TORONTO, May 16, 2022
/CNW/ - Metal Energy Corp. (the "Company" or "Metal
Energy") (TSXV: MERG) is pleased to announce it has received a
3-year Work Permit (the "Permit") from the province of
Manitoba to allow for 100,000
metres of diamond drilling on the high-grade nickel and copper
Manibridge Project (the "Project" or "Manibridge") in
the Thompson Nickel Belt of Manitoba.
"This is a big step forward for Metal Energy as operators
advancing Manibridge. The Permit provide us the necessary
approval to continue definition drilling of the Manibridge Mine
target, expanding on the Manibridge North high-grade nickel
deposit, and drill testing kilometres of prospective greenfield
exploration targets over the next 3 years (Figure 1). We are
optimistic that there are more high-grade nickel and copper
greenfield discoveries to be made on the Project. Still, we are
more confident that the historic Manibridge Mine target has
significant growth opportunities for a viable nickel-copper
resource. We are weeks away from starting Phase Two's 10,000
metre summer drill campaign, which is largely focused on
delineating a resource on the Manibridge Mine target," said
James Sykes, CEO of Metal
Energy.
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,
support services, and the Permit have all been secured. The
Company anticipates mobilization of the drill program during the
first days of June.
The Company has approximately $5.5
million in cash and is fully-funded to carry out the Phase
Two drill program.
Recently Completed Phase One Drill
Program on Manibridge
The recently completed Phase One drill campaign included six
drill holes (MNB001 to MNB006) for over 2,350 metres. All
drill holes successfully intersected nickel-copper sulphide
mineralization; assay results are pending. Confirmation of
nickel-copper sulphides ranged from 3.7
m thickness to 16.8 m thick,
including a couple of drill holes intersecting small occurrences of
massive net-textured sulphides. For full details, see Metal Energy
news release dated May 2,
2022.
The Company is preparing an in-depth video presentation to
detail Phase One's drill program results, including its
interpretations of mineralization controls and vectors for
higher-grade nickel and copper occurrences.
Table 1 - 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
Future Drill Program Targets
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 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.
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