model for the deposit. Forte Dynamics Inc

have commenced a NI43-101 resource update and this is expected to be completed in late 2023.

3 Assaying undertaken by ALS (Reno, NV) included a 23-element suite (ME-XRF21). High-grade manganese samples (>25% Mn) were

re-assayed using ME ICP81.

Fe %

SiO2 %