TORONTO, March 29,
2022 /CNW/ - Metal Energy Corp. ("the
"Company" or "Metal Energy") (TSXV: MERG) is pleased
to announce the acquisition of 49% interest in the Manibridge
project ("Manibridge" or the "Project") effective
March 22, 2022. The Company has also
elected to continue exploration to earn up to 70% interest in
Manibridge. These transactions are a part of Metal Energy's
option agreement to earn up to 100% of Manibridge.
"This is a monumental step forward for Metal Energy as we
advance the Manibridge project. We firmly believe Manibridge
has the potential to contribute to the evolving global
electrification transition, particularly in the electric vehicle
and renewable energy markets. Manibridge was a past-producer
of high-grade, high-tenor sulphide nickel and the historic
operators left a lot of high-grade nickel in the rocks. Our
current and planned 10,000 metre summer drill program are designed
to help us understand the geological controls of nickel
mineralization in order to advance the Project towards a mineral
resource estimate," said James
Sykes, CEO of Metal Energy.
CanAlaska are the operators of the on-going diamond drilling
program within the shadow of the past-producing Manibridge mine
which produced 1.3 million tonnes at 2.55% nickel and 0.27% copper
from 1971 to 1977. The drill program is planned for 3,000
metres with 9 drill holes within a kilometre strike of the
Manibridge mine (see Metal Energy news release dated March 7, 2022).
The Company has issued a total of 1,198,630 Common Shares to the
optionor of the Project, CanAlaska Uranium Ltd.
("CanAlaska"), at a price of $0.146 per Common Share (20 day VWAP) and has
also granted a 1% NSR royalty on two claims and a 2% NSR royalty on
all other claims. The Common Shares issued have a four-month
resale restriction.
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, with
significant infrastructure and capacity supporting previous
exploration programs, including year-round highway access via
Highway.
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.
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