- Metal Energy (MERG) has acquired a 100 per cent interest in the Manibridge Project in Manitoba from CanAlaska Uranium (CVV)
- Metal Energy paid the final $2 million tranche to achieve the entire earn-in option
- It closed the acquisition within a year of starting exploration work activities on the project
- All holes reported have hit visible nickel sulphides with more results out soon
- Metal Energy (MERG) is up 12.50 per cent trading at $0.04 per share
- CanAlaska Uranium (CVV) is down 1.27 per cent trading at $0.39 per share
Metal Energy (MERG) has acquired the Manibridge Project from CanAlaska Uranium (CVV).
Metal Energy paid the final $2 million tranche, including $1 million in exploration expenditures, to achieve the entire earn-in option on the Manitoba project. It also closed the acquisition within a year of starting exploration work activities on the project.
The released assays from this work include 14 of 30 holes, all of which intersected visible nickel sulphides.
James Sykes, CEO of Metal Energy, commented,
“The phase two drill program has been very successful in the discovery of larger intervals of nickel sulphide mineralization that remain open along strike and at depth.”
The company expects to release results from 16 more holes early this year.
Regarding a previous option agreement with Mistango River Resources, Metal Energy has sold a 15 per cent interest in the Manibridge Project to Mistango for $2.25 million. The company can re-acquire the interest from Mistango before April 30th, 2024.
Metal Energy (MERG) is up 12.50 per cent trading at $0.04 per share as of 11:25 am EST.
CanAlaska Uranium (CVV) is down 1.27 per cent trading at $0.39 per share as of 11:27 am EST.