Highlights:
- 100% intersection success with every drill hole hitting
nickel sulphides
- 10,000 metre follow-up drill program expected to begin in
June
- Intersections expand known mineralized envelope with holes
MNB001 and MNB003 in-filling gaps in mineralized shell, leaving
mineralization open at depth
TORONTO, May 2, 2022 /CNW/ - Metal Energy Corp. (the
"Company" or "Metal Energy") (TSXV: MERG) is pleased
to announce its inaugural drill program is complete on the
high-grade nickel and copper Manibridge project (the
"Project" or "Manibridge") in the Thompson Nickel
Belt, Manitoba.
"This first drill program on our flagship Manibridge project was
a success. We had a 100% nickel-copper mineralization intersection
rate in every hole, and we confirmed our model. Most importantly,
two holes confirmed nickel-copper sulphide mineralization within
gaps of our model. The nickel-copper sulphide system at
Manibridge is completely open at depth which can add a significant
amount of bulk tonnage to what's already there. Preparations for
our planned 10,000 metre follow-up drill program are underway and
we anticipate some exciting discoveries this summer. Nickel
demand continues to grow with a projected shortfall of supply over
the next decade; we intend to have Manibridge contributing to the
North American electrification supply chain," said James Sykes, CEO of Metal Energy.
The Company is preparing an in-depth video presentation to
provide details on this completed drill program, including its
views on mineralization controls and vectors for higher-grade
nickel and copper occurrences.
Drilling was focussed within a one-kilometre strike-length of
the Manibridge Mine which produced 1.3 million tonnes at 2.55%
nickel and 0.27% copper from 1971 to 1977 (Figure 1). Six
drill holes (MNB001 to MNB006) were completed for a total of 2,350
metres (Figure 2, Table 1). Drilling was cut short due
to the expiration of the Government drill permits.
All drill holes successfully intersected nickel-copper sulphide
mineralization, confirmed with a handheld XRF*. Confirmation
of sulphides ranged from 3.7 m
thickness (MNB003) to 16.8 m thick
(MNB001) including a couple of drill holes intersecting small
occurrences of massive net-textured sulphides (MNB001, Figure
3). Drill hole MNB004 intersected sulphides over three
separate intervals. All drill holes had evidence of
nickel-copper sulphides remobilized in foliations and shears.
Intense serpentinization alteration of the sulphide bearing
ultramafic rock types is interpreted to remobilize nickel-copper
sulphides to other areas, therefore possibly providing higher-grade
occurrences of nickel-copper sulphides at or near alteration
margins.
*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 sulphides for selecting samples for
geochemical assay analysis. hXRF analyses were taken on every 10 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 reported widths of mineralization in Table 1
were calculated with a hXRF cut-off grade of 0.3% Ni with no
greater than 1.0 m of consecutive internal dilution, and are
subject to confirmation by chemical analyses from an independent
laboratory. The hXRF model used was a Niton XL3 and operated by
CanAlaska Uranium Ltd. 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 sulphides within the drill
core.
|
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,
and support services have been secured, and the drill permits from
the Manitoba Government are expected prior to month's end.
The Company anticipates mobilization of the drill program
immediately thereafter.
Assays Pending
Geochemical assay results from the drill program will be
released once received from the lab and reviewed for QAQC.
Metal Energy has been advised that the current turn-around time has
been estimated at 6 to 8 weeks. CanAlaska Uranium Ltd. was the
operator for this drill program.
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.
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.
Table 2 below shows some of the historic drill intersections on
the Manibridge project.
Table 2 - 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
Planned Drill Program Location
FIGURE 2 – Winter 2022 Drill Holes Within Manibridge
Mineralization Shell (looking west)
FIGURE 3 – Massive Net-Textured and Brecciated Sulphides
(MNB001 at 269.0 m depth)
Table 1 - Winter 2022 Diamond Drill Hole
Collar Data and Visible Sulphide Results
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."
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Certain information set forth in this news release contains
forward-looking statements or information ("forward-looking
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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,
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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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SOURCE Metal Energy