The independent Mineral Resource Estimate (MRE) and technical report about Nikolai Nickel Project, crafted by Stantec Consulting Services, Inc. in accordance with National Instrument 43-101, mark a significant step for Alaska Energy Metals Corporation.
In addition to this milestone, Alaska Energy Metals Corporation has enlisted Stantec Consulting Services, Inc. to conduct an updated MRE for its Eureka property. The update will include data from eight diamond drill holes totaling 4,138 meters, drilled during the company’s 2023 exploration program, as well as historical drill holes acquired in August 2023. This comprehensive update aims to enhance the understanding of the mineral resources and is set to commence immediately.
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Gregory Beischer, President and CEO of Alaska Energy Metals, expressed optimism about the company’s growth potential, stating, “Based on historical drilling, we have documented more than 1.5 billion pounds of nickel in inferred resources. As our company conducts drilling in the summer of 2023, metal inventories are expected to increase significantly. We plan to implement an aggressive drilling program in 2024 to further expand our large-tonnage resources and explore for high-grade deposits.”
The Mineral Resource classification adheres to CIM definitions, with a base case cut-off grade of 0.20% nickel. Calculations are based on a nickel price of $23,946 per ton ($10.9 per pound), surface mining costs of $2.50 per ton, and processing costs of $25.00 per ton.
The equivalent grade formula, Ni EQ = Ni/1 + Cu/2.7309 + Co/0.5321 + Pt/0.0008 + Pd/0.0004 + Au/0.0004, ensures a comprehensive evaluation of the mineral resources. Metal prices used in the calculation are based on the past 24 months to October 2023.
Derek Loveday, P. Geo., of Stantec Consulting Services Inc., prepared the Mineral Resource Estimates, emphasizing that they are not mineral reserves, and their economic viability is yet to be proven. Mr. Loveday, an independent qualified person under National Instrument 43-101, has confirmed the accuracy of the scientific and technical information related to the resource estimate.
Gabriel Graf, the Company’s Chief Geoscientist, has reviewed and approved the technical information in this press release, ensuring its credibility.
Alaska Energy Metals is positioning itself as a significant domestic source of critical and strategic energy metals for the U.S. market. Focused on identifying and developing large multi-metallic exploration targets, including nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold, the company’s Nikola Nickel Project in central Alaska is strategically located with proximity to existing transportation and energy infrastructure. The company is also exploring the Angliers nickel project in Quebec.
The report, dated January 5, 2024, can be accessed on SEDAR+ at www.sedarplus.com, following the initial press release on November 20, 2023.
