Metal Energy Starts 10,000 Metre Drill Program on its Manibridge High-Grade Nickel Project

Metal Energy Starts 10,000 Metre Drill Program on its Manibridge High-Grade Nickel Project

Metal Energy Corp. (the " Company " or " Metal Energy ") (TSXV: MERG) is pleased to announce its started its Phase 2 10,000 metre drill program (the " Program ") on the high-grade nickel and copper Manibridge project (the " Project " or " Manibridge ") in the Thompson Nickel Belt, Manitoba . Drilling will focus 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.

"We're very excited to start this large drill program on Manibridge. There's a lot of underexplored potential within the shadow of the old mine workings and we intend to prove up the nickel and copper endowment. Our Phase 1 drill program within the same target area had a 100% drill hole intersection success, indicating that our model is accurate and hinting that a lot of nickel-copper sulphide mineralization remains to be discovered along this trend. Our current drill program will include a series of drill fans along twelve 50 metre-spaced drill setups. We believe this drill density will provide sufficient detail to accurately characterize the geology of the mineral system. We recently received permit approvals for up to 100,000 metres of diamond drilling on the Project; this is Phase 2 of a 2-year plan. We're committed to advancing Manibridge efficiently and effectively. There's potential for bulk tonnage mineralization within 300 metres of surface and we intend to start defining it with this drill program," said James Sykes , CEO of Metal Energy.

The Program consists of diamond drilling 10,000 metres in approximately 33 drill holes. The drill hole collar locations will be within 150 to 600 metres of the old mine workings. The average drill hole depths are planned for between 225 and 400 metres. All drill holes will be inclined between -45 and -85. Figure 1 is a location map of the drill program within the Manibridge project.

Geochemical assays will be released as they become available from the lab and reviewed for QA/QC. Metal Energy is the operator of the Program, holds 49% of the Project, and is currently earning towards 70% ownership of the Project with a short-term objective for 100% ownership of Manibridge. CanAlaska Uranium Ltd. currently holds the remaining 51% of the Project.

Manibridge Phase 1 Drill Program Summary

All drill holes successfully intersected nickel-copper sulphide mineralization, confirmed with a handheld XRF*. Confirmation of sulphides ranged from 3.7 m thickness (MNB003) to 16.8 m thick (MNB001) including a couple of drill holes intersecting small occurrences of massive net-textured sulphides. Drill hole MNB004 intersected sulphides over three separate intervals. All drill holes had evidence of nickel-copper sulphides remobilized in foliations and shears. Intense serpentinization alteration of the sulphide bearing ultramafic rock types is interpreted to remobilize nickel-copper sulphides to other areas, therefore possibly providing higher-grade occurrences of nickel-copper sulphides at or near alteration margins.

Geochemical assay results from the Phase 1 drill program will be released once received from the lab and reviewed for QAQC. See Metal Energy news release dated May 2, 2022 , for a detailed review of the Phase 1 drill program.

*Handheld XRF ("hXRF") results do not replace traditional laboratory-based analysis, however the results do provide an effective screening tool for the determination of nickel-copper sulphides for selecting samples for geochemical assay analysis. hXRF analyses were taken on every 10 cm of the surface of the core as spot analyses with a 1 cm view window wherever visible sulphides and/or ultramafic rock types were present. The reported widths of mineralization in Table 1 were calculated with a hXRF cut-off grade of 0.3% Ni with no greater than 1.0 m of consecutive internal dilution, and are subject to confirmation by chemical analyses from an independent laboratory. The hXRF model used was a Niton XL3 and operated by CanAlaska Uranium Ltd. The reader is cautioned that these width results might not reflect laboratory-quality width results and therefore should only be viewed as an initial screening for the presence of nickel-copper sulphides within the drill core.

About the Manibridge Project

Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt. The Project is 20 kilometers southwest of Wabowden , which has significant infrastructure and capacity that has supported previous exploration programs, including year-round highway access via Highway 6.

Table 1 below shows some of the historic drill intersections on the Manibridge project.

Table 1 - Selected Historic Drill Intersections on Manibridge

Hole
Number

Location

From (m)

To (m)

Interval (m)

%Ni

%Ni*m

6-60

Underground

33.83

75.59

41.76

1.80

75.02

W50-39

Mined

98.45

163.98

65.53

1.10

72.14

W50-27

Mined

185.93

210.01

24.08

2.93

70.61

W50-34

Mined

86.26

110.64

24.38

1.88

45.76

W50-31

Mined

244.75

261.52

16.77

2.67

44.84

W50-05

Mined

311.51

336.80

25.29

1.57

39.64

MN08-01

Surface

156.50

195.75

39.25

0.98

38.47

W50-28

Mined

203.30

211.99

8.69

4.15

36.07

W50-09

Mined

178.92

198.73

19.81

1.80

35.62

6-42A

Underground

270.51

287.43

16.92

1.98

33.44

W50-33

Mined

274.93

289.56

14.63

2.15

31.50

W50-50

Surface

184.40

196.60

12.20

1.24

15.13

Notes to Table 2:

  • Cut-off grade = 0.3% Ni
  • Maximum consecutive internal dilution = 3.0 m downhole
  • Historic drill holes have not been verified or confirmed with twinned drill holes
  • Metal Energy considers "high-grade" to be nickel mineralization with a concentration greater than 0.8% Ni.
  • All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not
    represent true thicknesses, which have yet to be determined.

FIGURE 1 – Manibridge Project and Phase 2 Drill Program Location

About Metal Energy Corp.

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.

QP Statement

The technical information contained in this news release has been reviewed and approved by Mike Sweeny , P.Geo., Vice-President, Exploration & Development for Metal Energy, and a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or information (" forward-looking ‎statements "), including details about the business of the Company. By their nature, forward-looking statements are subject to numerous risks ‎and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, ‎industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from ‎other industry participants, stock market volatility. Although the ‎Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have ‎been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and ‎assumptions are based upon currently available information. Such statements are subject to known and unknown risks, ‎uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially ‎from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue ‎reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. ‎Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure ‎documents available at www.sedar.com including the Filing Statement dated November 15, 2021 . Furthermore, the forward-looking statements contained in this document are made as of ‎the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly ‎update or to revise any of the included forward-looking statements, whether as a result of new information, future events or ‎otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.‎

Neither the TSX Venture Exchange Inc. 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 release.

SOURCE Metal Energy

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Relmada Therapeutics Corporate Logo (PRNewsFoto/Relmada Therapeutics, Inc.)

2024 Goldman Sachs Annual Global Healthcare Conference
Format: Fireside Chat
Presentation Date: Wednesday, June 12, 2024 , 11:20am ET
Webcast: Click Here

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About REL-1017

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About Relmada Therapeutics, Inc.

Relmada Therapeutics is a late-stage biotechnology company addressing diseases of the central nervous system (CNS), with a focus on major depressive disorder (MDD). Relmada's experienced and dedicated team is committed to making a difference in the lives of patients and their families. Relmada's lead program, REL-1017, is a new chemical entity (NCE) and novel NMDA receptor (NMDAR) channel blocker that preferentially targets hyperactive channels while maintaining physiological glutamatergic neurotransmission. REL-1017 is in late-stage development as an adjunctive treatment for MDD in adults. Learn more at www.relmada.com .

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This press release contains statements which constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including potential failure of clinical trial results to demonstrate statistically and/or clinically significant evidence of efficacy and/or safety, failure of top-line results to accurately reflect the complete results of the trial, failure of the 310 open-label study to accurately reflect the results of the ongoing 302 and 304 blinded, randomized and controlled studies, failure of the planned psilocybin Phase 1 and Phase 2a trials to be successfully carried out, failure to obtain regulatory approval of REL-1017 for the treatment of major depressive disorder, and the other risk factors described under the heading "Risk Factors" set forth in the Company's reports filed with the SEC from time to time. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Relmada undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be a complete list.

Investor Contact:
Tim McCarthy
LifeSci Advisors
Tim@LifeSciAdvisors.com

Media Inquiries:
Corporate Communications
media@relmada.com

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SOURCE Relmada Therapeutics, Inc.

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