TORONTO, Jan. 24, 2022 /CNW/ - Metal Energy Corp. ("the
"Company" or "Metal Energy") (TSXV: MERG) is pleased
to announce that diamond drilling has started on the Company's
Strange nickel exploration project (the "Project" or
"Strange"), Thunder Bay
area, northwestern Ontario.
Diamond drilling plans include:
- Approximately 1,500 metres in two drill holes planned to target
magnetic anomalies interpreted as ultramafic rock types overlying
sedimentary units, typical of Proterozoic-age Midcontinent Rift
System ("MRS") nickel deposits.
Geology of the Strange Project
- The Strange project is located within the Animikie Basin
geological region, which includes major sulfide nickel deposits
hosted within strata-bound ultramafic bodies mantled by mixed
sediment-volcanic sequences, such as Lundin Mining Corporation's
(TSX: LUN) Eagle Mine and Eagle East deposit.
- Geological and geophysical evidence supports the
interpretations for Strange hosting the right komatiitic ultramafic
rock types mixing with sulphide-rich sediments similar to other
global Proterozoic Midcontinent Rift-style nickel deposits, such as
the Kambalda nickel ore district of Western Australia, the Raglan area of Northern
Quebec, Voisey's Bay area of the Labrador coast, the Noril'sk district within
the Kola Peninsula of eastern
Russia, and the Thompson Nickel
Belt of Manitoba.
"We are excited to have initiated the Company's first drill
program, having achieved this milestone in less than two months
from listing publicly on the TSXV on November 29, 2021. This is a testimony to
the entire team moving the Company forward at an expedited rate.
And now with Mike Sweeny having
recently joined the Company as Vice-President, Exploration &
Development, we sincerely believe Metal Energy has the right
players and projects to establish ourselves as a preeminent nickel
exploration and development company. We will eagerly
anticipate the initial drilling results from the current Strange
drill program. A technical success with this drill program
would indicate that we would have discovered a new region that is
possibly fertile for nickel mineralization," said James Sykes, CEO of Metal Energy.
"The interpreted geology of the Strange project is very exciting
as there are known similarities between rock types of the MRS and
those that host the high-grade Voisey's Bay and Noril'sk
nickel-copper-platinum group element deposits. Previous
diamond drilling on the project simply didn't drill deep enough to
intersect the target rock types, even though a borehole
electromagnetic ("EM") survey indicated a strong EM response
at least 150 metres deeper than the end of their drill hole.
We remain highly encouraged that our drill program with deeper
drill holes will achieve success and identify the right ultramafic
rock types for nickel-copper-platinum group element mineralization
at Strange" commented Mike Sweeny,
VP Exploration & Development.
The Company will follow-up this news release with a video
presentation for shareholders and the investing community to
highlight the drill program plans and what "success" would mean for
the Company.
The Project encompasses 11,800 hectares, is located within a
well-established and politically-stable jurisdiction, has
year-round highway access via Highway 593 and various secondary
roads, and is located 55 kilometers southwest of Thunder Bay which has significant
infrastructure and capacity that has supported the mining industry
for more than a century.
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