Alaska Energy Metals Corp. [TSXV: AEMC; OTCQB: AKEMF] reported the completion of its previously announced drilling program to test compelling geological–geophysical–geochemical targets at the Canwell block of claims that form part of its Nikolai Project in Alaska.
The Canwell prospects are located near the Company’s Nikolai project Eureka deposit, which represents a large accumulation of nickel with copper, cobalt, chromium, iron, platinum, palladium, and gold. Three drill holes for a total of 1,048 metres were completed on the featured targets at Canwell, including the Emerick, Odie and Upper Canwell prospects.
The drill holes at Odie and Upper Canwell reached the planned target depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. All the core has been logged, cut, and sampled and are currently at SGS Burnaby analytical labs. Assay results will be published later this quarter.
The company has also completed DHEM surveys on one drill hole at the Upper Canwell prospect. The surveys were completed by TMC Géophysique of Val-d’Or, Quebec. DHEM surveys test for the presence of mineralized conductive zones around a drill hole within a radius that can reach 200 metres. These surveys will aid the Company in determining if other zones of sulfide mineralization may exist near the drill holes and aid in planning for follow-up drilling. Final survey results and interpretations will be available later in the fourth quarter of 2024.
Gabe Graf, Alaska Energy Metals Chief Geoscientist, commented, “Despite the challenging ground conditions faced during this drill program at the Canwell prospects, our drill contractor was successful in reaching the planned total depth of drilling in two of the three drill holes at Odie and Upper Canwell. Completing this inaugural drill program brings us one step closer to uncovering the critical mineral potential of the entire Nikolai project in Alaska. We look forward to receiving and sharing the analytical and DHEM survey results upon receipt later this quarter.”
The company also issued one million AEMC shares and paid US$125,000 to the owner of the Canwell claim block. AEMC has an option to purchase a 100% interest in the claims. To complete the option, AEMC will need to make one further cash and share payment of US$250,000 and one million AEMC shares and make further exploration expenditures of approximately US$1.2 million.
Alaska Energy Metals is an Alaska-based corporation with offices in Anchorage and Vancouver.
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 in western Quebec – the Angliers-Belleterre project.
