Mining
Wednesday, May 22nd, 2024 2:50 pm EDT
Key Points
- The Bambino property is adjacent to AEMC’s Angliers-Belleterre claim block and constructively adds to the property position.
- The combined claims are underlain by thick basalt flow interlayered with gabbro sills and komatiite flows in a regional setting thought to include a mantle plume, and prospective for Kambalda or Raglan-style high-grade nickel mineralization.
- Significant copper-nickel-PGE prospects Midrim and Alotta, held by Pivotal Metals Ltd.2, are located on adjacent claims.
- AEMC’s exploration program is fully funded and will commence immediately. The program consists of approximately 4,000 soil samples, prospecting and a VTEM electromagnetic survey.
VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) — Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce it has entered into an agreement (the “Option Agreement”), pursuant to which it will be granted an option to acquire 100% interest in the 57-claim, 3,320-hectare Bambino nickel (“Ni”) – copper (“Cu”) platinum group element (“PGE”) property (the “Property”) located in the Temiscaming Region of western Quebec, from a Quebec prospecting syndicate (the “Vendors”). The Property is located directly adjacent to the Company’s 100%-owned Angliers-Belleterre (Angliers) property acquired in 20231 (Figure 1).
“Our Nikolai nickel project in Alaska, which hosts the Eureka deposit, already contains one of the largest known nickel resources in the US. We intend to acquire Bambino so that we can further expand our contribution of nickel and other strategic metals to the rapidly growing lithium-ion battery industry and also the long-term energy storage industry in North America,” says Gregory Beischer, CEO of Alaska Energy Metals. “We are excited and ready to begin exploration in Quebec as we know these projects could further position AEMC as a leading producer of critical minerals in the North American market at a time when these commodities are going to be in even higher demand than they are today.”
Figure 1: Location of AEMC’s Angliers and Bambino Claims
BAMBINO PROPERTY
The Bambino property covers the southern portion of the western segment of the Belleterre-Baby-Angliers Greenstone Belt and is predominately underlain by mafic volcanic rocks intruded by mafic to ultramafic sills. The volcanic stratigraphy includes thick layers of pillowed and subordinate massive basalt flows overlain by volcaniclastic sediments that are both interlayered with gabbro sills and komatiite flows. Mineralization in the area is primarily hosted or spatially related to the gabbro sills as: a) primary magmatic sulfide Ni+Cu±PGE mineralization (disseminated to massive sulfides), b) remobilized hydrothermal Cu+PGE mineralization (sheared sulfides) and c) volcanogenic, disseminated pyrite mineralization in tuffaceous rocks. The mineralization is thought to be related to a mantle plume in a geological setting analogous to Kambalda in Western Australia and Raglan in Northern Quebec.
On the adjacent BAGB property held by Pivotal Metals Ltd.2, previous drilling at the Alotta and Midrim showings has returned significant intersections of high-grade Cu-Ni-PGE massive sulfide mineralization at shallow depths (Figure 2). Bambino has seen minimal, prior exploration work consisting only of regional airborne surveys and limited soil geochemistry. The Property has gold potential, demonstrated by the presence of many quartz veins on the property; however, no assurance can be given that assay results similar to those at the BAGB property will be obtained at the Bambino property. The Belleterre-Baby-Angliers Greenstone Belt is best known for the past producing Belleterre gold mine located approximately 50 km east of Bambino. Vior Inc. recently consolidated the area surrounding the former mine and is finalizing plans for a +60,000m drill program.3
Figure 2: Bambino Claims: Airborne Total Magnetic Field, mineral showings, and selected drill intersections on adjacent Pivotal Metals Ltd. Claims 2
TERMS OF AGREEMENT
Under the Option Agreement, AEMC will have the exclusive option to acquire a 100% interest in the Bambino Property by paying $105,000 cash and issuing 700,000 common shares of AEMC to the Vendors and completing $500,000 of exploration work, scheduled as annual installments over a three-year term. Upon exercise of the option, the Vendors will retain a 2.0% Net Smelter Returns royalty. AEMC will have the right at any time to buy back half of the royalty (i.e., 1.0%) for $1,000,000 cash. The Option Agreement is subject to approval by the TSX Venture Exchange.
EXPLORATION PROGRAM
AEMC intends to commence work immediately on the Angliers and Bambino claims with property-wide soil geochemistry, prospecting, rock sampling surveys and an airborne VTEM survey. The goal of this work is to identify anomalous zones to follow up with Controlled Source Audio Magnetotellurics (CSAMT) and time-domain electromagnetic geophysical surveys. The exploration program will be 100% funded from AEMC’s current flow-through account.
REFERENCES
- AEMC Press Release November 24, 2023, https://alaskaenergymetals.com/news/closes-acquisition-of-the-angliers-belleterre-project-in-quebec/
- Pivotal Metals Ltd. BAGB webpage, https://pivotalmetals.com/bagb/
- Vior Inc. Belleterre webpage, https://www.vior.ca/projects/belleterre-gold/
QUALIFIED PERSON
Gabriel Graf, the Company’s Chief Geoscientist, is the qualified person, as defined under NI 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information contained 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, ‘Angliers-Belleterre,’ in western Quebec and the Bambino property, which is adjacent to the Angliers claim block. 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, without limitation, the statements as to the Company’s intended exploration program on the Angliers and Bambino claims. 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.
