Metal Energy Corp. (TSX-V:MERG) said it is poised to kick off diamond drilling in the new year at its Manibridge and Strange nickel projects in Manitoba and Ontario respectively, with an initial 3,000 meters (m) in seven holes earmarked at the former.
"This is an exciting time for Metal Energy and our shareholders," James Sykes, the CEO of the firm told investors in a statement.
"We successfully listed on the TSXV two weeks ago with over $7 million in cash and hitting the ground running. We are actively planning drill programs for each project which are anticipated to start between January and February 2022. Diamond drilling permits have been received for both projects, and diamond drilling companies have been tendered. The nickel spot price is at a 10-year high and is forecast to continue climbing due to the global push for adopting electric vehicles and battery solutions for renewable energies," Skypes added.
READ: Metal Energy begins trading on the TSX Venture Exchange under the symbol 'MERG'
The Manibridge asset sits in the Thompson nickel belt of Manitoba, one of the world's richest nickel districts, and the seven holes will focus in and around the historic mine workings, which produced 1.3 million (m) tonnes at 2.55% nickel and 0.27% copper between 1971 and 1977 when developed by Falconbridge.
The data collected will be used to create an exploration model across the entire project and a permit application for a larger drill program to start in the second quarter of 2022 are in the works, said Metal Energy.
The Strange project lies in the Animikie Basin and spans 11,800 hectares, 55 kilometers (km) southwest of Thunder Bay, Ontario.
Here, 1,500m in two holes are planned in February to target geophysical anomalies in geology typical of proterozoic mid-continental rift-style Nickel deposits.
Sykes added: "This is an opportune time for Metal Energy to demonstrate the high-grade Nickel potential that exists at Manibridge, and discover a new Nickel district at Strange."
Contact the author at giles@proactiveinvestors.com