Metal Energy acquires 49% interest in Manibridge
2022-03-29 07:11 ET - News Release
Mr. James Sykes reports
METAL ENERGY ACQUIRES 49% OF THE MANIBRIDGE PROJECT
Metal Energy Corp. has acquired a 49-per-cent interest in the Manibridge project, effective March 22, 2022. The company has also elected to continue exploration to earn up to 70-per-cent interest in Manibridge. These transactions are a part of Metal Energy's option agreement to earn up to 100 per cent 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, chief executive officer of Metal Energy.
CanAlaska Uranium Ltd. is the operator of the continuing diamond drilling program within the shadow of the past-producing Manibridge mine which produced 1.3 million tonnes at 2.55 per cent nickel and 0.27 per cent copper from 1971 to 1977. The drill program is planned for 3,000 metres with nine 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, at a price of 14.6 cents per common share (20-day volume-weighted average price), and has also granted a 1-per-cent net smelter return royalty on two claims and a 2-per-cent 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 kilometres southwest of Wabowden, with significant infrastructure and capacity supporting previous exploration programs, including year-round highway access.
About Metal Energy Corp.
Metal Energy is a well-financed 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-per-cent exploration rights to approximately 16,200 hectares.
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