Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or
the “Company”) announced today an updated independent mineral
resource estimate prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)
(“2024 MRE” or “2024 Resource”) for its 100% owned Eureka Deposit,
Nikolai Nickel Project (“Nikolai” or “Deposit”) in Alaska, USA,
with an effective date of February 12, 2023.
The newly-published 2024 MRE contains an addition of 813 million
tonnes of indicated resource, 896 million tonnes of inferred
resource (an increase of 180%), and a strip ratio decrease, when
compared with the maiden resource published in 2023 (see press
release dated November 20, 2023). The study was completed by
Stantec Consulting Services, Inc., and includes 35 historical drill
holes, the data for which the Company purchased in August 2023, and
eight diamond drill holes (totaling 4,138 meters) drilled by the
Company on the project in 2023.
Alaska Energy Metals President & CEO Gregory Beischer
commented, “In less than a year, we have taken an exploration
concept to a substantial deposit of nickel and other critical
metals. The mineral resource estimate update has produced a 180%
increase in the Inferred tonnage, and added substantial, new
Indicated tonnage to the deposit. The update increases the nickel
metal content of the deposit to over 8 billion pounds (more than
3.7 million metric tonnes) with only a 0.01% grade decrease and a
notably lower strip ratio. With this updated mineral resource
estimate, the Eureka deposit of the Nikolai Nickel project
represents a globally significant accumulation of nickel and has
now become one of the larger known nickel deposits in the United
States. Nikolai could potentially become an important source of
nickel for the USA, catering to the needs of various manufacturing
sectors including stainless steel, electric vehicles, defense
components, long-term, grid-scale renewable energy storage
batteries and a myriad of other uses. This significant achievement
speaks volumes to the hard work our team has put into the project
over the past year. I am particularly encouraged by the delineation
of a higher-grade core zone. The presence of this core zone could
dramatically affect project economics in a positive way.”
Nikolai Mineral Resource Estimate Update
- Total Indicated
mineral resources of 3.877 billion pounds (1.758 million tonnes) of
nickel, 1.276 billion pounds (578,783 tonnes) of copper, and 303
million pounds (137,438 tonnes) of cobalt, plus a total of 4.0
million ounces of platinum, plus palladium and gold in a
constrained model totaling 813 million tonnes, at an average grade
of 0.29% total NiEq, using a 0.20% NiEq cut-off grade. See detailed
breakdown in Tables 1, 2, and 3 below.
- Total Inferred
mineral resources of 4.225 billion pounds (1.916 million tonnes) of
nickel, 1.040 billion pounds (471,736 tonnes) of copper, and 327
million pounds (148,324 tonnes) of cobalt, plus a total of 3.4
million ounces of platinum, plus palladium and gold in a
constrained model totaling 896 million tonnes, at an average grade
of 0.27% total NiEq, using a 0.20% NiEq cut-off grade. See detailed
breakdown in Tables 1, 2, and 3 below.
- A higher-grade core
zone has been identified within EZ2, and it shows
continuity along much of the strike of the deposit. The
higher-grade core contains an Indicated resource of 211 million
tonnes at a grade of 0.34% NiEq and an Inferred resource of 154
million tonnes at a grade of 0.33% NiEq. This zone will continue to
be evaluated, as it could positively affect project economics
- The 2024 MRE represents a
significant, material tonnage increase in the MRE for the Nikolai
Nickel project compared to the maiden MRE (see press release dated
November 20, 2023).
- The 2024 MRE is defined by 43 drill
holes comprising 35 historic and eight holes drilled in 2023 by
AEMC. The drill holes provide confirmation that mineralization is
interconnected across all three domains. The deposits remain open
along strike and in the down dip direction.
- The 2024 MRE incorporates three
zones (EZ1, EZ2, EZ3) of sulfide mineralization that cover 4.5
kilometers (2.8 miles) of the Eureka deposit (Figure 1). The Eureka
Zone East and Eureka Zone West MRE reported in the 2023 maiden MRE
are now connected to form one continuous deposit.
- As a consequence of joining the two
deposits together, the strip ratio was significantly decreased from
3.7:1 to 1.5:1.
- Chrome and iron are also present
within the deposit but have not been reported in the 2024 Resource
due to the lack of historical assay data and analytical methods
used.
The 2024 MRE will be incorporated into a NI 43-101 compliant
technical report for the Nikolai Nickel project to be filed within
45 days.
Table 1 – Nikolai Project Mineral Resource
Estimate (MRE)Effective February 12, 2024 |
|
Indicated Mineral Resource Tonnes and Grade |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
- |
- |
- |
- |
- |
- |
- |
- |
Eureka Zone 2 (EZ2) |
>= 0.200 |
739 |
0.22 |
0.08 |
0.02 |
0.049 |
0.101 |
0.013 |
0.29 |
Eureka Zone 3 (EZ3) |
>= 0.200 |
74 |
0.21 |
0.02 |
0.02 |
0.035 |
0.023 |
0.006 |
0.25 |
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
813 |
0.22 |
0.07 |
0.02 |
0.048 |
0.094 |
0.012 |
0.29 |
Indicated Mineral Resource Tonnes and Metal
Content |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
- |
- |
- |
- |
- |
- |
- |
- |
Eureka Zone 2 (EZ2) |
>= 0.200 |
739 |
3,532 |
1,243 |
279 |
1,166 |
2,400 |
310 |
4,770 |
Eureka Zone 3 (EZ3) |
>= 0.200 |
74 |
345 |
33 |
25 |
83 |
54 |
15 |
407 |
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
813 |
3,877 |
1,276 |
303 |
1,249 |
2,454 |
326 |
5,177 |
|
|
|
|
|
|
|
|
|
|
|
Inferred Mineral Resource Tonnes and Grade |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
85 |
0.19 |
0.02 |
0.02 |
0.025 |
0.020 |
0.004 |
0.22 |
Eureka Zone 2 (EZ2) |
>= 0.200 |
693 |
0.22 |
0.06 |
0.02 |
0.042 |
0.082 |
0.010 |
0.28 |
Eureka Zone 3 (EZ3) |
>= 0.200 |
118 |
0.21 |
0.02 |
0.02 |
0.033 |
0.022 |
0.006 |
0.25 |
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
896 |
0.21 |
0.05 |
0.02 |
0.039 |
0.068 |
0.009 |
0.27 |
Inferred Mineral Resource Tonnes and Metal
Content |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
NiEq* |
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
Eureka |
Eureka Zone 1 (EZ1) |
>= 0.200 |
85 |
356 |
31 |
29 |
67 |
56 |
10 |
422 |
Eureka Zone 2 (EZ2) |
>= 0.200 |
693 |
3,320 |
957 |
259 |
939 |
1,831 |
233 |
4,337 |
Eureka Zone 3 (EZ3) |
>= 0.200 |
118 |
549 |
52 |
39 |
127 |
85 |
22 |
647 |
Total |
EZ1 + EZ2 + EZ3 |
>= 0.200 |
896 |
4,225 |
1,040 |
327 |
1,133 |
1,972 |
265 |
5,406 |
- NiEq = nickel equivalent, MT = million tonnes, Mlb = Million
pounds, KtOz = thousand troy ounces.
- Totals may vary due to rounding.
- CIM definitions are followed for classification of Mineral
Resource.
- Metal pricing used to calculate NiEq is based on observation of
monthly metal pricing for the past 24 months up to end-January 2024
with Ni at US$23,375/tonne (US$10.6/lb) (World Bank), Cu at US$
8,644/tonne ($US3.92/lb) (World Bank), Co 41,050 US$/tonne
(US18.62/lb) (Trading Economics), Pt at US$963/toz (World Bank), Pd
at US$1,664/toz (Kitco), and Au at 1,878 (World Bank). Totals may
not represent the sum of the parts due to rounding.
- Nickel equivalent grade formula is as follows:*NiEq = (Ni%) +
(Cu% * 0.31) + (Co% * 1.46) + (Pt% * 1,103) + (Pd% * 1,907) + (Au%
* 2,153)Coefficients used to calculate the value of other metals to
Ni equivalent include allowances for differences in assumed
recoveries of other metals (50%) and nickel (60%), and are
calculated as follows:(Metal Price)/(Ni Price) x (metal recovery/Ni
recovery).
- Base case NiEq cutoff grade is 0.20% calculated from a Ni price
of US$23,375/tonne (US$10.60 US$/lb), surface mining cost of
US$2.50 per tonne, processing costs US$25.00 per tonne and Ni
recovery of 60% and 50% for other metals (Cu, Co, Pt, Pd, and
Au).
- Mineral Resource are reported from within an economic pit shell
whose extent has been estimated using a Ni price of
US$23,374.56/tonne (US$10.60 US$/lb) and mining cost of US$2.50 per
tonne, from a Ni equivalent grade calculated from Ni, Cu, Co, Pt,
Pd, and Au, and 45-degree constant slope angle.
- The Mineral
Resource estimate has been prepared by Derek Loveday, P. Geo. of
Stantec Consulting Services Inc. in conformity with CIM “Estimation
of Mineral Resource and Mineral Reserves Best Practices” guidelines
and are reported in accordance with the Canadian Securities
Administrators NI 43-101. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. There is
no certainty that any mineral resource will be converted into
mineral reserve.
SENSITIVITY ANALYSISA sensitivity analysis for
Indicated and Inferred mineral resources are provided in Table 2
and Table 3 respectively, which demonstrates the variation in grade
and tonnage in the deposit at various cut-off grades. Constrained
Mineral Resources are reported at a base case cut-off grade of
0.20% NiEq. The values in the table reported above and below the
cut-off grades should not be misconstrued with a Mineral Resource
Statement. The values are only presented to show the sensitivity of
the block model estimates to the selection of cut-off grade. All
figures are rounded to reflect the relative accuracy of the
estimate.
Table 2 – Nikolai Project MRE Indicated Grade
SensitivityEffective February 12, 2024 |
|
Indicated Mineral Resource Tonnes and Grade
Sensitivity |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
Total |
EZ1+ EZ2 + EZ3 |
>= 0.100 |
892 |
0.21 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.28 |
>= 0.150 |
891 |
0.21 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.28 |
>= 0.200 |
813 |
0.22 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.29 |
>= 0.225 |
735 |
0.22 |
0.08 |
0.02 |
0.05 |
0.10 |
0.01 |
0.30 |
>= 0.250 |
618 |
0.23 |
0.08 |
0.02 |
0.05 |
0.11 |
0.01 |
0.31 |
>= 0.275 |
467 |
0.24 |
0.09 |
0.02 |
0.06 |
0.12 |
0.02 |
0.32 |
>= 0.300 |
289 |
0.25 |
0.11 |
0.02 |
0.07 |
0.14 |
0.02 |
0.34 |
>= 0.325 |
177 |
0.26 |
0.13 |
0.02 |
0.07 |
0.16 |
0.02 |
0.37 |
>= 0.350 |
114 |
0.26 |
0.14 |
0.02 |
0.08 |
0.17 |
0.02 |
0.38 |
>= 0.375 |
70 |
0.27 |
0.15 |
0.02 |
0.08 |
0.18 |
0.02 |
0.39 |
>= 0.400 |
22 |
0.28 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.41 |
Indicated Mineral Resource Tonnes and Metal Content Grade
Sensitivity |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
Total |
EZ2 + EZ2 + EZ3 |
>= 0.100 |
892 |
4,126 |
1,326 |
330 |
1,326 |
2,539 |
347 |
5,502 |
>= 0.150 |
891 |
4,123 |
1,324 |
329 |
1,325 |
2,535 |
347 |
5,498 |
>= 0.200 |
813 |
3,877 |
1,276 |
303 |
1,249 |
2,454 |
326 |
5,177 |
>= 0.225 |
735 |
3,593 |
1,218 |
277 |
1,167 |
2,345 |
305 |
4,815 |
>= 0.250 |
618 |
3,113 |
1,102 |
236 |
1,033 |
2,121 |
273 |
4,195 |
>= 0.275 |
467 |
2,434 |
934 |
183 |
851 |
1,773 |
227 |
3,320 |
>= 0.300 |
289 |
1,569 |
693 |
117 |
616 |
1,290 |
162 |
2,195 |
>= 0.325 |
177 |
995 |
501 |
75 |
423 |
896 |
115 |
1,426 |
>= 0.350 |
114 |
662 |
358 |
50 |
292 |
620 |
81 |
961 |
>= 0.375 |
70 |
415 |
234 |
31 |
185 |
393 |
52 |
606 |
>= 0.400 |
22 |
135 |
76 |
10 |
57 |
125 |
18 |
197 |
Table 3 – Nikolai Project MRE Inferred Grade
SensitivityEffective February 12, 2024 |
|
Inferred Mineral Resource Tonnes and Grade
Sensitivity |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
(%) |
(MT) |
(%) |
(%) |
(%) |
(g/T) |
(g/T) |
(g/T) |
(%) |
Total |
EZ1+ EZ2 + EZ3 |
>= 0.100 |
1,089 |
0.20 |
0.05 |
0.02 |
0.04 |
0.06 |
0.01 |
0.26 |
>= 0.150 |
1,076 |
0.20 |
0.05 |
0.02 |
0.04 |
0.06 |
0.01 |
0.26 |
>= 0.200 |
896 |
0.21 |
0.05 |
0.02 |
0.04 |
0.07 |
0.01 |
0.27 |
>= 0.225 |
752 |
0.22 |
0.06 |
0.02 |
0.04 |
0.08 |
0.01 |
0.29 |
>= 0.250 |
603 |
0.23 |
0.06 |
0.02 |
0.04 |
0.08 |
0.01 |
0.30 |
>= 0.275 |
413 |
0.24 |
0.07 |
0.02 |
0.05 |
0.09 |
0.01 |
0.31 |
>= 0.300 |
244 |
0.25 |
0.08 |
0.02 |
0.05 |
0.11 |
0.01 |
0.33 |
>= 0.325 |
124 |
0.26 |
0.10 |
0.02 |
0.06 |
0.12 |
0.01 |
0.35 |
>= 0.350 |
46 |
0.26 |
0.14 |
0.02 |
0.08 |
0.16 |
0.02 |
0.38 |
>= 0.375 |
26 |
0.27 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.39 |
>= 0.400 |
10 |
0.28 |
0.16 |
0.02 |
0.08 |
0.18 |
0.03 |
0.41 |
Inferred Mineral Resource Tonnes and Metal Content Grade
Sensitivity |
Area |
Mineralized Zone |
NiEq Cutoff |
Tonnage |
Base and Battery Metals |
PGM and Precious Metals |
Total |
Ni |
Cu |
Co |
Pt |
Pd |
Au |
Ni Eq* |
(%) |
(MT) |
(Mlbs) |
(Mlbs) |
(Mlbs) |
(KtOz) |
(KtOz) |
(KtOz) |
(Mlbs) |
Total |
EZ2 + EZ2 + EZ3 |
>= 0.100 |
1,089 |
4,840 |
1,133 |
393 |
1,285 |
2,093 |
298 |
6,178 |
>= 0.150 |
1,076 |
4,810 |
1,127 |
389 |
1,278 |
2,087 |
297 |
6,139 |
>= 0.200 |
896 |
4,225 |
1,040 |
327 |
1,133 |
1,972 |
265 |
5,406 |
>= 0.225 |
752 |
3,685 |
959 |
277 |
981 |
1,824 |
234 |
4,733 |
>= 0.250 |
603 |
3,054 |
847 |
227 |
825 |
1,614 |
201 |
3,949 |
>= 0.275 |
413 |
2,183 |
665 |
160 |
617 |
1,244 |
151 |
2,854 |
>= 0.300 |
244 |
1,354 |
449 |
98 |
405 |
825 |
94 |
1,788 |
>= 0.325 |
124 |
717 |
268 |
52 |
232 |
476 |
57 |
965 |
>= 0.350 |
46 |
264 |
144 |
19 |
114 |
239 |
34 |
382 |
>= 0.375 |
26 |
155 |
93 |
11 |
72 |
151 |
22 |
228 |
>= 0.400 |
10 |
58 |
34 |
4 |
24 |
56 |
8 |
85 |
Figure 1. Eureka Zone overview
map displaying geology, the 2024 economic resource pit outline, and
drill hole locations.
Figure 2. Cross section through
the Eureka EZ1, EZ2, and EZ3 MRE. Note: Location of section A-A’ is
located on Figure 1.
Figure 3. Cross section through
the Eureka EZ1, EZ2 & EZ3 MRE. Note: Location of section B-B’
is located on Figure 1.
MINERAL RESOURCE ESTIMATION CALCULATION
METHODOLOGYThe geologic model used for reporting of
mineral resources is a 3D block model that was developed using
LeapFrog Edge version 2023.1.1 and MinePlan version 16.1.1. The
block model was developed using the UTM NAD83 6N and is in metric
units. The block size is 40 m (X), 10 m (Y) and 10 m (Z) rotated by
26 degrees toward the east to align the X-axis along strike at 118
degrees. The block model captures three mineralized ultramafic
intrusive bodies (“zones” or “solids”) that dip towards the
southwest at between 45° and 50°. These three zones are called
Eureka Zone 1 (EZ1), Eureka Zone 2 (EZ2) and Eureka Zone 3 (EZ3)
from south to north across the deposit, respectively. The
mineralized zones were built using Seequent’s Leapfrog Geo software
from a drillhole database of 43 drillholes. Mineral sample assays
have been validated for 36 of the 43 drillholes and assay data from
these holes has been used to estimate grades for nickel (Ni),
copper (Cu), cobalt (Co), platinum (Pt), palladium (Pd), gold (Au),
silver (Ag), iron (Fe) and chromium (Cr). All metals, excluding Ag,
Fe and Cr, have been used to calculate a NiEq grade based on
average (24 month) market prices. Ag and Au grades were capped
prior to estimation at 0.6 parts per million (ppm) for Ag and 0.03
ppm for Au within EZ1. Ni is approximately 77% of the total in-situ
value of the metals included in the equivalent grade
calculation.
Reasonable prospects for economic extraction have been
determined by calculating a recovered NiEq cutoff grade of 0.20
percent (%) using the following assumptions:
- Mining costs US$2.5/tonne;
- Processing costs US$25/tonne;
- Processing recovery of 60%.
Resources are reported from within an economic pit shell at a
45-degree constant slope using Hexagon mining Pseudoflow algorithm.
No underground mining is considered. Assumed revenue used to drive
the pit shell is US$10.60/lb Ni applied to a recovered
Ni-equivalent grade assuming 60% recovery for Ni and 50% recovery
for all other metal equivalents. This pit optimization does not
represent an economic study. Future engineering studies will be
needed to develop optimal bulk tonnage mining methods. The
pit-constrained MRE is at an indicated and inferred-level of
assurance based in the quantity of exploration data available for
grade estimation. Mineral resources are reported for the EZ1, EZ2
and EZ3.
The Nikolai Project MRE, with an effective date of February 12,
2024, is shown in Table 1 and associated grade sensitivity is shown
in Table 2 and Table 3.
MINERAL RESOURCE ESTIMATE PREPARATIONThe 2024
MRE has been prepared by Derek Loveday, P. Geo. (the “QP”) of
Stantec Consulting Services Inc. in conformity with CIM “Estimation
of Mineral Resource and Mineral Reserves Best Practices” guidelines
and are reported in accordance with NI 43-101. The QP is not aware
of any environmental, permitting, legal, title, taxation,
socio‐economic, marketing, political, or other relevant issues that
could potentially affect the 2024 MRE. Mineral resources are not
mineral reserves and do not have demonstrated economic viability.
There is no certainty that any mineral resource will be converted
into mineral reserve.
METALLURGYAll deposits in the 2024 Resource
contain desirable nickel sulfide mineralization consisting of
thick, layered horizons of nickel and copper sulfides, which are
enriched in cobalt, chrome, iron, platinum, palladium, and gold.
Preliminary deportment assessments for the Eureka Zone 2
mineralization have been completed by Pure Nickel Inc. in 2014 (see
Pure Nickel’s press release dated April 22, 2014) and by the
Company in 2022 (see press release dated September 29, 2022).
Results from these two assessments (Table 4) indicate an average of
83.4% of the total nickel is in potentially recoverable mineral
phases of Ni-sulfides and Ni-Fe alloys. The Company also analyzed
copper deportment, with an average of 74% of the total copper in
potentially recoverable mineral phases of Cu-sulfides and
Cu-oxides. Additional deportment studies and bench scale
metallurgical testing are on-going using core samples collected
from the Company’s 2023 drill program. Results from these studies
will be released when completed.
Table 4 – Summary of Ni-Cu
Deportment work complete on the Nikolai Nickel Project
|
PNI Composite (PNI-12-063) |
Millrock Composite 1 (FL-003) |
Millrock Composite 2 (FL-003) |
% Ni |
0.28 |
0.25 |
0.23 |
% Ni in sulfides and alloys |
75.3 |
94.3 |
80.8 |
% Ni in silicates |
20 |
5.1 |
18.9 |
% Cu |
0.12 |
0.16 |
0.07 |
% Cu in sulfides and oxides |
NA |
72.4 |
75.5 |
% Sulfur |
0.77 |
1.32 |
0.49 |
Notes: Pure Nickel deportment study focused on Ni
and Fe sulfides, with no results for Cu sulfides and oxides |
CHROME AND IRONChrome and iron have been
identified as potentially significant co-products of mineralization
at the Nikolai Nickel Project. Data the Company purchased in August
2023 had incomplete iron assay data and the analytical methods used
to determine the concentration of chrome prevented the assessment
of these elements in the 2024 MRE. The drilling completed by the
Company in 2023 indicated an increase from 0.18% to 0.28% in the
mean chrome assays and an increase from 8.2% to 8.8% in the mean
iron assays relative to the historical purchased data. AEMC will
continue to evaluate the chrome and iron data from the 2024 infill
drill program, which is currently being planned. The Company has
the objective of integrating these elements in future resource
updates.
CAUTIONARY NOTE CONCERNING TECHNICAL
DISCLOSURE AND U.S. SECURITIES LAWSThe MRE has been
prepared in accordance with the requirements of the securities laws
in effect in Canada, which differ in certain material respects from
the disclosure requirements under United States securities laws.
Unless otherwise indicated, all resource and reserve estimates
included in this news release have been prepared in accordance with
NI 43-101. The definitions used in NI 43-101 are incorporated by
reference from the CIM Definition Standards.
The SEC Modernization Rules replaced the historical disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7, which has been rescinded. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”. Readers are cautioned
that while the above terms are “substantially similar” to the
corresponding CIM Definition Standards, there are differences in
the definitions under the SEC Modernization Rules and the CIM
Definition Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under NI 43-101 would be the same had the Company
prepared mineral resource estimates under the standards adopted
under the SEC Modernization Rules. Accordingly, information
contained or incorporated by reference in this news release
describing the Company’s mineral deposits may not be comparable to
similar information made public by United States companies subject
to the reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations
thereunder.
QUALIFIED PERSONMr. Derek Loveday, P. Geo. of
Stantec Consulting Services Inc. is the Qualified Person as defined
by NI 43-101 who has prepared, or supervised the preparation of, or
has reviewed and approved, the scientific and technical data
pertaining to the MRE contained in this release, and will be
preparing the NI-43-101 technical report for filing on SEDAR+
within 45 days.
Gabriel Graf, the Company’s Chief Geoscientist, is the qualified
person, as defined under NI 43-101 having reviewed and approved all
other scientific and technical information contained in this news
release.
For additional information, visit:
https://alaskaenergymetals.com/
ABOUT ALASKA ENERGY METALSAlaska Energy Metals
Corporation is focused on delineating and developing a large
polymetallic exploration target containing nickel, copper, cobalt,
chrome, iron, platinum, palladium, and gold. Located in central
Alaska near existing transportation and power infrastructure, the
Nikolai Nickel project is well-situated to become a significant,
domestic source of critical and strategic energy-related metals for
the American market.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Gregory
A. Beischer, President & CEOToll-Free: 877-217-8978 | Local:
604-638-3164
Sarah Mawji, Public RelationsFinal Edit Media and Public
Relations Email: sarah@finaleditpr.com
Some statements in this news release may contain forward-looking
information (within the meaning of Canadian securities
legislation), including, without limitation, the estimation of
mineral resources and that the Company (a) will file a NI43-101
technical report within 45 days, b) complete metallurgical and
deportment studies, and c) plan and conduct further exploration
drilling. 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 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.
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