Alaska Energy Metals Files Updated NI 43-101 Technical Report for the Eureka Deposit, Nikolai Nickel Project, Alaska, USA

Contained nickel for the Eureka Mineral Resource Estimate (“MRE”), effective February 12th, 2024, equals:

• Indicated Resources:         3.9 billion pounds of nickel
• Inferred Resources:           4.2 billion pounds of nickel

VANCOUVER, British Columbia, March 15, 2024 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce that it has filed an Updated National Instrument 43-101 Technical Report (the “Updated Technical Report” or the “Report”) on SEDAR+ for its 100% owned Eureka Property, Nikolai Nickel Project in Alaska, USA.

Highlights of the Updated Eureka Technical Report and MRE include:

• The Eureka West and Eureka East deposits reported in the maiden 2023 MRE are now connected as one deposit measuring 4.5 kilometers (2.8 miles) in length.
• A significant portion of the Eureka MRE has been upgraded from Inferred to Indicated Resource. The Indicated Resource contains:
  • 813 million tonnes grading 0.29% NiEq containing:
  • 3,877 million pounds (1.758 million tonnes) of nickel
  • 1,276 million pounds (578,783 tonnes) of copper
  • 303 million pounds (137,438 tonnes) of cobalt
  • 4.0 million ounces of platinum, plus palladium and gold
• The Inferred Resource increased from 319.6 million tonnes to 896 million tonnes, a 180% increase. The Inferred Resource contains:
  • 896 million tonnes grading 0.27% NiEq containing:
  • 4,225 million pounds (1.916 million tonnes) of nickel
  • 1,040 million pounds (471,736 tonnes) of copper
  • 327 million pounds (148,324 tonnes) of cobalt
  • 3.4 million ounces of platinum, plus palladium and gold
• A higher-grade core, present over the southeastern half of the deposit, has been clearly confirmed and identified. The higher-grade core is open to the southeast, and the Company has plans to drill test this zone in 2024.
• As a consequence of joining the two deposits together, the strip ratio has been reduced from 3.7:1 to 1.5:1.
• Three parallel zones of mineralization are identified (EZ1, EZ2, and EZ3).
• Chrome and iron have been identified as potentially significant co-products of mineralization at the Eureka deposit. AEMC will continue to evaluate the potential to produce a ferrochrome (FeCr) product through ongoing metallurgical testing currently in progress.