Metal Energy Corp said it will commence trading today, November 29, 2021, on the TSX Venture Exchange under the symbol MERG.
The company, which changed its name from D Block Discoveries, focuses on developing and discovering high-grade nickel deposits and other metals that contribute to the growing electrification demand of the world economy.
It noted that it is well-financed with over $7 million in cash. Both of its nickel assets, Manibridge and Strange, are located in Canada within well-established geologic environments, have year-round highway access, and are permitted to drill. It said it expects to begin drilling in January 2022 and will announce further details on its drilling and exploration plans shortly.
The Manibridge Mine project is located in the Thompson Nickel Belt of Manitoba, one of the world's richest and most prolific nickel districts.
Falconbridge Nickel Mines Ltd discovered, developed and mined the past-producing Manibridge Mine from 1971 to 1977. Falconbridge also discovered the North Manibridge Zone, an around 400-metre strike length zone of significant nickel mineralization located 3 kilometres to the northeast of the mine.
The 100%-owned Strange Project is located southwest of Thunder Bay, Ontario, within the Animikie Basin portion of the Southern Province, where it on-laps the Wawa Sub-Province of the Western Superior Province of the Canadian Shield.
Metal Energy noted that the region includes major sulfide nickel deposits hosted within strata-bound ultramafic bodies mantled by mixed sediment-volcanic sequences, such as Lundin Mining Corporation (TSX:LUN)'s Eagle Mine and Eagle East deposit.
Petrographic evidence suggests the ultramafic bodies at Strange may have originally been komatiitic lava flows, similar to the Kambalda-type komatiitic nickel ore deposit model of Western Australia, the Raglan area of Northern Quebec, the Pechenga district within the Kola Peninsula of eastern Russia, and the Thompson Nickel Belt of Manitoba, the company added.
The company said it has appointed James Sykes, a renowned explorationist, who holds a Bachelor of Science in Geology and Earth Science from Dalhousie University, as its CEO. Sykes has been involved in uranium exploration for over 15 years, specifically focusing on Saskatchewan’s Athabasca Basin. Most notably, it said Sykes was integral in discovering NexGen Energy's Arrow deposit.
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