Metal Energy Corp. a battery metal exploration company, acquires 49% interest in the Manibridge project, effective March 22, 2022. The Company elected to continue exploration to earn up to 70% interest in Manibridge.
Battery metal exploration company acquisition
Firstly, these transactions are a part of Metal Energy’s option agreement to earn up to 100% of Manibridge.
“This is a monumental step forward for Metal Energy as we advance the Manibridge project. We firmly believe Manibridge has the potential to contribute to the evolving global electrification transition, particularly in the electric vehicle and renewable energy markets.
James Sykes, CEO of Metal Energy.
CanAlaska are the operators of the on-going diamond drilling program within the shadow of the past-producing Manibridge mine. The mine produced 1.3 million tonnes at 2.55% nickel and 0.27% copper from 1971 to 1977.
In addition, the drill program is for 3,000 metres with 9 drill holes; within a kilometer strike of the Manibridge mine.
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.
CEO of Metal Energy.
Moreover, the Company has issued a total of 1,198,630 Common Shares to the option of the Project, CanAlaska Uranium Ltd.; at a price of $0.146 per Common Share (20 day VWAP).
It also granted a 1% NSR royalty on two claims; and a 2% NSR royalty on all other claims. The Common Shares issued have a four-month resale restriction.
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Manibridge Project
Firstly, Manibridge encompasses 4,368 hectares and is within the world-class Thompson Nickel Belt.
Finally, the Project is 20 kilometers southwest of Wabowden. It has significant infrastructure and capacity supporting previous exploration programs, including year-round highway access via Highway.
Battery metal exploration company, Metal Energy Corp.
In addition, Metal Energy is a well-funded nickel and battery metal exploration company. It has two projects, Manibridge and Strange, in the jurisdictions of Manitoba and Ontario, Canada.
Besides, both projects are subject to earn-in agreements where the Company can acquire 100% exploration rights to approximately 16,200 hectares.
