MERG.V · 2023-01-10 12:00:00

Metal Energy Reports 5 Drill Holes Intersecting Shallow High-Grade Nickel Mineralization at Manibridge Project Highlights Include: MNB028A: 0.77% Ni eq. over 19.4 m at 192.1 m depth (149.3 m true vertical depth) and 0.70% Ni eq. over 23.0 m at 218.0 m depth (169.4 m true vertical depth)

Drill Results

Metal Energy Reports 5 Drill Holes

Intersecting Shallow High-Grade Nickel

Mineralization at Manibridge Project

Highlights Include:

MNB028A: 0.77% Ni eq. over 19.4 m at 192.1 m depth (149.3 m true vertical depth) and

0.70% Ni eq. over 23.0 m at 218.0 m depth (169.4 m true vertical depth)

MNB026: 0.68% Ni eq. over 22.0 m at 243.5 m depth (208.7 m true vertical depth)

Results demonstrate Manibridge hosts multiple stacked zones of well-mineralized nickel

sulphide material with bulk tonnage potential

Composite mineralization intersections of over 50 metres in MNB024, MNB026 and

MNB028A

Results from 12 drill holes closer to the old mine workings are still pending

Toronto, Ontario--(Newsfile Corp. - January 10, 2023) - Metal Energy Corp. (TSXV: MERG) (OTCQB:

MEEEF) (the "

Company

" or "

Metal Energy

") is pleased to announce assay results from five drill holes

(Table 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 just completed in December 2022.

"The individual results are encouraging, but the composite results, with up to 65% of the host rock being

mineralized, demonstrate possible bulk tonnage potential at Manibridge that was never considered

previously. These assay results demonstrate that high-grade nickel sulphide mineralization at

Manibridge is continuous on strike and along dip, and that there are multiple wide zones of

mineralization within the host rock.

Four of the drill holes (MNB024 to MNB028A) were drilled on the

same section as drill hole MNB003 (highlight of 0.81% Ni eq over 13.5 m, see news release

August 3,

2022

) for a total of approximately 170 m of mineralization defined in the dip extent dimension and open

at depth.

Drill holes MNB028A and MNB026 are two of the top four reported drill holes we've completed

at Manibridge during the drill program, highlighting that mineralization continues to increase as we

continue drilling towards the old mine workings," said James Sykes, CEO of Metal Energy.

Table 1 - Individual interval and total drill hole composite assay results

DDH

From

Interval

Ni%

Cu%

Co%

Ni eq.%

GT (Ni

eq%*m)

MNB022

187.50

189.50

2.00

0.40

0.02

0.01

0.43

0.86

194.50

196.50

2.00

0.40

0.01

0.42

0.84

223.00

239.50

16.50

0.48

0.02

0.01

0.50

8.25

includes

237.50

239.50

2.00

1.27

0.10

0.02

1.33

2.66

Composite Summary

17.20

0.48

0.02

0.01

0.49

9.95

MNB024

169.50

171.50

2.00

0.41

0.00

0.01

0.42

0.84

178.40

182.70

4.30

0.67

0.10

0.02

0.73

3.14

241.00

242.00

1.00

0.38

0.01

0.40

248.00

256.40

8.40

0.43

0.02

0.46

3.86

265.10

282.50

17.40

0.55

0.01

0.57

9.92

includes

279.00

279.90

0.90

1.22

0.04

0.02

1.26

1.13

287.50

297.50

10.00

0.39

0.01

0.42

4.20

302.50

313.50

11.00

0.40

0.01

0.42

4.62

Composite Summary

54.10

0.47

0.02

0.01

0.50

26.98

MNB025

153.40

153.60

0.20

0.37

0.00

0.01

0.39

0.08

200.80

200.90

0.10

0.34

0.01

0.36

0.04

212.90

213.00

0.10

0.44

0.00

0.03

0.48

0.05

215.00

215.50

0.50

0.35

0.01

0.37

0.19

222.50

222.60

0.10

0.30

0.00

0.01

0.32

0.03

227.60

227.80

0.20

0.38

0.00

0.01

0.38

0.08

230.60

231.50

0.90

0.44

0.01

0.46

0.41

234.80

246.50

11.70

0.54

0.01

0.56

6.55

includes

236.50

238.50

2.00

1.22

0.05

0.02

1.27

2.54

252.50

255.50

3.00

0.52

0.00

0.01

0.53

1.59

259.60

272.50

12.90

0.61

0.03

0.01

0.64

8.26

includes

260.40

261.40

1.00

1.22

0.12

0.02

1.29

and includes

269.50

270.50

1.00

1.22

0.03

0.02

1.26

282.50

283.00

0.50

0.39

0.00

0.01

0.41

0.21

286.50

286.60

0.10

1.90

0.10

0.03

1.98

0.20

289.50

291.50

2.00

0.65

0.03

0.01

0.67

1.34

includes

289.50

289.90

0.40

1.80

0.08

0.03

1.87

0.75

296.70

296.80

0.10

0.30

0.03

0.00

0.32

0.03

Composite Summary

32.40

0.56

0.02

0.01

0.59

18.84

MNB026

153.05

156.45

3.40

1.15

0.13

0.02

1.21

4.11

includes

153.05

155.95

2.90

1.29

0.14

0.02

1.36

3.94

171.00

178.00

7.00

0.32

0.01

0.34

2.38

181.40

181.50

0.10

0.39

0.02

0.42

0.04

182.50

182.60

0.10

0.31

0.01

0.33

0.03

185.50

185.60

0.10

0.36

0.02

0.03

0.40

0.04

187.00

187.10

0.10

0.35

0.01

0.38

0.04

197.00

204.70

7.70

0.40

0.02

0.01

0.42

3.23

208.00

216.00

8.00

0.61

0.01

0.63

5.04

includes

209.00

210.00

1.00

1.01

0.02

1.04

and includes

214.00

215.00

1.00

1.05

0.04

0.02

1.09

219.70

219.80

0.10

0.32

0.00

0.32

0.03

228.00

230.50

2.50

0.31

0.00

0.01

0.32

0.80

233.60

234.00

0.40

0.32

0.00

0.01

0.33

0.13

236.50

238.50

2.00

0.31

0.00

0.01

0.33

0.66

243.50

265.50

22.00

0.65

0.02

0.01

0.68

14.96

includes

256.00

259.00

3.00

1.66

0.10

0.02

1.73

5.19

268.85

268.95

0.10

0.77

0.16

0.06

0.90

0.09

269.20

269.30

0.10

0.34

0.13

0.03

0.42

0.04

Composite Summary

53.70

0.56

0.02

0.01

0.59

31.64

MNB028A

120.70

120.80

0.10

0.59

0.06

0.01

0.63

0.06

142.00

147.00

5.00

1.30

0.06

0.02

1.34

6.70

includes

143.00

146.00

3.00

1.77

0.08

0.02

1.82

5.46

169.35

169.45

0.10

0.65

0.04

0.02

0.70

0.07

170.30

170.40

0.10

0.88

0.01

0.03

0.92

0.09

183.00

189.30

6.30

0.51

0.01

0.53

3.34

192.10

211.50

19.40

0.74

0.02

0.01

0.77

14.94

includes

200.50

204.50

4.00

1.28

0.05

0.02

1.32

5.28

and includes

209.50

210.50

1.00

1.16

0.03

0.01

1.19

214.70

215.70

1.00

0.34

0.00

0.01

0.36

218.00

241.00

23.00

0.67

0.02

0.01

0.70

16.10

includes

232.00

233.00

1.00

1.01

0.04

0.02

1.05

Composite Summary

55.00

0.73

0.02

0.01

0.76

41.71

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. "Composite Summary" does not contain data from "

includes/and includes

5. Ni eq.% is calculated as the sum of Ni% + Co% * (51,960/33,960) + Cu% (9,470/33,960)

6. Price of Ni = $33,960/metric ton, price of Co = $51,960/metric ton, price of Cu = $9,470/metric ton

7. Metal prices were derived from Shanghai Metal Market website (www.metal.com) on January 3, 2023

Manibridge Phase 2 Assay Results

Drill holes MNB026 and MNB028A intersected thick accumulations of composite mineralization defined

over 85 metres and 120 metres drill hole lengths with 63% and 46% of those intervals being mineralized,

respectively.

The ultramafic/mafic host rocks are typically 50 to 150 m thick with an average 30% of

those intervals enriched with nickel sulphide mineralization.

The assay results released to date highlight that mineralization is continuous over 170 metres along

strike and between 100 to 200 m in the dip direction.

Mineralization occurs as disseminations, net-textured, brecciated, remobilized in foliations and shears,

and vein-hosted within the mafic to ultramafic host rocks.

Mineralization defined in the Program is shallow with true vertical depth to mineralization ranging from

120 m to 300 m beneath the surface, average depth of 195 m.

These results demonstrate the shallow

nature of potential near-surface development.

Drill hole MNB022 was re-sampled based on encouraging spot sample results (0.1 m intervals, see

news release

November 28, 2022

The intervals from 187.5 to 189.5 m and 194.5 to 196.5 m are the

re-sampled intervals with assay results exceeding 0.3% Ni over 0.5 m of continuous mineralization.

All

other spot sample results after re-sampling in larger intervals were below the Company's reporting

cutoffs.

Assay results for drill holes MNB029 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 and what they

mean with respect to global nickel deposits.

Manibridge Phase 2 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 100 and 400 metres from

surface.

Metal Energy is the operator and owns 85% of the Project with Mistango River Resources Inc., an Ore

Group company, owning the remaining 15%.

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 0.10 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 - Drill hole collar details

DDH

Target Area

Section

East

North

Elevation

Azimuth

Dip

EOH

MNB022

Manibridge Mine

8 North

510,825

6,062,267

236

300

-58

260.5

MNB024

Manibridge Mine

7 North

510,806

6,062,230

236

300

-75

342

MNB025

Manibridge Mine

7 North

510,806

6,062,230

236

300

-67

308.5

MNB026

Manibridge Mine

7 North

510,812

6,062,230

236

300

-59

290

MNB027*

Manibridge Mine

7 North

510,812

6,062,230

236

300

-47

108

MNB028*

Manibridge Mine

7 North

510,812

6,062,230

236

300

-51

MNB028A

Manibridge Mine

7 North

510,812

6,062,230

236

300

-51

266

7 DDH (includes 2 abandoned drill holes (*))

1,601.0

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.

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

[email protected]

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 - Drill hole intersection on long section of mineralization (view looking west-

northwest)

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/7926/150811_metalenergyfigure1.jpg

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/150811

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