Mineral Resource Estimate Increased For The Eureka Deposit – Nikolai Nickel Project

Mineral Resource Estimate Increased For The Eureka Deposit – Nikolai Nickel Project

VANCOUVER – Energy Metals Corporation reported on an updated independent mineral resource estimate prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for its Eureka Deposit, Nikolai Nickel Project in Alaska.

The 2024 MRE contains an addition of 813 million tonnes of indicated resource, 896 million tonnes of inferred resource (an increase of 180%), and a strip ratio decrease, when compared with the maiden resource published in 2023. The study includes 35 historical drill holes, the data for which the Company purchased in August 2023, and eight diamond drill holes (totaling 4,138 meters) drilled on the project in 2023.

President & CEO, Gregory Beischer, said, “In less than a year, we have taken an exploration concept to a substantial deposit of nickel and other critical metals. The mineral resource estimate update has produced a 180% increase in the Inferred tonnage, and added substantial, new Indicated tonnage to the deposit. The update increases the nickel metal content of the deposit to over 8 billion pounds (more than 3.7 million metric tonnes) with only a 0.01% grade decrease and a notably lower strip ratio. 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 known nickel deposits in the United States. 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 renewable energy storage batteries and a myriad of other uses. This significant achievement speaks volumes to the hard work our team has put into the project over the past year. I am particularly encouraged by the delineation of a higher-grade core zone. The presence of this core zone could dramatically affect project economics in a positive way.”