MERG.V · 2022-08-03 12:00:00

Metal Energy Assays Confirm High-Grade Nickel in All Drill Holes From Phase One Drill Program Highlights Include: 0.92% Ni eq. over 32.95 m starting at 150.45 m including 1.24% Ni eq. over 11.45 m at 169.1 m in drill hole MNB004

Drill Results Exploration Programs

Metal Energy Assays Confirm High-Grade

Nickel in All Drill Holes From Phase One Drill

Program

Highlights Include:

0.92% Ni eq. over

32.95 m

starting at

150.45 m

including 1.24% Ni eq. over

11.45 m

169.1 m

in drill hole MNB004

0.81% Ni eq. over

13.5 m

starting at

337.5 m

in drill hole MNB003

1.13% Ni eq. over

9.0 m

starting at

700.0 m

including 1.62% Ni eq. over

5.0 m

701.0 m

in drill hole MNB006

Two drill holes intersected thick composite mineralization over 100 and 80 metres in

length with 40% and 55% of those intervals being mineralized, respectively

TORONTO

Aug. 3, 2022

/CNW/ - Metal Energy Corp. (the "

Company

" or "

Metal Energy

") (TSXV:

MERG) is pleased to announce assay results (

Table 1

) from the Phase One drill program (the

Program

") completed in March and April on the high-grade nickel and copper-cobalt Manibridge

project (the "

Project

" or "

Manibridge

") in the Thompson Nickel Belt, Manitoba. The Program

successfully intersected high-grade nickel-sulphide mineralization over a one kilometre strike length

within the shadow of the past-producing Manibridge mine that produced 1.3 million tonnes at 2.55%

nickel and 0.27% copper from 1971 to 1977.

"The results from the Program are very encouraging and better than expected. They've answered

many of our preliminary questions on Manbridge's Phase 1. These six holes have;

Intersected high-grade nickel mineralization in every drill hole which demonstrates mineralization

over a minimum one kilometre strike length;

Discovered at least 4 zones of mineralization which provides for multiple zones of overlapping

mineralization;

Intersected thick intervals of continuous mineralization at shallow depths less than

300 m

from

surface which could be amenable to bulk tonnage mining operations; and

Filled in gaps where no mineralization was previously defined which opens the mineralization

potential in all directions.

We're excited to continue exploring and developing Manibridge with our Phase Two and future drill

programs," said

James Sykes

, CEO of Metal Energy.

The Program consisted of six diamond drill holes for a total of 2,350 metres. Drill hole collar

locations are provided in

Table 2.

Figure 1

shows the locations of the drill hole results on a long-

section of mineralization.

Drill holes MNB003 and MNB004 intersected thick accumulations of composite mineralization defined

over 100 and 80 metres drill hole length with 40% and 55% of those intervals being mineralized,

respectively. These results demonstrate the continuity and thickness potential of mineralization that

exists at Manibridge.

The grade-thickness results (Ni eq% x metres) of the first reported interval from MNB004 is better

than a number of historic drill hole intersections that were part of the mine workings, demonstrating

significant quantities of nickel sulphide mineralization were left in the ground well-outside of the mined

area.

Drill holes MNB001 and MNB003 both filled gaps in the mineralization model defined by historic drill

hole results which indicates that mineralization is still open along strike and at depth. Both depth and

strike length potential remain largely untested at Manibridge and will be the targets for future drill

programs.

Drill holes MNB002, MNB004 and MNB005 all intersected mineralization starting shallower than

approximately

200 m

from surface. All drill holes (MNB001 to MNB006) remain open in the up-dip

direction and it's presumed that mineralization continues in this direction which provides potential for

bulk tonnage open pit style of mining operations.

Drill hole MNB006 successfully defined the continuation of high-grade mineralization beneath the old

mine workings indicating that mineralization controls of the Manibridge system are continuous down

to at least

700 m

depth and could continue deeper. All drill holes remain open in the down-dip

direction.

Geochemical analysis was completed at Saskatchewan Research Council's Geoanalytical

Laboratories in

Saskatoon

, Saskatchewan. The samples were analyzed for whole rock and multi-

element results using ICP1 Total 4 Acid Digestion methodologies.

Metal Energy is the operator of Manibridge and owns 49% of the Project. Metal Energy has

surpassed the work commitments required to earn 70% ownership, with a short-term objective to

achieve 100% ownership of Manibridge from CanAlaska Uranium Ltd.

TABLE 1 –Phase One Winter 2022 Diamond Drill Hole Nickel-Copper-Cobalt

Mineralization Assay Results

TABLE 2 –Phase One Winter 2022 Diamond Drill Hole Collar Location Information

FIGURE 1 – Manibridge Phase One Drill Hole Intersections on

Long Section

Mineralization

About the Manibridge Project

Manibridge encompasses 4,368 hectares within the world-class Thompson Nickel Belt. The Project

is 20 kilometers southwest of

Wabowden

, which has significant infrastructure and capacity that has

supported previous exploration programs and mine development, including year-round highway

access via Highway 6.

bout Metal Energy Corp.

Metal Energy is a well-funded nickel and battery metal exploration company with two projects,

Manibridge and Strange, in the politically stable jurisdictions of

Manitoba

and

Ontario, Canada

respectively. Both projects are subject to earn-in agreements where the Company can acquire 100%

exploration rights to approximately 16,200 hectares.

QP Statement

The technical information contained in this news release has been reviewed and approved by

Mike

Sweeny

, P.Geo., Vice-President, Exploration & Development for Metal Energy, and a Qualified

Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or

information ("forward-looking statements"), including details about the business of the Company.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some

of which are beyond the Company's control, including the impact of general economic conditions,

industry conditions, volatility of commodity prices, currency fluctuations, environmental risks,

operational risks, competition from other industry participants, stock market volatility. Although the

Company believes that the expectations in its forward-looking statements are reasonable, its

forward-looking statements have been based on factors and assumptions concerning future events

which may prove to be inaccurate. Those factors and assumptions are based upon currently

available information. Such statements are subject to known and unknown risks, uncertainties and

other factors that could influence actual results or events and cause actual results or events to

differ materially from those stated, anticipated or implied in the forward-looking statements.

Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements,

as no assurance can be provided as to future results, levels of activity or achievements. Risks,

uncertainties, material assumptions and other factors that could affect actual results are discussed

in our public disclosure documents available at

www.sedar.com

including the Filing Statement

dated

November 15, 2021

. Furthermore, the forward-looking statements contained in this

document are made as of the date of this document and, except as required by applicable law, the

Company does not undertake any obligation to publicly update or to revise any of the included

forward-looking statements, whether as a result of new information, future events or otherwise. The

forward-looking statements contained in this document are expressly qualified by this cautionary

statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is

defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or

accuracy of this release.

SOURCE

Metal Energy

View original content:

http://www.newswire.ca/en/releases/archive/August2022/03/c1533.html

%SEDAR: 00051725E

For further information:

Metal Energy Corp., MERG on the TSXV, James Sykes, CEO,

[email protected], 306-221-8717, www.metalenergy.ca

CO: Metal Energy

CNW 06:00e 03-AUG-22

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