Metal Energy Drills Three Holes with Broad Nickel Intersections Including 85.3 m of 0.67% NiEq at Manibridge Project Highlights Include: 85.3 composite metres of 0.67% NiEq (57.3 GT) starting at 156 m vertical depth 79.5 composite metres of 0.65% NiEq (51.5 GT) starting at 215 m vertical depth
Metal Energy Drills Three Holes with Broad
Nickel Intersections Including 85.3 m of 0.67%
NiEq at Manibridge Project
Highlights Include:
85.3 composite metres of 0.67% NiEq (57.3 GT) starting at 156 m vertical depth
79.5 composite metres of 0.65% NiEq (51.5 GT) starting at 215 m vertical depth
48.5 composite metres of 0.83% NiEq (40.4 GT) starting at 273 m vertical depth
Mineralized zone is up to 80 m thick, continuous for 180 m down dip, and open in both
dip directions (see Cross-Section of results in Figure 1)
Assay results from 9 drill holes pending
Toronto, Ontario--(Newsfile Corp. - January 23, 2023) - Metal Energy Corp. (TSXV: MERG) (OTCQB:
MEEEF) (the "
Company
" or "
Metal Energy
") is pleased to announce assay results from three drill
holes on the same section (Table 1, Figure 1) of the Phase Two drill program on the high-grade nickel
and copper-cobalt Manibridge project (the "
Project
" or "
Manibridge
") in the Thompson Nickel Belt,
Manitoba.
Phase Two's 10,000 metres drill program was completed in December 2022, with nine
additional drill hole assay results still pending.
Table 1 - Drill hole composite assay results from Section 5N
DDH
Composite
Width (m)
Ni%
Cu%
Co%
NiEq%
GT
(NiEq% x m)
MNB029
Upper Lens
N/A
Lower Lens
48.5
0.80
0.02
0.02
0.83
40.4
MNB030
Upper Lens
4.50
1.03
0.06
0.01
1.07
4.8
Lower Lens
79.50
0.62
0.01
0.01
0.65
51.5
MNB031
Upper Lens
1.00
0.42
0.03
0.01
0.44
0.4
Lower Lens
85.30
0.65
0.02
0.01
0.67
57.3
MNB004
*
Upper Lens^
N/A
Lower Lens^
51.00
0.86
0.03
0.02
0.90
45.9
NOTES:
1. See Table 3 for individual results used to compile these composite results
2. * Inidividual assay results comprising the composite results were previously released, see Metal
Energy news release dated August 3, 2022
3. ^ Results not accurate as large sampling gaps exist within these intervals
Figure 1 - Cross-section of results for Section 5N (MNB004, MNB029 to MNB031)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7926/152125_7094c62fa44a9875_005full.jpg
"These are the best results we have drilled on Manibridge to date, with grade-thickness values ("
GT
")
consistent with what was mined at Manibridge.
These three drill holes, 250 m away from the old mine
workings, were drilled on the same section and down dip of MNB004, which returned 0.90% NiEq over
51.0 composite metres (45.9 GT). This section of drill holes shows consistent nickel mineralization
between 60 to 80 metres thick, extending over 180 metres down dip, and remains open in both dip
directions.
These four drill holes were in a relatively untested area, and these new data significantly
improves our interpretation of the mineralization potential at Manibridge. Mineralization appears to be
more concentrated and thicker as we get closer to the
old mine workings.
We are awaiting the results
from the remaining nine drill holes which are from the next 3 sections," said James Sykes, CEO of Metal
Energy.
Manibridge Phase 2 Drill Program Results
A total of 10,091 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 100 and 400 metres from surface.
Assay results for drill holes MNB032 to MNB040A are still pending and will be reported after the data
has been received, reviewed, and approved.
The Company is preparing a detailed video to put the results received to date into context.
Metal Energy is the operator and owns 85% of the Project with Mistango River Resources Inc. (CSE:
MIS), an Ore Group company, owning the remaining 15%.
Table 3 provides the individual and composite assay results and Table 4 provides the collar details for
drill holes MNB029 to MNB031.
Geochemical Sampling Procedures
Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories
(SRC) in Saskatoon, Saskatchewan, in secure containment for preparation, processing, and whole rock
and multi-element analysis by ICP-MS2 using total 4-acid digestion (HF:NHO3:HCl:HClO4). Assay
samples comprise 0.2 to 1.5 m continuous samples of cut-core samples over nickel-sulphide
mineralized intervals determined with a handheld XRF.
Point samples comprise an isolated 0.1 to 0.5 m
sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is
an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks,
standard reference materials, and quartered core repeats were inserted into the sample stream at
regular intervals by Metal Energy and the SRC in accordance with Metal Energy's quality assurance and
quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by
qualified persons employed by Metal Energy prior to disclosure.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not
represent true thicknesses, which have yet to be determined.
For the latest videos from Metal Energy, Ore Group, and all things Mining, subscribe to our YouTube
Chanel:
youtube.com/@theoregroup
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.
Table 2 below shows some of the historic drill intersections on the Manibridge project.
Table 2 - Selected Historic and Recent Drill Intersections on Manibridge
Hole Number
Location
From (m)
To (m)
Interval (m)
%Ni
%Ni*m
6-60
Underground
33.83
75.59
41.76
1.80
75.02
W50-39
Mined
98.45
163.98
65.53
1.10
72.14
W50-27
Mined
185.93
210.01
24.08
2.93
70.61
W50-34
Mined
86.26
110.64
24.38
1.88
45.76
W50-31
Mined
244.75
261.52
16.77
2.67
44.84
W50-05
Mined
311.51
336.80
25.29
1.57
39.64
MN08-01
Surface
156.50
195.75
39.25
0.98
38.47
W50-28
Mined
203.30
211.99
8.69
4.15
36.07
W50-09
Mined
178.92
198.73
19.81
1.80
35.62
6-42A
Underground
270.51
287.43
16.92
1.98
33.44
W50-33
Mined
274.93
289.56
14.63
2.15
31.50
MNB004*
Surface
150.45
183.4
32.95
0.88
29.00
W50-50
Surface
184.40
196.60
12.20
1.24
15.13
Notes to Table 2:
Cut-off grade = 0.3% Ni
Maximum consecutive internal dilution = 3.0 m downhole
Historic drill holes have not been verified or confirmed with twinned drill holes
Metal Energy considers "high-grade" to be nickel mineralization with a concentration greater than
0.8% Ni.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do
not represent true thicknesses, which have yet to be determined.
"*" Drilled by Metal Energy in 2022
Table 3 - Individual interval and total drill hole composite assay results
DDH
From
To
Interval
Ni%
Cu%
Co%
NiEq%
GT (Ni
eq%*m)
MNB029
277.00
278.00
1.00
0.31
0.00
0.01
0.32
0.32
287.40
311.50
24.10
0.87
0.02
0.02
0.90
21.69
includes
291.50
292.50
1.00
1.10
0.04
0.02
1.14
1.14
and
includes
296.50
304.50
8.00
1.23
0.03
0.02
1.27
10.16
and
includes
307.50
310.50
3.00
1.02
0.02
0.02
1.06
3.18
317.00
334.00
17.00
0.79
0.02
0.02
0.82
13.94
includes
320.00
325.00
5.00
1.15
0.03
0.02
1.19
5.95
and
includes
331.00
333.00
2.00
1.27
0.03
0.02
1.31
2.62
343.00
345.40
2.40
0.39
0.00
0.01
0.41
0.98
351.00
354.00
3.00
0.67
0.02
0.01
0.69
2.07
includes
353.00
353.50
0.50
1.06
0.03
0.02
1.09
0.55
361.00
362.00
1.00
1.36
0.03
0.02
1.40
1.40
Composite Summary
48.50
0.80
0.02
0.02
0.83
40.40
MNB030
182.50
187.00
4.50
1.03
0.06
0.01
1.07
4.82
includes
183.10
185.60
2.50
1.56
0.10
0.02
1.62
4.05
226.00
229.00
3.00
0.77
0.03
0.02
0.80
2.40
237.00
239.00
2.00
0.66
0.02
0.02
0.69
1.38
250.00
283.00
33.00
0.73
0.03
0.01
0.76
25.08
includes
255.00
257.00
2.00
1.26
0.06
0.02
1.30
2.60
and
includes
261.00
268.00
7.00
1.10
0.05
0.02
1.14
7.98
and
includes
281.00
282.00
1.00
1.15
0.03
0.03
1.21
1.21
289.50
299.00
9.50
0.36
0.00
0.01
0.38
3.61
304.00
309.00
5.00
0.30
0.00
0.01
0.30
1.50
312.00
339.00
27.00
0.63
0.00
0.01
0.65
17.55
includes
337.00
338.00
1.00
1.19
0.01
0.02
1.23
1.23
Composite Summary
84.00
0.65
0.02
0.01
0.67
56.34
MNB031
150.00
151.00
1.00
0.42
0.03
0.01
0.44
0.44
169.50
170.00
0.50
0.40
0.00
0.00
0.40
0.20
177.05
184.20
7.15
0.52
0.02
0.01
0.54
3.86
includes
177.05
177.50
0.45
1.46
0.01
0.01
1.48
0.67
191.00
196.65
5.65
1.01
0.00
0.01
1.03
5.82
includes
191.00
191.50
0.50
1.43
0.00
0.03
1.47
0.74
and
includes
195.00
196.00
1.00
1.21
0.01
0.02
1.24
1.24
200.00
209.00
9.00
0.67
0.00
0.01
0.69
6.21
includes
201.00
203.00
2.00
1.23
0.01
0.02
1.26
2.52
215.50
250.00
34.50
0.66
0.02
0.01
0.68
23.46
includes
215.50
217.50
2.00
1.31
0.04
0.02
1.36
2.72
and
includes
221.00
222.00
1.00
1.38
0.04
0.02
1.42
1.42
and
includes
233.00
242.00
9.00
1.06
0.04
0.02
1.10
9.90
253.00
274.00
21.00
0.45
0.02
0.01
0.47
9.87
includes
255.00
256.00
1.00
1.07
0.14
0.02
1.14
1.14
277.00
285.00
8.00
0.98
0.03
0.02
1.01
8.08
includes
281.00
284.00
3.00
1.49
0.06
0.02
1.54
4.62
Composite Summary
86.80
0.65
0.02
0.01
0.67
57.94
NOTES:
1. Ni% cutoff grade is 0.30%
2. Ni% cutoff grade for "
includes
/
and includes"
is 1.00% Ni
3. Reported widths do not contain greater than 2 m of consecutive core with less than cutoff grades
4. Ni eq.% is calculated as the sum of Ni% + Co% * (51,960/33,960) + Cu% (9,470/33,960)
5. Price of Ni = $33,960/metric ton, price of Co = $51,960/metric ton, price of Cu = $9,470/metric ton
6. Metal prices were derived from Shanghai Metal Market website (www.metal.com) on January 3,
2023
Table 4 - Drill hole collar details
DDH
Target
Area
Section
East
North
Elevation
Azimuth
Dip
EOH
MNB029
Manibridge
Mine
5 North
510,770
6,062,158
236
300
-80
377
MNB030
Manibridge
Mine
5 North
510,770
6,062,158
236
300
-72
400
MNB031
Manibridge
Mine
5 North
510,770
6,062,158
236
300
-62
300
3 DDH
1,077
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
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
Manibridge project is 85% owned by Metal Energy and 15% owned by Mistango River Resources Inc.
(CSE: MIS). The Strange project is subject to earn-in agreements where the Company can acquire
100% exploration rights to approximately 12,000 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.
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