Eureka Zone Mineralization Extended To  Southeast At Nikolai Project

VANCOUVER, BC - Alaska Energy Metals Corporation reported on the remaining two drill holes completed at the Eureka Deposit. The holes were drilled as part of the 2024 Eureka resource expansion drill program at its 100% owned Nikolai Project in Interior Alaska. Four diamond drill holes, totaling 1,597.6 meters (m) were drilled during the exploration campaign.

These results demonstrate that the Eureka Zone remains consistent and homogeneous along strike. The results have confirmed mineralization continuity along a 1.8 km strike length to the southeast of the current MRE (Nikolai Mineral Resource Estimate Technical Report Amended and Updated, Derek Loveday and Allan Schappert, April 12th, 2024) and should result in a significant expansion of the Eureka Deposit’s inferred resources.

HOLE EZ-24-011 Summary: 1) EZ-24-011 was drilled ~650 meters to the southeast of PNI-11-038 to verify the near-surface extension of the Lower Eureka Zone 2 from the 2024 MRE. 2) The hole drilled into 10.4 m of overburden and then into the mineralized Eureka Zone peridotite from 10.4 m to 126.1 m. The hole intersected the mineralized Lower Eureka Zone 2. The Upper and Core Eureka Zone 2 were not intersected in the hole due to the hole being collared to the north of these zones. 3) 113.0 m (107.5 m estimated true thickness) @ 0.29% NiEq (0.22% Ni, 0.05% Cu, 0.017% Co, 0.055 ppm Pd, 0.028 ppm Pt and 0.008 ppm Au), plus 0.27% Cr and 10.10% Fe . 4) The partial intersection of the main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 4% disseminated sulfides. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite and wehrlite intrusive rock phase from 126.1 m to 191.7 m. 5) The Eureka Zone 3 peridotite was intersected from 191.7m to 266.7m (EOH). This zone assayed: 75.0 m (71.3 m estimated true thickness) @ 0.23% NiEq (0.18% Ni, 0.02% Cu, 0.016% Co, 0.020 ppm Pd, 0.035 ppm Pt and 0.006 ppm Au), plus 0.51% Cr and 10.73% Fe. 6) The mineralization is currently open in all directions.

HOLE EZ-24-012 Summary: 1) EZ-24-012 was drilled an equidistant (~500 m) between PNI-13-073 and PNI-13-074 to verify the continuation of the Eureka Zone mineralization and to test the entire thickness of the mineralization. 2) EZ-24-012 drilled into 12.1 m of overburden and into a weakly mineralized pyroxenite from 12.1 m to 19.6 m. The main mineralized Eureka zone was intersected from 18.1 m to 371.9 m downhole, with assays grading: 353.8 m (330.9 m estimated true thickness) @ 0.28% NiEq (0.20% Ni, 0.07% Cu, 0.015% Co, 0.085 g/t Pd, 0.036 g/t Pt and 0.012 g/t Au), plus 0.28% Cr, 9.49% Fe. 3) The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 10% disseminated sulfides within the Core Eureka Zone. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite and wehrlite intrusive rock phase from 384.4 m to 440.4 m (EOH). 4) The mineralization is currently open in all directions.