Metal Energy Corp. announced assay results from 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 metres drill program was just completed in December 2022.

Drill holes MNB026 and MNB028A intersected thick accumulations of composite mineralization defined over 85 metres and 120 metres 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 metres 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.

The Company is preparing a detailed video to put the results received to date into context and what they mean with respect to global nickel deposits. A total of 10,091.6 metres 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 metres of the old mine workings.

The drill holes targeted the shallower parts of the Manibridge nickel sulphide system at depths between 100 and 400 metres from surface. Metal Energy is the operator and owns 85% of the Project with Mistango River Resources Inc., an Ore Group company, owning the remaining 15%. Drill core samples were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan, in secure containment for preparation, processing, and whole rock and multi-element analysis by ICP-MS2 using total 4-acid digestion (HF:NHO3:HCl:HClO4).

Assay samples comprise 0.2 to 1.5 m continuous samples of cut-core samples over nickel-sulphide mineralized intervals determined with a handheld XRF. Point samples comprise an isolated 0.10 to 0.5 m sample to characterize the rock types, alteration, structure, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory.

Blanks, standard reference materials, and quartered core repeats were inserted into the sample stream at regular intervals by Metal Energy and the SRC in accordance with Metal Energy's quality assurance and quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Metal Energy prior to disclosure. All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.