Five Drill Holes Intersecting Shallow High-Grade Nickel Mineralization At Manibridge Project

TORONTO - Metal Energy Corp. reported on five drill holes of the Phase Two drill program on the high-grade nickel and copper-cobalt Manibridge project in the Thompson Nickel Belt, Manitoba. Phase Two's 10,000 meters drill program was just completed in December 2022.

"The individual results are encouraging, but the composite results, with up to 65% of the host rock being mineralized, demonstrate possible bulk tonnage potential at Manibridge that was never considered previously. These assay results demonstrate that high-grade nickel sulphide mineralization at Manibridge is continuous on strike and along dip, and that there are multiple wide zones of mineralization within the host rock. Four of the drill holes (MNB024 to MNB028A) were drilled on the same section as drill hole MNB003 for a total of approximately 170 m of mineralization defined in the dip extent dimension and open at depth. Drill holes MNB028A and MNB026 are two of the top four reported drill holes we've completed at Manibridge during the drill program, highlighting that mineralization continues to increase as we continue drilling towards the old mine workings," said James Sykes, CEO.

Drill holes MNB026 and MNB028A intersected thick accumulations of composite mineralization defined over 85 meters and 120 meters drill hole lengths with 63% and 46% of those intervals being mineralized, respectively. The ultramafic/mafic host rocks are typically 50 to 150 m thick with an average 30% of those intervals enriched with nickel sulphide mineralization. The assay results released to date highlight that mineralization is continuous over 170 meters along strike and between 100 to 200 m in the dip direction. Mineralization occurs as disseminations, net-textured, brecciated, remobilized in foliations and shears, and vein-hosted within the mafic to ultramafic host rocks. Mineralization defined in the Program is shallow with true vertical depth to mineralization ranging from 120 m to 300 m beneath the surface, average depth of 195 m. These results demonstrate the shallow nature of potential near-surface development.

Drill hole MNB022 was re-sampled based on encouraging spot sample results. The intervals from 187.5 to 189.5 m and 194.5 to 196.5 m are the re-sampled intervals with assay results exceeding 0.3% Ni over 0.5 m of continuous mineralization. All other spot sample results after re-sampling in larger intervals were below the Company's reporting cutoffs. Assay results for drill holes MNB029 to MNB040A are still pending and will be reported after the data has been received, reviewed, and approved.

Manibridge Phase 2 Drill Program Results - A total of 10,091.6 meters were completed over 36 diamond drill holes, including 6 abandoned drill holes, with all completed drill holes having intersected visible nickel sulphides. The drill hole collar locations were all within 150 to 600 meters of the old mine workings. The drill holes targeted the shallower parts of the Manibridge nickel sulphide system at depths between 100 and 400 meters from surface.