Drilling Continues to Uncover Large Nickel System at Metal Energy's Manibridge Project

• Metal Energy (MERG) is conducting nickel exploration at the Mana Bridge Project in Manitoba, Canada.
• Recent results from the Mana Bridge Project indicate significant nickel intercepts, suggesting the system's potential for growth.
• In the past year, MERG drilled approximately 12,500 meters in three different programs, covering a mineralized area defined over a kilometer and reaching up to 800 meters in depth.
• 25 out of 27 drill holes have intercepted at least one percent nickel over various widths. Results for the remaining holes are anticipated soon.
• The company is seeking to reach a mineral resource stage, estimating future exploration costs at less than 20 million dollars. The goal is to achieve approximately 5 million tons at 0.6% nickel.

About Metal Energy Corp.

Metal Energy Corp. is a Canadian mining exploration company focused on advancing its flagship Manibridge nickel project. The company holds a 100% interest in the 4,500 hectare property located within the world-class Thompson Nickel Belt in Manitoba.

Manibridge hosts a historic nickel resource of 1.3 million tonnes grading 2.5% nickel, mined down to 350 meters depth until the late 1970s. Metal Energy has consolidated the land package and is actively exploring to expand the known high-grade zones.

The company went public in 2020 and trades on the TSX Venture Exchange under the ticker MERG. Metal Energy is led by President and CEO James Sykes, a geologist with over 16 years experience exploring for nickel deposits in Canada.

With its seasoned management team, tight capital structure, and district-scale land position in a prolific nickel belt, Metal Energy offers investors exposure to new discoveries and resource expansion at Manibridge.

Interview with James Sykes, CEO of Metal Energy

CEO Provides Update on Ongoing Drill Program

In a recent interview, Metal Energy CEO James Sykes provided an update on the company's ongoing drill program at Manibridge. Over 12,500 meters have been drilled so far across three phases, allowing the company to test the historic resource area and start generating its own model of the deposit.

25 out of 27 holes completed have intersected nickel mineralization over variable widths, with values exceeding 1% nickel in multiple instances. This success rate confirms that Manibridge hosts a significant system. Assays are still pending from 9 additional holes, with results expected over the coming weeks.

According to Sykes, the pending assays are visually the best results to date based on observed mineralization. The company is now focused on better understanding the structural controls of the deposit. Drilling so far has revealed that high-grade zones appear related to folding and shear zones.

Deposit Model Takes Shape

The historic resource comprised 1.3 million tonnes grading 2.5% nickel, mined down to around 350 meters depth. Metal Energy's drilling has now traced mineralization up to 1km from the historic mine workings, with intercepts spanning 150-250 meters down-dip.

The emerging model is one of ultramafic "fold" structures plunging to depth. These carrot-shaped, cylindrical folds create zones of thickening and structural preparation, leading to high-grade nickel deposition.

Ongoing drilling aims to trace these folds along plunge, build up sufficient data for maiden resource estimation, and ultimately discover further fold structures across the large project area.

Well-Positioned to Advance Project

According to Sykes, Metal Energy is in a strong position to continue advancing Manibridge. The company currently has around $2.2 million in the treasury and is planning to raise additional capital through a flow-through financing. A phase 3 drill program is expected to commence shortly.

The project benefits from excellent infrastructure, including highway access, nearby power, and an existing camp. This helps minimize exploration costs and positions Manibridge for a relatively straightforward path to development should a significant resource be outlined.

Conclusion

With nickel demand surging thanks to the electric vehicle boom, Metal Energy appears well-positioned with its large-scale Manibridge nickel project. The drilling results to date have confirmed historic grades and widths while also suggesting upside in the form of new mineralized fold structures.

Assay results from the latest holes expected in the coming weeks will provide important insights into the potential resource size and scale. Metal Energy currently trades at a modest $6 million market capitalization, offering speculative investors tremendous leverage to exploration success at Manibridge. With drilling ongoing, news flow should remain steady throughout 2023.