Metal Energy Completes 10,000 Metre Drill Program, Acquires 100% of the Manibridge Nickel Project
Metal Energy Completes 10,000 Metre Drill
Program, Acquires 100% of the Manibridge
Nickel Project
Toronto, Ontario--(Newsfile Corp. - January 4, 2023) - Metal Energy Corp. (TSXV: MERG) ("the
"
Company
" or "
Metal Energy
") is pleased to announce the acquisition of 100% interest in the
Manibridge project ("
Manibridge
" or the "
Project
") concurrently with the completion of the Phase Two
10,000 metre drill program (the "
Program
"). All completed drill holes intersected visible nickel
sulphides. The Company has released assays from 14 of 30 holes, with 16 holes to be released in early
2023.
"Metal Energy is proud to have completed and accelerated its 100% ownership milestone on the
Manibridge project. Manibridge has demonstrated that it has potential for future re-development and
mining. The demand for nickel, a key component in many green technologies, has been high recently
due to the push for the deployment of electric vehicles and battery storage capacity. The Company fast-
tracked its 100% ownership of Manibridge in order to capitalize on this opportunity presented by the high
demand and limited supply of nickel. The Phase Two drill program has been very successful in the
discovery of larger intervals of nickel sulphide mineralization that remain open along strike and at depth.
We expect continued high-grade intervals with our remaining assays as these drill holes are closer to the
old mine workings," said James Sykes, CEO of Metal Energy.
Manibridge Phase Two Drill Program Results
A total of 10,091.6 metres were completed over 36 diamond drill holes, including 6 abandoned drill
holes, with all completed drill holes having intersected visible nickel sulphides. The drill hole collar
locations were all within 150 to 600 metres of the old mine workings. The drill holes targeted the
shallower parts of the Manibridge nickel sulphide system at depths between 200 and 400 metres.
Figure
1
shows the drill hole locations on a long-section of the Manibridge trend.
Assay results have been released for drill holes MNB007 to MNB023 (see Company news release
dated
November 28, 2022
). Highlight assay results from the first eleven drill holes include 0.84% Ni eq.
over 20.0 metres starting at 268.5 m drill hole depth in MNB014. Assay results for drill holes MNB024 to
MNB040A are still pending, and the Company has sampled a few new intervals from drill hole MNB022
based on encouraging spot sample results (i.e., 0.1 m sample length).
Assay results will be reported
after the data has been received, reviewed, and approved.
100% Project Interest Acquisition From CanAlaska
Metal Energy has completed all cash payments, share issuances, and exploration expenditures to
achieve 100% of the earn-in option agreement with CanAlaska Uranium Ltd. The Company completed
the Project acquisition within 12 months of starting exploration work activities, a testimony to the
Company's belief that Manibridge has the potential to be re-developed and mined in the future.
15% Project Interest Acquisition By Mistango
Pursuant to the Option Agreement between Metal Energy and Mistango River Resources ("
Mistango
",
see news releases dated
November 2, 2022
and
December 30, 2022
), Mistango has acquired from
Metal Energy a 15% interest (the "
Interest
") in the Manibridge project. The Company reserves the right
to re-acquire the Interest in the Project from Mistango at any time after February 28, 2023 and before
April 30, 2024 (the "
Closing Date
"). The purchase price payable by Metal Energy to Mistango for the
Interest on the Closing Date is $2,250,000 in cash or common shares of Metal Energy. The Manibridge
project is currently held 85% Metal Energy and 15% Mistango.
Options
The Company also announces a grant of stock options to officers and consultants, allowing for the
acquisition of up to 450,000 shares of the Company. These options will vest in 12 months and are
exercisable at CAD $0.07 for five years from the date of grant and are subject to regulatory policies.
About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The
Project is 20 kilometers southwest of Wabowden, Manitoba with significant infrastructure and capacity
supporting previous exploration programs, including year-round highway access via Highway 6.
About Metal Energy Corp.
Metal Energy is a nickel and battery metal exploration company with two projects, Manibridge and
Strange, in the politically stable jurisdictions of Manitoba and Ontario, Canada, respectively. The Strange
project is subject to an earn-in agreement where the Company can acquire 100% exploration rights to
approximately 11,900 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."
For further information, please contact:
Metal Energy Corp.
MERG on the TSXV
James Sykes, CEO
306-221-8717
www.metalenergy.ca
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.
FIGURE 1 - Manibridge Phase Two Drill Hole Intersections on Long Section of Mineralization
(view looking west-northwest)
To view an enhanced version of FIGURE 1, please visit:
https://images.newsfilecorp.com/files/7926/150239_9862bc84048429ae_005full.jpg
TABLE 1 - 2022 Phase Two Drill Hole Collar Location Information
DDH
Target Area
Section
East
North
Elevation
Azimuth
Dip
EOH
Individual Assay Highlights
MNB007
Manibridge Mine
11 North
510,914
6,062,356
236
293
-45
272.5
0.80% Ni Eq. over 5.2 m at 233.5 m
MNB008
Manibridge Mine
11 North
510,914
6,062,356
236
297
-59
302.5
1.10% Ni Eq. over 7.0 m at 266.5 m
MNB009
Manibridge Mine
11 North
510,914
6,062,356
236
295
-67
325
0.95% Ni Eq. over 10.0 m at 280.8 m
MNB010
Manibridge Mine
11 North
510,914
6,062,356
236
293
-76
350.5
0.75% Ni Eq. over 12.0 m at 302.5 m
MNB011
Manibridge Mine
11 North
510,914
6,062,356
236
292
-83
377.5
0.56% Ni Eq. over 8.0 m at 317.5 m
MNB012*
Manibridge Mine
10 North
510,871
6,062,333
236
297
-47
120
NA - abandoned
MNB013
Manibridge Mine
10 North
510,871
6,062,333
236
295
-61
260.5
0.90% Ni Eq. over 5.0 m at 225.5 m
MNB014
Manibridge Mine
10 North
510,871
6,062,333
236
295
-70
323.5
0.84% Ni Eq. over 20.0 m at 268.5 m
MNB015
Manibridge Mine
10 North
510,871
6,062,333
236
299
-81
350.5
0.34% Ni Eq. over 10.0 m at 267.5 m
MNB016*
Manibridge Mine
9 North
510,841
6,062,303
236
300
-47
140.5
NA - abandoned
MNB017
Manibridge Mine
9 North
510,841
6,062,303
236
297
-59
251.5
0.39% Ni Eq. over 6.0 m at 227.5 m
MNB018
Manibridge Mine
9 North
510,841
6,062,303
236
294
-70
302.5
1.17% Ni Eq. over 3.0 m at 169.0 m
MNB019
Manibridge Mine
9 North
510,841
6,062,303
236
296
-78
328.5
0.71% Ni Eq. over 11.5 m at 245.0 m
MNB020
Manibridge Mine
8 North
510,825
6,062,267
236
291
-70
302.5
0.63% Ni Eq. over 19.5 m at 253.5 m
MNB021
Manibridge Mine
8 North
510,825
6,062,267
236
294
-79
350.5
0.63% Ni Eq. over 25.0 m at 287.5 m
MNB022
Manibridge Mine
8 North
510,825
6,062,267
236
291
-58
260
0.51% Ni Eq. over 16.5 m at 223.0 m
MNB023*
Manibridge Mine
8 North
510,825
6,062,267
236
291
-46
62.5
NA - abandoned
MNB024
Manibridge Mine
7 North
510,812
6,062,230
236
307
-75
342
pending
MNB025
Manibridge Mine
7 North
510,812
6,062,230
236
297
-67
308.5
pending
MNB026
Manibridge Mine
7 North
510,812
6,062,230
236
294
-60
290
pending
MNB027*
Manibridge Mine
7 North
510,812
6,062,230
236
296
-47
108
NA - abandoned
MNB028*
Manibridge Mine
7 North
510,812
6,062,230
236
295
-48
26
NA - abandoned
MNB028A
Manibridge Mine
7 North
510,812
6,062,230
236
297
-52
266
pending
MNB029
Manibridge Mine
5 North
510,770
6,062,158
236
299
-79
377
pending
MNB030
Manibridge Mine
5 North
510,770
6,062,158
236
297
-74
353
pending
MNB031
Manibridge Mine
5 North
510,770
6,062,158
236
295
-63
299.4
pending
MNB032
Manibridge Mine
6 North
510,794
6,062,195
236
300
-80
368
pending
MNB033
Manibridge Mine
6 North
510,794
6,062,195
236
301
-72
341
pending
MNB034
Manibridge Mine
6 North
510,794
6,062,195
236
300
-63
314
pending
MNB035
Manibridge Mine
6 North
510,794
6,062,195
236
299
-51
282
pending
MNB036
Manibridge Mine
4 North
510,738
6,062,122
236
294
-82
401.7
pending
MNB037
Manibridge Mine
4 North
510,738
6,062,122
236
292
-73
356
pending
MNB038
Manibridge Mine
4 North
510,738
6,062,122
236
294
-60
296
pending
MNB039
Manibridge Mine
4 North
510,738
6,062,122
236
294
-48
263
pending
MNB040*
Manibridge Mine
3 North
510,713
6,062,093
236
306
-79
36
NA - abandoned
MNB040A
Manibridge Mine
3 North
510,713
6,062,093
236
299
-80
383
pending
36 DDH (includes 6 abandoned drill holes "*")
10,091.60
NOTES: East and North units are metres using NAD83 datum, UTM Zone 14N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres
NA = not applicable, drill hole did not hit bedrock
Ni Eq. = nickel equivalent, which is calculated as the sum of Ni% + (Co% x $50,354/t Co / $27,065/t Ni) + (Cu% x $6,680/t Cu / $27,065/t Ni)
Metal prices were derived from Shanghai Metal Market website (
www.metal.com
) on July 22, 2022
Bold
text indicates drill hole intersection with "Grade x Thickness" values exceeding 8 and/or where average grades exceed 0.80% Ni
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/150239