Metal Energy Updates on the 10,000 Metre Drill Program on its Manibridge High-Grade Nickel Project
Metal Energy Updates on the 10,000 Metre Drill
Program on its Manibridge High-Grade Nickel
Project
TORONTO
,
Nov. 7, 2022
/CNW/ - Metal Energy Corp. (the "
Company
" or "
Metal Energy
") (TSXV:
MERG) (OTCQB: MEEEF) is pleased to provide an update on the Phase 2 10,000 metre drill
program (the "
Program
") on the high-grade nickel and copper-cobalt ("
Ni-Cu-Co
") Manibridge
project (the "
Project
" or "
Manibridge
") in the Thompson Nickel Belt,
Manitoba
. Drilling remains
focused within the shadow of the past-producing mine that produced 1.3 million tonnes at 2.55%
nickel and 0.27% copper from 1971 to 1977.
"We completed a total of
5,331 m
in nineteen drill holes (MNB007 to MNB025)
between June 6 and
July 28
(Table 2). Sixteen drill holes intersected the bedrock, each intersecting nickel-copper-cobalt
sulphide mineralization over significant widths. These visual observations were confirmed with a
handheld XRF*. Combined with the six drill holes from the winter program (see news release dated
August 3, 2022
), we have a 100% nickel sulphide intersection success rate in all of our completed
drill holes at Manibridge. We've drilled wide- and tight-spaced drill holes across a kilometre strike
length and as deep as
700 m
; every drill hole continues to intersect Ni-Cu-Co sulphides. Our recent
Option Agreements with Mistango River Resource Inc. (CSE:MIS, see news release dated
November 2, 2022
) provides us with a unique opportunity to continue the Program with minimal
dilution, greater insider ownership aligning with shareholders, and preserving capital. We are excited
to renew our Phase 2 drill program, and complete the remaining
4,669 m
as we progress southwest
along this fertile corridor towards the old mine workings," said
James Sykes
, CEO of Metal Energy.
Manibridge Phase 2 Drill Program Summary
The Program is planned for 10,000 metres of diamond drilling in approximately 33 drill holes. A total
of
5,331 m
were completed in 19 drill holes (MNB007 to MNB025)
between June 6 and July 28
(Table 1). The drill hole collar locations were within 300 to 600 metres of the old mine workings.
The remaining drill holes will progress between 150 to 300 metres of the old mine workings. The
average drill hole depths remain planned for between 225 and 400 metres. All drill holes will be
inclined between -45 and -85.
Figure 1
is a location map of the drill program within the Manibridge
project.
Figure 2
shows the drill hole locations with respect to the historic Manibridge Mine.
All sixteen drill holes that successfully intersected the bedrock also intersected Ni-Cu-Co sulphide
mineralization, confirmed with a handheld XRF*. Drill core observations and XRF results confirm
sulphide-rich lithostratigraphy ranges from
1 m
thick (MNB018) to
55 m
thick (MNB021), with an
average thickness exceeding
15 m
. Fourteen drill holes intersected two or more zones of Ni-Cu-Co
sulphides. All drill holes had evidence of Ni-Cu-Co sulphides occurring as either disseminations within
the mafic to ultramafic host rocks, remobilized in foliations and shears, vein-hosted, and/or net-
textured or brecciated.
Geochemical assays will be released as they become available from the lab and reviewed for
QA/QC by the Company's Technical team.
Metal Energy is the operator of the Program, holds 70% of the Project, and is currently earning
towards 100% ownership of Manibridge, which is expected to be earned by the end of 2022.
CanAlaska Uranium Ltd. currently holds the remaining 30% of the Project.
*Handheld XRF ("hXRF") results do not replace traditional laboratory-based analysis, however the results do provide an effective screening tool for the determination of nickel-
copper-cobalt sulphides for selecting samples for geochemical assay analysis. hXRF analyses were taken on every 10 cm to 50 cm of the surface of the core as spot analyses
with a 1 cm view window wherever visible sulphides and/or ultramafic rock types were present. The hXRF model used was a Niton XL5 and operated by Metal Energy Corp. The
reader is cautioned that these width results might not reflect laboratory-quality width results and therefore should only be viewed as an initial screening for the presence of nickel-
copper-cobalt sulphides within the drill core.
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
, which has significant infrastructure and capacity
that has supported previous exploration programs, including year-round highway access via Highway
6.
Table 1 below shows some of the historic drill intersections on the Manibridge project.
Table 1 - 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 1:
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 and Phase 2 Drill Program Location
FIGURE 2 – Manibridge Project, Phase 2 Drill Collar Location Map
TABLE 2 – Manibridge Phase 2 Drill Hole Collar Information and Results
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."
For the latest videos from Metal Energy, Ore Group and all things Mining, please to our YouTube
Chanel:
youtube.com/@theoregroup
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.
www.metalenergy.ca
SOURCE
Metal Energy
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http://www.newswire.ca/en/releases/archive/November2022/07/c3986.html
%SEDAR: 00051725E
For further information:
Please contact: Metal Energy Corp., MERG on the TSXV, James Sykes,
CEO, [email protected], 306-221-8717
CO: Metal Energy
CNW 06:00e 07-NOV-22