HIGHLIGHTS

• Alaska Energy Metals received assay results from two of four drill holes completed during the 2024 Eureka resource expansion drill program. Assay results confirm the continuation of the higher-grade core zone ~600 meters to the southeast. Core zone estimated true thickness intersections include:
  • EZ-24-009 - 67.3 meters @ 0.39% nickel equivalent (NiEq) (0.25% Ni, 0.14% Cu, 0.019% Co, 0.156 ppm Pd, 0.061 ppm Pt and 0.030 ppm Au), plus 0.34% Cr and 10.13% Fe
  • EZ-24-010 - 72.5 meters @ 0.39% NiEq (0.25% Ni, 0.14% Cu, 0.020% Co, 0.154 ppm Pd, 0.061 ppm Pt and 0.023 ppm Au), plus 0.35% Cr and 10.90% Fe
• Coarse-grained magmatic sulfides have been intersected for the first time at the Eureka Zone. These sulfides were intersected at the top of the core zone near the contact with a late-stage gabbroic dike. The sampled interval assayed:
  • EZ-24-009 - 5.3 meters @ 0.63% NiEq (0.45% Ni, 0.19% Cu, 0.025% Co, 0.267 ppm Pd, 0.032 ppm Pt and 0.018 ppm Au), plus 0.50% Cr and 10.06% Fe,; Including 0.9 meter @ 0.95 NiEq (0.72% Ni, 0.18% Cu, 0.035% Co, 0.398 ppm Pd, 0.030 ppm Pt and 0.011 ppm Au), plus 0.47% Cr and 10.61% Fe
• Significant estimated true thicknesses of polymetallic mineralization for entire Eureka Zone 2 mineralization intercepts include:
  • EZ-24-009 - 308.2 meters @ 0.30% NiEq (0.21% Ni, 0.08% Cu, 0.017% Co, 0.089 ppm Pd, 0.040 ppm Pt and 0.017 ppm Au), plus 0.30% Cr and 9.59% Fe
  • EZ-24-010 - 320.8 meters @ 0.31% NiEq (0.22% Ni, 0.07% Cu, 0.017% Co, 0.095 ppm Pd, 0.040 ppm Pt and 0.014 ppm Au), plus 0.32% Cr and 10.01% Fe

VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) ("AEMC” or the "Company”) is pleased to announce assay results from drill holes EZ-24-009 & EZ-24-010. The holes were drilled as part of the Company's 2024 Eureka resource expansion drill program at its 100% owned Nikolai Project in Central Alaska (Figure 1). Four diamond drill holes, totaling 1597.6 meters (m), were drilled during the exploration campaign (Figure 2). Results from drill holes EZ-24-011 and EZ-24-012 are pending and will be released up receipt and validation.

Figure 1. Nikolai Project - Property Location Map

SUMMARY

• These new results have extended the total strike length of the higher-grade core zone to approximately 2.0 kilometers (km). The mineralization of the Eureka Deposit continues to remain consistent and homogeneous.
• The results have confirmed mineralization continuity along a 600 m strike length to the southeast of the current Mineral Resource Estimate (2024 MRE) - Nikolai Mineral Resource Estimate Technical Report Amended and Updated, Derek Loveday and Allan Schappert, April 12th, 2024 - and will likely result in a significant expansion of the indicated resource.
• Coarse-grained magmatic sulfides were intersected in EZ-24-009, indicating there may be a coarser sulfide and/or remobilized mineralization component of the system for future exploration targeting.

Figure 2. Diamond drill rig on the Eureka Deposit, Nikolai Project.

Table 1. Drill locations, azimuth and total depth for 2024 Eureka Resource Expansion Drilling

Figure 3. Drill hole location map showing estimated true thicknesses, calculated NiEq grades, and 2024 MRE block model. Fe and Cr are not included in NiEq calculations. PNI drill assay results were reported by Pure Nickel Inc. in a press release dated October 29th, 2013. The Company's Qualified Person has independently verified the assay data reported by Pure Nickel Inc. and has determined the quality assurance and quality control data to be acceptable.

HOLE EZ-24-009 SUMMARY

• EZ-24-009 was drilled ~300 meters to the southeast of EZ-23-004 to verify the extension of the higher-grade core zone from the 2024 MRE.
• The hole drilled into 7.9 m of overburden and then into interfingering of gabbro and pyroxenite from 7.9 m to 53.9 m. The main mineralized Eureka zone was intersected from 53.9 m to 378.0 m downhole, with assays grading:
  • 324.1 m (308.2 m estimated true thickness) @ 0.30% NiEq (0.21% Ni, 0.08% Cu, 0.017% Co, 0.089 ppm Pd, 0.040 ppm Pt and 0.017 ppm Au), plus 0.30% Cr and 9.59% Fe (Table 2 and Figure 4).
• The main mineralized Eureka zone intersection contains a core, higher-grade zone, included in the intersection above, with assays grading:
  • 70.8 m (67.3 m estimated true thickness) @ 0.39% NiEq (0.25% Ni, 0.14% Cu, 0.019% Co, 0.156 ppm Pd, 0.061 ppm Pt and 0.030 ppm Au), plus 0.34% Cr and 10.13% Fe
• Near the top of the core, higher-grade zone, coarse-grained magmatic sulfides (Figure 5) were intersected. These sulfides assayed:
  • 5.6 m (5.3 m estimated true thickness) @ 0.63% NiEq (0.45% Ni, 0.19% Cu, 0.025% Co, 0.267 ppm Pd, 0.032 ppm Pt and 0.018 ppm Au), plus 0.50% Cr and 10.06% Fe, including:
    • 1.0 m (0.9 m estimated true thickness) @ 0.95% NiEq (0.72% Ni, 0.18% Cu, 0.035% Co, 0.398 ppm Pd, 0.030 ppm Pt and 0.011 ppm Au), plus 0.47% Cr and 10.61% Fe
• The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 10% disseminated sulfides within the Core Eureka Zone. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite and wehrlite intrusive rock phase from 378.0 m to 451.7 m (EOH).
• The mineralization is currently open in all directions.

Figure 4. Cross section through EZ-24-009. Location of section line A-A' displayed on Figure 3. Fe and Cr are not included in NiEq calculations

Figure 5. Coarse-grained magmatic sulfides at 164.7-165.7 meters downhole in EZ-24-009

HOLE EZ-24-010 SUMMARY

• EZ-24-010 was drilled ~300 meters to the southeast of EZ-24-009 to verify the continued extension of the higher-grade core zone.
• The hole drilled into 7.5 m of overburden and then into interfingering of gabbro and pyroxenite from 7.9 m to 51.2 m. The main mineralized Eureka zone was intersected from 45.7 m to 383.1 m downhole, with assays grading:
  • 337.4 m (320.8 m estimated true thickness) @ 0.31% NiEq (0.22% Ni, 0.07% Cu, 0.017% Co, 0.095 ppm Pd, 0.040 ppm Pt and 0.014 ppm Au), plus 0.32% Cr and 10.01% Fe (Table 3 and Figure 6).
• The main mineralized Eureka zone intersection contains a core, higher-grade zone, included in the intersection above, with assays grading:
  • 76.2 m (72.5 m estimated true thickness) @ 0.39% NiEq (0.25% Ni, 0.14% Cu, 0.020% Co, 0.154 ppm Pd, 0.061 ppm Pt and 0.023 ppm Au), plus 0.35% Cr and 10.90% Fe
• The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 6% disseminated sulfides within the Core Eureka Zone. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite and wehrlite intrusive rock phase from 383.1 m to 438.8 m (EOH).
• A downhole electromagnetic survey was completed on the entire length of the drill hole. An anomaly was detected below the hole at ~375 m. Maxwell plate modeling was unable to resolve the orientation and size of the anomaly. Further evaluation of this anomaly is ongoing.
• The mineralization is currently open in all directions.