HIGHLIGHTSEffective February 12, 2024*NiEq = (Ni%) + (Cu% * 0.31) + (Co% * 1.46) + (Pt% * 1,103) + (Pd% * 1,907) + (Au% * 2,153)
A sensitivity analysis for Indicated and Inferred mineral resources are provided in Table 2 and Table 3 respectively, which demonstrates the variation in grade and tonnage in the deposit at various cut-off grades. Constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. The values in the table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. All figures are rounded to reflect the relative accuracy of the estimate.Effective February 12, 2024Effective February 12, 2024
Figure 1.
Figure 2.
Figure 3.The geologic model used for reporting of mineral resources is a 3D block model that was developed using LeapFrog Edge version 2023.1.1 and MinePlan version 16.1.1. The block model was developed using the UTM NAD83 6N and is in metric units. The block size is 40 m (X), 10 m (Y) and 10 m (Z) rotated by 26 degrees toward the east to align the X-axis along strike at 118 degrees. The block model captures three mineralized ultramafic intrusive bodies (“zones” or “solids”) that dip towards the southwest at between 45° and 50°. These three zones are called Eureka Zone 1 (EZ1), Eureka Zone 2 (EZ2) and Eureka Zone 3 (EZ3) from south to north across the deposit, respectively. The mineralized zones were built using Seequent’s Leapfrog Geo software from a drillhole database of 43 drillholes. Mineral sample assays have been validated for 36 of the 43 drillholes and assay data from these holes has been used to estimate grades for nickel (Ni), copper (Cu), cobalt (Co), platinum (Pt), palladium (Pd), gold (Au), silver (Ag), iron (Fe) and chromium (Cr). All metals, excluding Ag, Fe and Cr, have been used to calculate a NiEq grade based on average (24 month) market prices. Ag and Au grades were capped prior to estimation at 0.6 parts per million (ppm) for Ag and 0.03 ppm for Au within EZ1. Ni is approximately 77% of the total in-situ value of the metals included in the equivalent grade calculation.The 2024 MRE has been prepared by Derek Loveday, P. Geo. (the “QP”) of Stantec Consulting Services Inc. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with NI 43-101. The QP is not aware of any environmental, permitting, legal, title, taxation, socio‐economic, marketing, political, or other relevant issues that could potentially affect the 2024 MRE. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.All deposits in the 2024 Resource contain desirable nickel sulfide mineralization consisting of thick, layered horizons of nickel and copper sulfides, which are enriched in cobalt, chrome, iron, platinum, palladium, and gold. Preliminary deportment assessments for the Eureka Zone 2 mineralization have been completed by Pure Nickel Inc. in 2014 (see Pure Nickel’s press release dated April 22, 2014) and by the Company in 2022 (see press release dated September 29, 2022). Results from these two assessments (Table 4) indicate an average of 83.4% of the total nickel is in potentially recoverable mineral phases of Ni-sulfides and Ni-Fe alloys. The Company also analyzed copper deportment, with an average of 74% of the total copper in potentially recoverable mineral phases of Cu-sulfides and Cu-oxides. Additional deportment studies and bench scale metallurgical testing are on-going using core samples collected from the Company’s 2023 drill program. Results from these studies will be released when completed.CHROME AND IRONChrome and iron have been identified as potentially significant co-products of mineralization at the Nikolai Nickel Project. Data the Company purchased in August 2023 had incomplete iron assay data and the analytical methods used to determine the concentration of chrome prevented the assessment of these elements in the 2024 MRE. The drilling completed by the Company in 2023 indicated an increase from 0.18% to 0.28% in the mean chrome assays and an increase from 8.2% to 8.8% in the mean iron assays relative to the historical purchased data. AEMC will continue to evaluate the chrome and iron data from the 2024 infill drill program, which is currently being planned. The Company has the objective of integrating these elements in future resource updates.The MRE has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements under United States securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards.Alaska Energy Metals Corporation is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold. Located in central Alaska near existing transportation and power infrastructure, the Nikolai Nickel project is well-situated to become a significant, domestic source of critical and strategic energy-related metals for the American market.“Gregory Beischer”Gregory Beischer, President & CEOGregory A. Beischer, President & CEO
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