Metal Energy Corp. (TSXV: MERG) has acquired a 100% interest in the Manibridge project in Manitoba, Canada and concurrently completed a 10,000m Phase Two drill programme.
All completed drill holes intersected visible nickel sulphides.
“Metal Energy is proud to have completed and accelerated its 100% ownership milestone on the Manibridge project,” CEO, James Sykes, said.
“Manibridge has demonstrated that it has potential for future re-development and mining. The demand for nickel, a key component in many green technologies, has been high recently due to the push for the deployment of electric vehicles and battery storage capacity.
“The company fast-tracked its 100% ownership of Manibridge in order to capitalise on this opportunity presented by the high demand and limited supply of nickel.
The Phase Two drill programme has been very successful in the discovery of larger intervals of nickel sulphide mineralisation that remain open along strike and at depth. We expect continued high-grade intervals with our remaining assays as these drill holes are closer to the old mine workings.”
Manibridge Phase Two Drill Programme Results=
A total of 10,091.6m were completed over 36 diamond drill holes, including six abandoned drill holes, with all completed drill holes having intersected visible nickel sulphides. The drill hole collar locations were all within 150 to 600m of the old mine workings. The drill holes targeted the shallower parts of the Manibridge nickel sulphide system at depths between 200 and 400 m.
100% Project Interest Acquisition From CanAlaska
Metal Energy has completed all cash payments, share issuances, and exploration expenditures to achieve 100% of the earn-in option agreement with CanAlaska Uranium Ltd. The company completed the Project acquisition within 12 months of starting exploration work activities, a testimony to the company’s belief that Manibridge has the potential to be re-developed and mined in the future.
15% Project Interest Acquisition By Mistango
Pursuant to a previous Option Agreement between Metal Energy and Mistango River Resources, Mistango has acquired from Metal Energy a 15% interest in the Manibridge project. The company reserves the right to re-acquire the Interest in the Project from Mistango at any time after February 28, 2023 and before April 30, 202.
The purchase price payable by Metal Energy to Mistango for the Interest on the Closing Date is $2,250,000 in cash or common shares of Metal Energy. The Manibridge project is currently held 85% Metal Energy and 15% Mistango.
About the Manibridge Project
Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 km southwest of Wabowden, Manitoba with significant infrastructure and capacity supporting previous exploration programmes, including year-round highway access via Highway 6.
For further information please visit: https://metalenergy.ca/
