Alaska Energy Metals Corporation (AEMC) has completed its drilling program at the Canwell block, part of the Nikolai Project in Alaska, targeting nickel and other minerals. The program included three drill holes totaling 1,048 meters, with two reaching target depths. The drill cores are being analyzed, and results are expected later this quarter. Downhole electromagnetic surveys (DHEM) were also conducted to assess nearby mineralized zones. The company issued one million shares and paid $125,000 to acquire the Canwell claims, with further payments and exploration spending required to complete the acquisition. CEO Gregory Beischer emphasized the project’s potential for developing critical energy-related metals.
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VANCOUVER, British Columbia, Oct. 01, 2024 (GLOBE NEWSWIRE) — Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce the completion of its previously announced drilling program to test compelling geological – geophysical – geochemical targets at the Canwell block of claims that form part of its Nikolai Project in Alaska. The Canwell prospects are located near the Company’s Nikolai project Eureka deposit, which represents a large accumulation of nickel with copper, cobalt, chromium, iron, platinum, palladium, and gold. Three drill holes for a total of 1,048 meters were completed on the featured targets at Canwell, including the Emerick, Odie and Upper Canwell prospects. The drill holes at Odie and Upper Canwell reached the planned target depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. All the core has been logged, cut, and sampled and are currently at SGS Burnaby analytical labs. Assay results will be published later this quarter.
DOWNHOLE ELECTROMAGNETIC SURVEYS (DHEM)
The Company has also completed DHEM surveys on one drill hole at the Upper Canwell prospect. The surveys were completed by TMC Géophysique of Val-d’Or, Quebec. DHEM surveys test for the presence of mineralized conductive zones around a drill hole within a radius that can reach 200 meters. These surveys will aid the Company in determining if other zones of sulfide mineralization may exist near the drill holes and aid in planning for follow-up drilling. Final survey results and interpretations will be available later in the fourth quarter of 2024.
Alaska Energy Metals Chief Geoscientist Gabe Graf commented: “Despite the challenging ground conditions faced during this drill program at the Canwell prospects, our drill contractor was successful in reaching the planned total depth of drilling in two of the three drill holes at Odie and Upper Canwell. Completing this inaugural drill program brings us one step closer to uncovering the critical mineral potential of the entire Nikolai project in Alaska. We look forward to receiving and sharing the analytical and DHEM survey results upon receipt later this quarter.”
SHARE ISSUANCE
The Company also reports that it has issued one million AEMC shares and paid US$125,000 to the owner of the Canwell claim block. AEMC has an option to purchase a 100% interest in the claims. To complete the option, AEMC will need to make one further cash and share payment of US$250,000 and one million AEMC shares and make further exploration expenditures of approximately US$1.2 million.
QUALIFIED PERSON
Gabriel Graf, the Company’s Chief Geoscientist, is the qualified person who reviewed and approved the technical disclosure 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 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 energy-related 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, 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: 604-638-3164
Sarah Mawji, Public Relations
Venture Strategies
Email: sarah@venturestrategies.com
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including receipt of assays from soil samples, geophysical survey results, definition of drill targets, and future drill testing. 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 are not guaranteeing of 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 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.
