Metal Energy Corp. (TSX-V:MERG) has said results from its first phase drill program at its nickel and copper-cobalt Manibridge project in Manitoba, were better than expected and highlighted the asset's potential.
James Sykes, CEO of Metal Energy, said in a statement: "We're excited to continue exploring and developing Manibridge with our Phase Two and future drill programs."
Assay highlights included 0.92% nickel-equivalent (Ni-Eq) over a length of 32.95 metres (m) starting at 150.45m depth, including 1.24% Ni Eq over 11.45m at 169.1m in one hole. Another hole intersected 1.13% Ni Eq over 9m, starting at 700m depth, including 1.62% Ni Eq over 5m at 701 m depth in another.
READ: Metal Energy starts 10,000-metre drill program on its Manibridge high-grade nickel project
The program, completed in April this year, comprised six diamond holes for 2,350m and the firm said every hole:
- Hit high-grade nickel mineralization, which demonstrates mineralization over a minimum of one kilometre (km) of strike.
- Discovered at least four zones of mineralization which provides for multiple zones of overlapping mineralization
- Intersected thick intervals of continuous mineralization at shallow depths less than 300m from surface which could be amenable to bulk tonnage mining operations
- Filled in gaps where no mineralization was previously defined which opens the mineralization potential in all directions.
The company noted that it sits in the "shadow of the past-producing" Manibridge mine, which produced 1.3 million tonnes at 2.55% nickel and 0.27% copper between 1971 and 1977.
Metal Energy is a nickel and battery metal exploration company with two projects, Manibridge and Strange, in the politically stable jurisdictions of Manitoba and Ontario.
Contact the author at giles@proactiveinvestors.com