- Phase 1's 3,000 metre drill program is expected to begin in
early March
- Advance team on site next week to prepare drill pads
- A property wide magnetotellurics survey scheduled for May, with
Phase 2's 10,000 metre drill program thereafter
- Metal Energy will accelerate project operatorship after March's
Phase 1 drill program
TORONTO, Feb. 8, 2022 /CNW/ - Metal Energy Corp. ("the
"Company" or "Metal Energy") (TSXV: MERG) is pleased
to provide an update on the upcoming drill program planned for the
high-grade nickel Manibridge project (the "Project" or
"Manibridge") in the Thompson Nickel Belt, Manitoba. The Project incorporates a
past-producing mine that produced 1.3 million tonnes at 2.55%
nickel and 0.27% copper between 1971 and 1977.
"Drilling at Manibridge remains our top priority as our internal
projections for the Project suggest it has the potential to yield a
bulk mineable resource. Our first drill program for Manibridge is
scheduled to start within the next 3 to 4 weeks. Drill targets have
been planned to assess historic high-grade nickel drill intercepts
beneath the old mine workings and along strike of the
past-producing mine, as well as targeting areas within the mine's
shadow that remain untested. Nickel demand is forecast to grow by
2x to 4x within the next 10 to 20 years spurred on by the
electrification revolution and battery storage systems to
complement a global effort to replace fossil fuels with renewable
energy sources," said James Sykes,
CEO of Metal Energy.
Manibridge's drill program is planned for 3,000 metres with 7
drill holes all within a kilometre strike of the past-producing
mine. A crew is scheduled to start field preparations early next
week to clear the trails and pack snow for the proposed drill
collar locations. This program is fully permitted.
A heli-borne mobile magnetotellurics ("Mobile MT")
geophysical survey is planned to cover the entire Project in May.
Mobile MT is a cutting-edge technology that accurately identifies
electromagnetic and magnetic signatures to depths exceeding 1 km
from the surface. Metal Energy plans to use the results from the
Mobile MT survey to identify exploration targets for future drill
programs proximal to the mine and on greenfields Project holdings
to the east and north.
The Company plans to follow up this news release with a video
presentation to highlight the geology of Manibridge and how Metal
Energy views its development potential.
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.
CanAlaska Uranium Ltd. are the operators of the Manibridge
project. Metal Energy is earning into the Project and can become
the operators after March's Phase 1 drill program.
About 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
