Pursuant to its option agreement with previous owner and exploration manager CanAlaska Uranium, Metal Energy can to earn up to 100% of Manibridge
Metal Energy buys past-producing Manibridge mine. (Credit: Khusen Rustamov from Pixabay.)
Metal Energy has acquired 49% stake in the previously producing Manibridge nickel mine project, located in the Thompson Nickel Belt, Manitoba, Canada.
The mining company has also elected to continue the exploration to earn up to 70% share in the project.
Under the terms of the option agreement with previous owner and exploration manager CanAlaska Uranium, Metal Energy is also eligible to earn up to 100% of Manibridge.
For the transaction, Metal Energy has issued a total of 1,198,630 shares of its common stock to CanAlaska Uranium, at a price of $0.146 per share. It has also granted a 1% Net Smelter Royalty (NSR) on two claims and a 2% NSR royalty on the remaining claims.
Metal Energy CEO James Sykes said: “This is a monumental step forward for Metal Energy as we advance the Manibridge project. We firmly believe Manibridge has the potential to contribute to the evolving global electrification transition, particularly in the electric vehicle and renewable energy markets.
“Manibridge was a past-producer of high-grade, high-tenor sulphide nickel and the historic operators left a lot of high-grade nickel in the rocks.
“Our current and planned 10,000 metre summer drill programmes are designed to help us understand the geological controls of nickel mineralization in order to advance the Project towards a mineral resource estimate.”
Manibridge spans over an area of 4,368ha and is 20km southwest of Wabowden, within the Manitoba’s Thompson Nickel Belt.
The project has significant infrastructure and capacity in place, that supported its previous exploration programmes, including access to the year-round highway.
The Manibridge mine has produced 1.3 million tonnes with 2.55% nickel and 0.27% copper between 1971 and 1977.
Earlier this month, Metal Energy has commenced a 3,000m drilling programme within the shadow of the past-producing mine.
In addition to Manibridge, the nickel and battery metal exploration company also operates Strange operation in Ontario, Canada.