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Breaking Mining News: Alaska Energy Metals (TSXV: AEMC) (OTCQB: AKEMF) Significantly Increases NI 43-101 Mineral Resource Estimate for the Eureka Deposit, Nikolai Nickel Project, Alaska, USA

HIGHLIGHTS

 

VANCOUVER, British Columbia - February 12, 2024 (Investorideas.com Newswire) Alaska 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

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

 

SENSITIVITY ANALYSIS
A 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 Sensitivity Effective 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 Sensitivity Effective 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 METHODOLOGY
The 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:

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 PREPARATION
The 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.

METALLURGY
All 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 IRON

Chrome 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 LAWS
The 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 PERSON
Mr. 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 Metals
Alaska 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 & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164

Sarah Mawji, Public Relations
Final 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, that it will drill holes to test the Canwell, Odie and Emerick prospects and do more geophysical surveys in 2024. 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 guarantees 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.

Alaska Energy Metals Corporation (TSXV: AEMC) (OTCQB: AKEMF) (FRA: V7F) is a featured mining stock on Investorideas.com

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