Alaska Energy Metals Closes Acquisition of the Angliers-Belleterre Project in Quebec - Seite 2

No finder’s fees are payable for this transaction.

The parties have agreed to an area of mutual interest for a term of five years covering three kilometres of the outer boundaries of the Angliers project.

Management believes that by virtue of owning a Quebec project, AEMC will have greater access to inexpensive flow-through capital and be eligible for rebates on exploration expenditures.

Alaska Energy Metals President & CEO Gregory Beischer commented: “This is an area with which I am highly familiar, having studied it while stationed in Quebec in the late 1990s during my first career with INCO, which at the time was the largest nickel producer globally. We were attracted by the ultramafic flow rocks and the geologic conditions permissive for high-grade massive sulfide deposits. There are some great prospects nearby that clearly show the nickel-copper sulfide deposit-forming processes were operative in the area. It will be exciting to take a modern exploration approach to this project.”

The Company has received conditional approval from the TSX Venture Exchange (the “TSX-V”) to complete this acquisition and has been permitted to close the acquisition in return for the Company’s undertaking that it will not post the National Instrument 43-101 Technical Report conducted on the Angliers Project on SEDAR+ until all remaining TSX-V comments have been resolved.

The property is subject to a 2.5% net smelter returns production royalty that can be reduced to 1.5% by paying the royalty holders $1.5 million.

Angliers Property

The Angliers property is large, consisting of 454 claims covering 24,182.64 hectares. Located in Angliers and Belleterre townships in the Temiscamingue region of western Quebec near the Ontario border. The town of Angliers lies at the northern end of the claim block, and St. Eugene de Guiges at the southern end of the claim block. Access is facilitated by paved highways and gravel roads.

Komatiitic ultramafic flow rocks and differentiated gabbro rocks form part of the Archean volcanic stratigraphy of the Baby Group, in a regional setting thought to be a mantle plume (MB 2020-12 published by the Quebec Ministry of Natural Resources and Forests geologists Richer-Lafleche, Moorhead and Goutier). Mantle plume areas are known to localize a variety of base metal deposits from magmatic nickel–copper to polymetallic volcanogenic massive sulfide deposits. The plume area tapped mantle-derived magmas with “primitive” trace element geochemical signatures in mafic-ultramafic rocks. Primitive rock chemistry is documented in the MB2020-12 report. Komatiites (ultramafic lava flows) and magnesium-rich gabbroic rocks are important rock types for the formation of the Kambalda (Australia) district type of deposit nickel deposits. The same genetic mode may apply at the Angliers project. Kambalda is a very rich district with multiple deposits of high-grade massive sulfide deposits.