Metal Energy Corp told investors it has acquired a 49% interest in the Manibridge project in Manitoba's world-class Thompson nickel belt and has decided to continue exploration to earn up to 70% in the asset.
"This is a monumental step forward for Metal Energy as we advance the Manibridge project," said James Sykes, the CEO of the company, in a statement. "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," he added.
READ: Metal Energy starts drilling on its flagship high-grade nickel Manibridge project in Manitoba
CanAlaska are the operators of the on-going planned 3,000 metre (m) diamond drilling program within the shadow of the past-producing Manibridge mine which produced 1.3 million tonnes at 2.55% nickel and 0.27% copper between 1971 and 1977.
Metal Energy has issued 1,198,630 of its shares to the optionor of the project, CanAlaska Uranium Ltd (TSX-V:CVV) at C$0.146 each and has also granted a 1% NSR royalty on two claims and a 2% NSR royalty on all other claims. Metal Energy has an option agreement to earn up to 100% of the project.
Metal Energy has two projects, Manibridge and Strange, in Manitoba and Ontario, Canada, respectively. Both projects are subject to earn-in agreements where the company can acquire 100% exploration rights to around 16,200 hectares.
Contact the author at giles@proactiveinvestors.com