TORONTO, Dec. 13, 2021 /CNW/ - Metal Energy Corp.
("the "Company" or "Metal Energy") (TSXV: MERG) is
pleased to announce its diamond drilling exploration plans for Q1
2022 on the Company's Manibridge and Strange Nickel projects.
Drilling is expected to begin in January for Manibridge and
February for Strange.
Diamond drilling plans include:
- An initial 3,000 metres in seven drill holes in and around the
historic Manibridge Mine workings, which produced 1.3 M tonnes at 2.55% Nickel and 0.27% Copper
from 1971 to 1977. The drill program is anticipated to provide the
Company with modern down hole information specific for
understanding high-grade Nickel mineralization in the old Mine
area. This information will be used to produce a structural model
that will be used for exploration across the entire project. A
permit application for a larger drill program to start in Q2 2022
are in the works.
- 1,500 metres in two drill holes at Strange planned to target
geophysical anomalies interpreted as ultramafic rock types
overlying sedimentary units, typical of Proterozoic Mid-Continental
Rift-style Nickel deposits.
"This is an exciting time for Metal Energy and our
shareholders. We successfully listed on the TSXV two weeks
ago with over $7 million in cash and
hitting the ground running. We are actively planning drill
programs for each project which are anticipated to start between
January and February 2022. Diamond
drilling permits have been received for both projects, and diamond
drilling companies have been tendered. The Nickel spot price
is at a 10-year high and is forecast to continue climbing due to
the global push for adopting electric vehicles and battery
solutions for renewable energies. This is an opportune time
for Metal Energy to demonstrate the high-grade Nickel potential
that exists at Manibridge, and discover a new Nickel district at
Strange," said James Sykes, CEO of
Metal Energy.
Manibridge and Strange are located in Manitoba and Ontario, respectively. Both projects are
within well-established geologic environments, have year-round
highway access, and are permitted to drill.
Metal Energy's Two Nickel Assets
1. Manibridge
The Manibridge project is located in the Thompson Nickel Belt of
Manitoba, one of the world's
richest and most prolific Nickel districts. Falconbridge Nickel
Mines Ltd. ("Falconbridge")
discovered, developed and mined the past-producing Manibridge Mine
from 1971 to 1977. Falconbridge also discovered the North
Manibridge Zone, a significant Nickel discovery measuring
approximately 400 metres along strike and located 3 kilometres to
the northeast of the mine.
Premised on previous mining and drilling results, Manibridge
appears to host high-tenor, high-grade Nickel mineralization below
and along strike of the previously mined area. Manibridge has
the potential for numerous multi-tonne, high-grade ore zones within
a larger mineralized envelope. Exploration drilling in 2019 by
CanAlaska Uranium Ltd. targeted the North Manibridge Zone and
intersected high-grade Nickel mineralization, such as 12.06 Ni%
from 128 - 129 metres downhole, within a broader interval of 2.75%
Ni from 128 - 134.6 metres from hole 19MB01, and 6.1 Ni%
from 133.83 - 135.31 metres from hole 19MB03. These exploration
results demonstrate the possibility for additional high-grade
Nickel mineralization outside of the Manibridge Mine
area.
Both the Manibridge Mine and North Manibridge Zone occur within
a belt of highly deformed and serpentinized ultramafic, mylonite,
metasomatic pegmatite rocks that host potentially economic
concentrations of disseminated to massive Nickel sulphide
mineralization. Manibridge encompasses 4,368 hectares, is
located 20 kilometres south of Wabowden,
Manitoba, and is accessible all-year via Highway 6.
2. Strange
The Strange project is located within the Animikie Basin
geological region, which includes major sulfide Nickel deposits
hosted within strata-bound ultramafic bodies mantled by mixed
sediment-volcanic sequences, such as Lundin Mining Corporation's
(TSX: LUN) Eagle Mine and Eagle East deposit.
Geological evidence supports the interpretations for Strange
possibly hosting Proterozoic Mid-Continental Rift-style Nickel
deposits, similar to the Kambalda komatiitic nickel ore deposit
model of Western Australia, the
Raglan area of Northern Quebec, the Pechenga district within the
Kola Peninsula of eastern
Russia, and the Thompson Nickel
Belt of Manitoba.
Strange encompasses 11,800 hectares, is located 55 kilometres
southwest of Thunder Bay, Ontario,
and is accessible all-year via Highway 61 and various secondary
roads.
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 Charles Beaudry, P.Geo and géo., Director for
Metal Energy, and a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral
Projects."
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.
SOURCE Metal Energy