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Copper (Cu platinum-group metal (PGE) mineralization (as documented in the Company's January 4, 2024 press release). The claim block has been the subject of an option agreement originally announced February 4, 2022 between AEMC predecessor Millrock Exploration Inc., and prospector David Johnson, as amended January 21, 2024 and August 15, 2025. With the final option payment having been made, a 100% interest in the claims is being tranferred. Total paid for the Canwell property is 7.0 million AEMC shares, US$500,000 with a US$50,365 inflation adjustment. The minimum exploration work commitment of US$3,200,000 was exceeded. A 3% royalty, which may be extinguished by payment of US$9 million is being granted.
The Canwell claim block is located ~30 kilometers from the company's Eureka Deposit, located in the Delta River Mining District in Alaska (Figure 1). The property covers 49 State of Alaska mining claims (3,172 hectares).
Gregory Besicher, President and CEO, commented: "The grades at surface on the Canwell block are compelling and demand more exploration. The Canwell intrusion represents the deepest portion of the magmatic conduit system present at Nikolai and therefore is a highly prospective for rich, massive sulfide deposits.
Figure 1. Nikolai Nickel Project - Property Location Map
At Canwell, Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes and sills and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie, and Canwell Ridge. Additionally, the property holds potential for Besshi-type Volcanic Massive Sulfides (VMS) in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence.
In 2024, the company drilled three holes for a total of 1,048 meters on the Emerick, Odie and Upper Canwell targets. The drill holes at Odie and Upper Canwell reached the planned targets depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. Logging of the drill core indicates that the drill holes intersected ultramafic and mafic rocks previously mapped on the surface. Sulfide mineralization has been observed in the drill holes and ranges from disseminated, blebby and net-textured sulfides. Full results from the 2024 drill program can be found in the Company's press release dated November 12, 2024.
While no high-grade massive sulfides were revealed in the drilling, it provided confirmation for the potential of additional nickel mineralizing systems across the Nikolai district. The 2024 drilling results provide justification for additional drilling at Canwell with the goal of expanding disseminated sulfides zones and testing for massive sulfide mineralization.
QUALIFIED PERSON
Gabriel Graf, the Company's Chief Geoscientist, is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for reviewing and approving the technical information contained in this news release.
For additional information, visit: https://alaskaenergymetals.com/
ABOUT Alaska Energy Metals
Alaska Energy Metals Corporation (AEMC) is an Alaska-based corporation with offices in Anchorage and Vancouver working to sustainably deliver the critical materials needed for national security and a bright energy future, while generating superior returns for shareholders.
AEMC is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Nikolai Project Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold. Located in Interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well-situated to become a significant domestic source of strategic metals for North America. AEMC also holds a secondary project in western Quebec; the Angliers - Belleterre project. Today, material sourcing demands excellence in environmental performance, technological innovation, carbon mitigation and the responsible management of human and financial capital. AEMC works every day to earn and maintain the respect and confidence of the public and believes that ESG performance is measured by action and led from the top.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-609-7149
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, that the Company will do more exploration and drilling work on the Canwell claim block. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include but are not limited to uncertainty relating to the estimation of mineral resources, regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Alaska Energy Metals Corporation
View the original press release on ACCESS Newswire
