Metal Energy (TSXV: MERG) has announced the acquisition of 100% interest in the Manibridge project, concurrently with the completion of the phase two, 10,000 metres drill program.
Metal Energy says it has completed all cash payments, share issuances and exploration expenditures to achieve 100% of the earn-in option agreement with CanAlaska Uranium, the previous owner of Manibridge, a former nickel producer. The company completed the project acquisition within 12 months of starting exploration work activities.
Mistango has acquired a 15% interest in the Manibridge project from Metal Energy. The company reserves the right to re-acquire the interest in the project from Mistango at any time after Feb. 28, 2023, and before April 30, 2024. The purchase price payable is $2,250,000 in cash or common shares of Metal Energy. The Manibridge project is currently held at 85% Metal Energy and 15% Mistango.
A total of 10,091.6 metres were drilled in 36 diamond drill holes, including six abandoned holes. All the 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 200 and 400 metres.
"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 capitalize on this opportunity presented by the high demand and limited supply of nickel,” said James Sykes, CEO of Metal Energy.
“The phase two drill program has been very successful in the discovery of larger intervals of nickel sulphide mineralization 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," said Sykes.
For more information, visit www.MetalEnergy.ca.
April 25, 2024
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