Metal Energy Receives 100,000 Metre Drill Permit for 3-Years on Manibridge Project
Metal Energy Receives 100,000 Metre Drill
Permit for 3-Years on
Manibridge Project
TORONTO
,
May 16, 2022
/CNW/ - Metal Energy Corp. (the "
Company
" or "
Metal Energy
")
(TSXV: MERG) is pleased to announce it has received a 3-year Work Permit (the "
Permit
") from the
province of
Manitoba
to allow for 100,000 metres of diamond drilling on the high-grade nickel and
copper Manibridge Project (the "
Project
" or "
Manibridge
") in the Thompson Nickel Belt of
Manitoba
.
"This is a big step forward for Metal Energy as operators advancing Manibridge. The Permit
provide us the necessary approval to continue definition drilling of the Manibridge Mine target,
expanding on the Manibridge North high-grade nickel deposit, and drill testing kilometres of
prospective greenfield exploration targets over the next 3 years (
Figure 1).
We are optimistic that
there are more high-grade nickel and copper greenfield discoveries to be made on the Project. Still,
we are more confident that the historic Manibridge Mine target has significant growth opportunities
for a viable nickel-copper resource. We are weeks away from starting Phase Two's 10,000 metre
summer drill campaign, which is largely focused on delineating a resource on the Manibridge Mine
target," said
James Sykes
, CEO of Metal Energy.
10,000 Metre Phase Two Drill Program on Manibridge
Preparations for Manibridge's Phase Two 10,000 metre diamond drill program are underway, with
Metal Energy now acting as operator of the Project. The drilling contractor, accommodations,
support services, and the Permit have all been secured. The Company anticipates mobilization of
the drill program during the first days of June.
The Company has approximately
$5.5 million
in cash and is fully-funded to carry out the Phase Two
drill program.
Recently Completed Phase One Drill Program on Manibridge
The recently completed Phase One drill campaign included six drill holes (MNB001 to MNB006) for
over 2,350 metres. All drill holes successfully intersected nickel-copper sulphide mineralization;
assay results are pending. Confirmation of nickel-copper sulphides ranged from
3.7 m
thickness to
16.8 m
thick, including a couple of drill holes intersecting small occurrences of massive net-textured
sulphides. For full details, see Metal Energy news release dated
May 2
, 2022.
The Company is preparing an in-depth video presentation to detail Phase One's drill program results,
including its interpretations of mineralization controls and vectors for higher-grade nickel and copper
occurrences.
Table 1 - Selected Historic 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
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.
FIGURE 1 – Manibridge Project Location and Future Drill Program Targets
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
, with significant infrastructure and capacity
supporting previous exploration programs, including year-round highway access via Highway 6.
Metal Energy has acquired 49% interest in the Manibridge project effective
March 22
, 2022. The
Company has elected to continue exploration to earn up to 70% in Manibridge with a long-term
objective for 100% ownership of Manibridge.
A
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/May2022/16/c4466.html
%SEDAR: 00051725E
For further information:
For further information, please contact: Metal Energy Corp.,
MERG:TSXV, [email protected]; James Sykes, CEO, [email protected], 306-221-8717,
www.metalenergy.ca
CO: Metal Energy
CNW 06:00e 16-MAY-22