Alaska Energy Metals tables nickel resource estimate, shares up

Alaska Energy Metals Corp. [AEMC-TSXV, AKEMF-OTCQB] has released an updated mineral resource update for its 100%-owned Eureka Deposit at the Nikolai Nickel Project, in Alaska.

The company said total indicated mineral resources stand at 3.87 billion pounds (1.76 million tonnes) of nickel, 1.28 billion pounds (578,783 tonnes) of copper and 303 million pounds (137,438 tonnes) of cobalt, pus 4.0 million ounces of platinum, plus palladium and gold in a constrained model totaling 813 million tonnes at an average grade of 0.29% total NiEq (nickel equivalent), using a 0.20% NiEq cut-off grade.

Total inferred resources stand a 4.22 billion pounds (1.91 million tonnes) of nickel, 1.040 billion pounds (471,736 tonnes) of copper, and 327 million pounds (148,324) tonnnes of cobalt, plus 3.4 million ounces of platinum, plus palladium and gold in a constrained model totaling 896 million tonnes at an average grade of 0.27% NiEq, using a 0.20% NiEq cut-off grade.

Chrome and iron are also present within the deposit, but have not been reported in the 2024 resource due to the lack of historical assay data and analytical methods used.

Alaska Energy Metals shares advanced on the news, rising 2.7% or $0.01 to 38.5 cents on volume of 487,710. The shares trade in a 52-week range of 67 cents and 17 cents.

“In less than a year, we have taken an exploration concept to a substantial deposit of nickel and other critical metals,’’ said Alaska Energy Metals President Greg Beischer. “With this updated mineral resource estimate, the Eureka deposit of the Nikolai Nickel project represents a globally significant accumulation of nickel and has now become one of the larger nickel deposits in the United States,’’ he said. “Nikolai could potentially become an important source of nickel for the USA, catering to the needs of various manufacturing sectors, including stainless steel, electric vehicles, defense components, long-term, grid-scale energy storage batteries and a myriad of other uses.’’

The 2024 mineral resource estimate incorporates three zones [EZ1, EZ2, EZ3] of sulfide mineralization that cover 4.5 kilometres of the Eureka deposit. The Eureka Zone East and Eureka Zone West reported in a 2023 maiden resource estimate are now connected to form one continuous deposit.

The company said a higher-grade core zone has been identified within the EZ2, and it shows continuity along much of the strike of the deposit.  The higher-grade core contains an indicated resource of 211 million tonnes at a grade of 0.34% NiEq and inferred resources of 154 million tonnes at a grade of 0.33% NiEq. This zone will continue to be evaluated as it could positively affect project economics.

All deposits in the 2024 resource estimate contain desirable nickel sulfide mineralization consisting of thick layered horizons of nickel and copper sulfides, which are enriched by cobalt, chrome, iron, platinum, palladium and gold.