Metal Energy Corp told investors it has completed its acquisition of a 100% interest in the Manibridge project in Manitoba, Canada, having fast-tracked the deal to capitalize on the high demand and limited supply of nickel.
The company also revealed it has now completed its second phase, 10,000 metres (m), drill program at the property, with all completed holes hitting visible nickel sulphides.
The firm said it completed the project acquisition within 12 months of starting exploration, which was a testimony to its belief that Manibridge has the potential to be re-developed and mined.
"Metal Energy is proud to have completed and accelerated its 100% ownership milestone on the Manibridge project," said CEO James Sykes in a statement.
READ: Metal Energy acquires 70% interest in Manibridge project in Manitoba; to continue exploration to earn up to 100% interest
"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," he added.
"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."
So far, Metal Energy has released assays from 14 of 30 holes, with 16 to be released early this year.
The company said it has now completed all cash payments, share issuances, and exploration expenditures to achieve 100% of the earn-in option agreement for Manibridge with CanAlaska Uranium Ltd (TSX-V:CVV, OTCQX:CVVUF).
Manibridge encompasses 4,368 hectares (Ha), and sits 20 kilometers (km) southwest of Wabowden in Manitoba, with significant infrastructure and capacity supporting previous exploration programs, including year-round highway access.
Metal Energy has two projects, Manibridge and Strange, in Manitoba and Ontario, Canada, respectively.
Shares in Toronto added 12.5% on the day to C$0.045 each.
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Contact the author at giles@proactiveinvestors.com