Alaska Energy Metals Corporation has completed the purchase of a 100% interest in the Canwell claim block, securing full ownership of the property following the delivery of its final option payment.

The acquisition transfers 49 State of Alaska mining claims covering 3,172 hectares within the Nikolai Nickel Project. To complete the transfer, Alaska Energy Metals issued 7.0 million common shares, paid US$500,000 in cash alongside a US$50,365 inflation adjustment, and granted a 3% royalty that can be extinguished for US$9 million. The minimum exploration work commitment of US$3.2 million required under the option agreement has been exceeded.

The Canwell property is situated approximately 30 kilometres from the company's flagship Nikolai Project Eureka deposit, which hosts a large-scale, bulk tonnage, polymetallic inventory containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold.

Mineralization at Canwell is associated with mafic and ultramafic dikes and sills interpreted as deep-seated feeders to the ultramafic sills found at Eureka. The company’s 2024 drilling program across the Emerick, Odie, and Upper Canwell targets intersected ultramafic and mafic rocks with observed sulfide mineralization, providing the justification for further exploration to test for massive sulfide zones.

"The grades at surface on the Canwell block are compelling and demand more exploration. The Canwell intrusion represents the deepest portion of the magmatic conduit system present at Nikolai and therefore is a highly prospective for rich, massive sulfide deposits."

— Gregory Beischer, President & CEO

Future technical work across the wider project includes sending concentrate samples from locked cycle flotation tests to Lifezone Metals for hydrometallurgical refining amenability testing, alongside the planned completion of an internal economic analysis for the Nikolai Nickel Project.

Read the full announcement: Alaska Energy Metals Acquires 100% Of The Canwell Ni-Cu-Co-Pge Claim Block, Nikolai Nickel Project, Alaska