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Alaska Energy Metals Completes Acquisition of Angliers Project

Alaska Energy Metals Corporation has completed its acquisition of 100% of 1413336 BC Ltd’s issued and outstanding stocks. The acquisition of 141 BC was accomplished through a Share Exchange Agreement dated November 7th, 2023, between the company, 141 BC, and the security holders of 141 BC. 141 BC is a wholly owned subsidiary of the Company, and its assets include the Angliers-Belleterre nickel-copper property in western Quebec and roughly $2.8 million in cash.

Alaska Energy Metals Completes Acquisition of Angliers Project
Claim map on airborne magnetic base map showing potential extension of Midrim nickel–copper deposit host stratigraphy onto Angliers project claims, and elevated nickel in rock samples in northern magnetic belt. Image Credit: Alaska Energy Metals Corporation

AEMC has issued a total of 31,827,720 AEMC shares (the “Consideration Shares”) and 4,105,958 AEMC warrants to the security holders of 141 BC on a one-to-one (1:1) basis for their existing shares and warrants of 141 BC as part of the acquisition of 100% of the issued and outstanding securities of 141 BC. The Consideration Shares have a presumed price of $0.315 per share.

A three-year escrow hold period applies to 24,000,001 of the Consideration Shares. 10% of the escrowed securities are releasable at the time of the Final TSX-V Bulletin, and 15% of the escrowed securities are releasable every six months after that until the Consideration Shares are released in whole.

  • 7,827,719 of the Consideration Shares are contractually held for 60 days.
  • After the date of issuance, the warrants can be exercised at $0.80 for a period of two years.
  • There are no finder’s fees associated with this deal.
  • Three kilometers of the Angliers project’s outer boundaries will be covered by the area of mutual interest that the parties have agreed to for a period of five years.

The management believes that AEMC will benefit more from low-cost flow-through capital and be qualified for exploration expense refunds because it owns a property in Quebec.

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.

Gregory Beischer, President and Chief Executive Officer, Alaska Energy Metals Corporation

The Company has received conditional approval from the TSX Venture Exchange to complete this acquisition. It has been allowed to close the acquisition in exchange for the company’s commitment to not post the National Instrument 43-101 Technical Report conducted on the Angliers Project on SEDAR+ until all outstanding TSX-V comments have been resolved.

A 2.5% net smelter returns production royalty is applied to the property; this fee can be lowered to 1.5% by giving the royalty holders $1.5 million.

Angliers Property

The expansive Angliers property is made up of 454 claims that total 24,182.64 hectares, situated close to the Ontario border in the western Quebec region of Temiscamingue, in the townships of Angliers and Belleterre. The claim block is located with the town of Angliers at its northern end and St. Eugene de Guiges at its southern end. Gravel roads and paved highways make access easier.

The Baby Group’s Archean volcanic stratigraphy includes differentiated gabbro rocks and komatiitic ultramafic flow rocks in a region that is thought to be a mantle plume (MB 2020-12, published by geologists Richer-Lafleche, Moorhead, and Goutier of the Quebec Ministry of Natural Resources and Forests).

Numerous base metal deposits, ranging from polymetallic volcanogenic massive sulfide deposits to magmatic nickel–copper deposits, are known to be localized in mantle plume locations.

The plume area extracted mantle-derived magmas that showed geochemical signs of “primitive” trace elements in mafic-ultramafic rocks. The report MB2020-12 documents primitive rock chemistry. Important rock types for the nickel deposits in the Kambalda district of Australia are komatiites, which are ultramafic lava flows, and gabbroic rocks rich in magnesium.

The Angliers project may fall under the same genetic pattern. Numerous high-grade huge sulfide deposits can be found in the affluent Kambalda district.

Several prospects between one and three kilometers east of the Angliers project have been found to contain nickel sulfides. According to airborne magnetic studies, the stratigraphy supporting these possibilities most likely continues beneath a deeper layer of overburden cover onto the Angliers property.

The claim block’s northern region contains a strip of strongly magnetic rocks. The Quebec government’s sampling program has revealed that rock samples along a six-kilometer trend contain significantly anomalous nickel.

141BC recently carried out an analysis and synthesis of data using “artificial intelligence.” The work’s findings helped concentrate future exploration efforts by highlighting the potential of the northern and southern mineralized trends. After gathering all publicly accessible data, AEMC will conduct focused geophysical investigations to identify potential drilling sites.

The Angliers site has the potential for gold and polymetallic volcanogenic massive sulfide deposits in addition to magmatic nickel-copper deposits.

Flow–Through Financing and Exploration Rebates

By obtaining flow-through funding, AEMC will be able to finance exploration through a project in Quebec. To promote mineral development, particularly for vital metals like nickel, the company will also be able to benefit from some of the exploration cost refunds provided by the Quebec government.

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