Metal Energy Drills Three Holes with Broad Nickel Intersections Including 85.3 m of 0.67% NiEq at Manibridge Project
Highlights Include:
- 85.3 composite metres of 0.67% NiEq (57.3 GT) starting at 156 m vertical depth
- 79.5 composite metres of 0.65% NiEq (51.5 GT) starting at 215 m vertical depth
- 48.5 composite metres of 0.83% NiEq (40.4 GT) starting at 273 m vertical depth
- Mineralized zone is up to 80 m thick, continuous for 180 m down dip, and open in both dip directions (see Cross-Section of results in Figure 1)
- Assay results from 9 drill holes pending
Toronto, January 23, 2023 - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to announce assay results from three drill holes on the same section (Table 1, Figure 1) of the Phase Two drill program on the high-grade nickel and copper-cobalt Manibridge project (the "Project" or "Manibridge") in the Thompson Nickel Belt, Manitoba. Phase Two's 10,000 metres drill program was completed in December 2022, with nine additional drill hole assay results still pending.
Table 1 - Drill hole composite assay results from Section 5N
| DDH | Composite Width (m) | Ni% | Cu% | Co% | NiEq% | GT (NiEq% x m) |
| MNB029 | ||||||
| Upper Lens | N/A | |||||
| Lower Lens | 48.5 | 0.80 | 0.02 | 0.02 | 0.83 | 40.4 |
| MNB030 | ||||||
| Upper Lens | 4.50 | 1.03 | 0.06 | 0.01 | 1.07 | 4.8 |
| Lower Lens | 79.50 | 0.62 | 0.01 | 0.01 | 0.65 | 51.5 |
| MNB031 | ||||||
| Upper Lens | 1.00 | 0.42 | 0.03 | 0.01 | 0.44 | 0.4 |
| Lower Lens | 85.30 | 0.65 | 0.02 | 0.01 | 0.67 | 57.3 |
| MNB004* | ||||||
| Upper Lens^ | N/A | |||||
| Lower Lens^ | 51.00 | 0.86 | 0.03 | 0.02 | 0.90 | 45.9 |
| NOTES: | ||||||
| 1. See Table 3 for individual results used to compile these composite results | ||||||
| 2. * Inidividual assay results comprising the composite results were previously released, see Metal Energy news release dated August 3, 2022 | ||||||
| 3. ^ Results not accurate as large sampling gaps exist within these intervals | ||||||
Figure 1 - Cross-section of results for Section 5N (MNB004, MNB029 to MNB031)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7926/152125_7094c62fa44a9875_005full.jpg
"These are the best results we have drilled on Manibridge to date, with grade-thickness values ("GT") consistent with what was mined at Manibridge. These three drill holes, 250 m away from the old mine workings, were drilled on the same section and down dip of MNB004, which returned 0.90% NiEq over 51.0 composite metres (45.9 GT). This section of drill holes shows consistent nickel mineralization between 60 to 80 metres thick, extending over 180 metres down dip, and remains open in both dip directions. These four drill holes were in a relatively untested area, and these new data significantly improves our interpretation of the mineralization potential at Manibridge. Mineralization appears to be more concentrated and thicker as we get closer to the old mine workings. We are awaiting the results from the remaining nine drill holes which are from the next 3 sections," said James Sykes, CEO of Metal Energy.
Manibridge Phase 2 Drill Program Results
A total of 10,091 metres were completed over 36 diamond drill holes, including 6 abandoned drill holes, with all completed drill holes having intersected visible nickel sulphides. The drill hole collar locations were all within 150 to 600 metres of the old mine workings. The drill holes targeted the shallower parts of the Manibridge nickel sulphide system at depths between 100 and 400 metres from surface.
Assay results for drill holes MNB032 to MNB040A are still pending and will be reported after the data has been received, reviewed, and approved.
The Company is preparing a detailed video to put the results received to date into context.
Metal Energy is the operator and owns 85% of the Project with Mistango River Resources Inc. (CSE: MIS), an Ore Group company, owning the remaining 15%.
Table 3 provides the individual and composite assay results and Table 4 provides the collar details for drill holes MNB029 to MNB031.
Geochemical Sampling Procedures
Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan, in secure containment for preparation, processing, and whole rock and multi-element analysis by ICP-MS2 using total 4-acid digestion (HF:NHO3:HCl:HClO4). Assay samples comprise 0.2 to 1.5 m continuous samples of cut-core samples over nickel-sulphide mineralized intervals determined with a handheld XRF. Point samples comprise an isolated 0.1 to 0.5 m sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and quartered core repeats were inserted into the sample stream at regular intervals by Metal Energy and the SRC in accordance with Metal Energy's quality assurance and quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Metal Energy prior to disclosure.
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.
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About the Manibridge Project
Manibridge encompasses 4,368 hectares 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 and mine development, including year-round highway access via Highway 6.
Table 2 below shows some of the historic drill intersections on the Manibridge project.
Table 2 - Selected Historic and Recent 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 |
| MNB004* | Surface | 150.45 | 183.4 | 32.95 | 0.88 | 29.00 |
| 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.
- "*" Drilled by Metal Energy in 2022
Table 3 - Individual interval and total drill hole composite assay results
| DDH | From | To | Interval | Ni% | Cu% | Co% | NiEq% | GT (Ni eq%*m) |
| MNB029 | 277.00 | 278.00 | 1.00 | 0.31 | 0.00 | 0.01 | 0.32 | 0.32 |
| 287.40 | 311.50 | 24.10 | 0.87 | 0.02 | 0.02 | 0.90 | 21.69 | |
| includes | 291.50 | 292.50 | 1.00 | 1.10 | 0.04 | 0.02 | 1.14 | 1.14 |
| and includes | 296.50 | 304.50 | 8.00 | 1.23 | 0.03 | 0.02 | 1.27 | 10.16 |
| and includes | 307.50 | 310.50 | 3.00 | 1.02 | 0.02 | 0.02 | 1.06 | 3.18 |
| 317.00 | 334.00 | 17.00 | 0.79 | 0.02 | 0.02 | 0.82 | 13.94 | |
| includes | 320.00 | 325.00 | 5.00 | 1.15 | 0.03 | 0.02 | 1.19 | 5.95 |
| and includes | 331.00 | 333.00 | 2.00 | 1.27 | 0.03 | 0.02 | 1.31 | 2.62 |
| 343.00 | 345.40 | 2.40 | 0.39 | 0.00 | 0.01 | 0.41 | 0.98 | |
| 351.00 | 354.00 | 3.00 | 0.67 | 0.02 | 0.01 | 0.69 | 2.07 | |
| includes | 353.00 | 353.50 | 0.50 | 1.06 | 0.03 | 0.02 | 1.09 | 0.55 |
| 361.00 | 362.00 | 1.00 | 1.36 | 0.03 | 0.02 | 1.40 | 1.40 | |
| Composite Summary | 48.50 | 0.80 | 0.02 | 0.02 | 0.83 | 40.40 | ||
| MNB030 | 182.50 | 187.00 | 4.50 | 1.03 | 0.06 | 0.01 | 1.07 | 4.82 |
| includes | 183.10 | 185.60 | 2.50 | 1.56 | 0.10 | 0.02 | 1.62 | 4.05 |
| 226.00 | 229.00 | 3.00 | 0.77 | 0.03 | 0.02 | 0.80 | 2.40 | |
| 237.00 | 239.00 | 2.00 | 0.66 | 0.02 | 0.02 | 0.69 | 1.38 | |
| 250.00 | 283.00 | 33.00 | 0.73 | 0.03 | 0.01 | 0.76 | 25.08 | |
| includes | 255.00 | 257.00 | 2.00 | 1.26 | 0.06 | 0.02 | 1.30 | 2.60 |
| and includes | 261.00 | 268.00 | 7.00 | 1.10 | 0.05 | 0.02 | 1.14 | 7.98 |
| and includes | 281.00 | 282.00 | 1.00 | 1.15 | 0.03 | 0.03 | 1.21 | 1.21 |
| 289.50 | 299.00 | 9.50 | 0.36 | 0.00 | 0.01 | 0.38 | 3.61 | |
| 304.00 | 309.00 | 5.00 | 0.30 | 0.00 | 0.01 | 0.30 | 1.50 | |
| 312.00 | 339.00 | 27.00 | 0.63 | 0.00 | 0.01 | 0.65 | 17.55 | |
| includes | 337.00 | 338.00 | 1.00 | 1.19 | 0.01 | 0.02 | 1.23 | 1.23 |
| Composite Summary | 84.00 | 0.65 | 0.02 | 0.01 | 0.67 | 56.34 | ||
| MNB031 | 150.00 | 151.00 | 1.00 | 0.42 | 0.03 | 0.01 | 0.44 | 0.44 |
| 169.50 | 170.00 | 0.50 | 0.40 | 0.00 | 0.00 | 0.40 | 0.20 | |
| 177.05 | 184.20 | 7.15 | 0.52 | 0.02 | 0.01 | 0.54 | 3.86 | |
| includes | 177.05 | 177.50 | 0.45 | 1.46 | 0.01 | 0.01 | 1.48 | 0.67 |
| 191.00 | 196.65 | 5.65 | 1.01 | 0.00 | 0.01 | 1.03 | 5.82 | |
| includes | 191.00 | 191.50 | 0.50 | 1.43 | 0.00 | 0.03 | 1.47 | 0.74 |
| and includes | 195.00 | 196.00 | 1.00 | 1.21 | 0.01 | 0.02 | 1.24 | 1.24 |
| 200.00 | 209.00 | 9.00 | 0.67 | 0.00 | 0.01 | 0.69 | 6.21 | |
| includes | 201.00 | 203.00 | 2.00 | 1.23 | 0.01 | 0.02 | 1.26 | 2.52 |
| 215.50 | 250.00 | 34.50 | 0.66 | 0.02 | 0.01 | 0.68 | 23.46 | |
| includes | 215.50 | 217.50 | 2.00 | 1.31 | 0.04 | 0.02 | 1.36 | 2.72 |
| and includes | 221.00 | 222.00 | 1.00 | 1.38 | 0.04 | 0.02 | 1.42 | 1.42 |
| and includes | 233.00 | 242.00 | 9.00 | 1.06 | 0.04 | 0.02 | 1.10 | 9.90 |
| 253.00 | 274.00 | 21.00 | 0.45 | 0.02 | 0.01 | 0.47 | 9.87 | |
| includes | 255.00 | 256.00 | 1.00 | 1.07 | 0.14 | 0.02 | 1.14 | 1.14 |
| 277.00 | 285.00 | 8.00 | 0.98 | 0.03 | 0.02 | 1.01 | 8.08 | |
| includes | 281.00 | 284.00 | 3.00 | 1.49 | 0.06 | 0.02 | 1.54 | 4.62 |
| Composite Summary | 86.80 | 0.65 | 0.02 | 0.01 | 0.67 | 57.94 | ||
| NOTES: | ||||||||
| 1. Ni% cutoff grade is 0.30% | ||||||||
| 2. Ni% cutoff grade for "includes/and includes" is 1.00% Ni | ||||||||
| 3. Reported widths do not contain greater than 2 m of consecutive core with less than cutoff grades | ||||||||
| 4. Ni eq.% is calculated as the sum of Ni% + Co% * (51,960/33,960) + Cu% (9,470/33,960) | ||||||||
| 5. Price of Ni = $33,960/metric ton, price of Co = $51,960/metric ton, price of Cu = $9,470/metric ton | ||||||||
| 6. Metal prices were derived from Shanghai Metal Market website (www.metal.com) on January 3, 2023 | ||||||||
Table 4 - Drill hole collar details
| DDH | Target Area | Section | East | North | Elevation | Azimuth | Dip | EOH |
| MNB029 | Manibridge Mine | 5 North | 510,770 | 6,062,158 | 236 | 300 | -80 | 377 |
| MNB030 | Manibridge Mine | 5 North | 510,770 | 6,062,158 | 236 | 300 | -72 | 400 |
| MNB031 | Manibridge Mine | 5 North | 510,770 | 6,062,158 | 236 | 300 | -62 | 300 |
| 3 DDH | 1,077 | |||||||
| NOTES: East and North units are metres using NAD83 datum, UTM Zone 14N | ||||||||
| Elevation is recorded as "metres above sea level" | ||||||||
| EOH = End of hole, measured in metres | ||||||||
About Metal Energy Corp.
Metal Energy is a nickel and battery metal exploration company with two projects, Manibridge and Strange, in the politically stable jurisdictions of Manitoba and Ontario, Canada, respectively. The Manibridge project is 85% owned by Metal Energy and 15% owned by Mistango River Resources Inc. (CSE: MIS). The Strange project is subject to earn-in agreements where the Company can acquire 100% exploration rights to approximately 12,000 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."
For further information, please contact:
Metal Energy Corp.
MERG on the TSXV
James Sykes, CEO
jsykes@oregroup.ca
306-221-8717
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.
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