Metal Energy Corp. (TSX-V:MERG) has issued an update on the 10,000-meter drill program at its nickel and copper-cobalt Manibridge project in Manitoba.
Phase 2 drilling is focused within the shadow of the past-producing mine that produced 1.3 million tonnes at 2.55% nickel and 0.27% copper from 1971 to 1977, the company said.
"We completed a total of 5,331 m in nineteen drill holes (MNB007 to MNB025) between June 6 and July 28,” CEO James Sykes said in a statement. “Sixteen drill holes intersected the bedrock, each intersecting nickel-copper-cobalt sulphide mineralization over significant widths. These visual observations were confirmed with a handheld XRF [X-ray fluorescence].”
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Taken together with the six drill holes from the company’s winter program, Metal Energy has a 100% nickel sulphide intersection success rate in all its completed drill holes at Manibridge.
“We've drilled wide- and tight-spaced drill holes across a kilometer strike length and as deep as 700 m; every drill hole continues to intersect [nickel-copper-cobalt] sulphides,” Sykes said. “Our recent option agreements with Mistango River Resource Inc provides us with a unique opportunity to continue the program with minimal dilution, greater insider ownership aligning with shareholders, and preserving capital.”
Going forward, the plan is to renew the company’s phase 2 drill program and complete the remaining 4,669 m, progressing southwest toward the past-producing mine workings.
Notably, Metal Energy holds 70% of the Manibridge project and is earning towards 100% ownership, the company said, which it expects to reach by the end of 2022. The remaining 30% is currently held by CanAlaska Uranium Ltd (TSX-V:CVV, OTCQB:CVVUF).
Metal Energy is a well-funded nickel and battery metal exploration company with two projects, Manibridge and Strange, in the politically stable jurisdictions of 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 Andrew Kessel at andrew.kessel@proactiveinvestors.com
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