Metal Energy Corp. (TSX-V:MERG) said it has acquired a 70% interest in the Manibridge project located within the world-class Thompson Nickel Belt in the province of Manitoba, Canada.
The well-funded nickel and battery metal exploration company added that it has elected to continue exploration to earn up to 100% interest in Manibridge and expects to complete the milestone in the near term.
"We were enthused about the recent results of Manibridge's Phase 1 drill program of intersecting wide high-grade nickel interceptions in every hole. These intersections and the visuals from Phase 2's drill core continue to affirm our belief that Manibridge has excellent redevelopment potential,” Metal Energy CEO James Sykes said in a statement.
READ: Metal Energy unveils 'better than expected' first phase drill results from Manibridge project, Manitoba
"We are very pleased to not only complete this milestone but do so well in advance of the original option agreement time frames," he added.
The company said it has issued a total of 5,000,000 common shares to the optionor of the Manibridge project, CanAlaska Uranium Ltd, and $100,000 in cash as part of its notification of intent to achieve 100% ownership.
Metal Energy needs to complete approximately $1 million in additional exploration work on Manibridge, of the required $2 million within this final tranche, to fully satisfy all of the 100% ownership conditions. Metal Energy has 24 months to complete the milestone, but the company is confident of completing it in the near term to enable it to exercise its ownership rights.
Manibridge encompasses 4,368 hectares, and is 20 kilometers 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. Both projects are subject to earn-in agreements, where the company can acquire 100% exploration rights to approximately 16,200 hectares.
Contact the author at jon.hopkins@proactiveinvestors.com