TORONTO, Jan. 18,
2022 /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 Strange and Manibridge nickel projects.
Drilling is expected to begin the week of January 24th for Strange and
late-February/early-March for Manibridge.
Diamond drilling plans include:
- 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.
- 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, to provide the Company with modern down hole
information specific for understanding high-grade nickel
mineralization in the old Mine area. A permit application for a
larger drill program to start in Q2 2022 is in the works.
"We are about a week away from having a drill turning on
Strange, kickstarting Metal Energy's exploration programs for the
year. We are still a young company, having only listed on the
TSXV on November 29, 2021, but since
then, we've successfully raised over $7
million in cash, and we've hired Mike Sweeny as our Vice-President, Exploration
& Development. Mike brings 30 years of nickel exploration
and development to the Company, essential for us moving our
projects forward. We are excited to see what potential exists
at Strange as the project has never been drilled down to the
appropriate target depths, and we eagerly anticipate the Company's
inaugural drill program on Manibridge in the coming months," said
James Sykes, CEO of Metal
Energy.
"I am pleased to be joining the Metal Energy team and starting
work on the drill program for the Strange project. Having
worked in the Thunder Bay area in
the past I recognize the excellent potential for discovery of a new
nickel deposit within the Midcontinental Rift system. Success
with this drill program would keep us busy for many years to come.
I'm also anxious to immerse myself in the geology and exploration
potential for both the brownfield and greenfield targets at the
Manibridge mine site in Manitoba"
commented Mike Sweeny, VP
Exploration & Development.
Strange and Manibridge are located in Ontario and Manitoba, respectively. Both projects are
within well-established geologic environments, have year-round
highway access, and are permitted to drill.
Metal Energy's 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 19MB020, 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 Midcontinent 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 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
