HIGHLIGHTS

• Alaska Energy Metals has received results for two additional diamond drill holes from its 2023 exploration program at Nikolai; in total, assay results for six drill holes have been received and two remain pending.
• Assay results from drill hole EZ-23-004 returned the following downhole intersection: 317.2 meters @ 0.34% Nickel Equivalent (0.23% Ni, 0.08% Cu, 0.02% Co, 0.109 g/t Pd, 0.049 g/t Pt and 0.012 g/t Au). The Core Eureka Zone, included in the intersection above, graded 93.0m @ 0.40% NiEq (0.26% Ni, 0.13% Cu, 0.02% Co, 0.34% Cr, 10.51% Fe, 0.164 g/t Pd, 0.069 g/t Pt and 0.020 g/t Au). EZ-23-004 was collared approximately 560m southeast of EZ-23-002.
• Assay results from drill hole EZ-23-006 returned the following downhole intersection: 192.5m @ 0.30% NiEq (0.21% Ni, 0.05% Cu, 0.02% Co, 0.078 g/t Pd, 0.039 g/t Pt and 0.012 g/t Au). EZ-23-006 was collared approximately 300 meters northwest of EZ-23-002.
• The results from holes EZ-23-002, EZ-23-004, & EZ-23-006 confirm the consistency of mineralization spanning 860m of strike length along the Eureka Zone. The mineralization remains open in all directions.

Alaska Energy Metals President & CEO Gregory Beischer commented: “These two holes further increase the drilled strike extent of the Eureka Zone to 860m. With results from the remaining two drill holes anticipated soon, we can begin calculating an updated Inferred Resource and complete metallurgical studies. Drilling results are consistent with historical drill holes, which intermittently trace out a strike extent of more than 10 kilometers for the mineralized zone. The nickel–copper sulfide mineralization is remarkably homogeneous.”

Alaska Energy Metals Corporation (TSX-V: AEMC) (OTCQB: AKEMF) announced assay results from drill holes EZ-23-004 & EZ-23-006.

The holes were drilled as part of the Company’s 2023 exploration program at its 100% owned Nikolai Nickel Project in Central Alaska (Figure 1). Eight diamond drill holes were drilled during the campaign, with results from six holes now received and results from two holes pending.

Figure 1. Nikolai Project – Property Location Map

SUMMARY

• These new results further demonstrate the Eureka Zone remains consistent and homogeneous, as indicated by historical drilling on the property.
• EZ-23-004 was drilled ~560m southeast of EZ-23-002 to test mineralization continuity along strike to the southeast (Figure 2).
• EZ-23-006 was drilled ~300m northwest of EZ-23-002 to test mineralization continuity along strike to the northwest (Figure 2).
• The results from these holes have confirmed mineralization continuity along an 860m strike length on the Eureka Zone, with the mineralization remaining open in all directions.

To date, AEMC has received assay results for six of the eight drill holes completed during the 2023 exploration campaign. Assay results for EZ-23-001 & EZ-23-002 and drill hole locations for the 2023 exploration campaign can be found in AEMC’s October 16, 2023 press release. Assay results for EZ-23-003 & EZ-23-005 can be found in AEMC’s October 30, 2023 press release.

Figure 2. Drill hole location map showing estimated true thicknesses, calculated NiEq grades, surface geology and surface trace of Eureka Zone 2 mineralization. PNI and FL 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-23-004 SUMMARY

• EZ-23-004 drilled into 28.9m of overburden and then weakly mineralized pyroxenite-rich unit from 28.9m to 37.9m. The main mineralized Eureka zone was intersected from 37.9m to 355.1m downhole, with assays grading 317.2m (304.9m estimated true thickness) @ 0.34% NiEq (0.23% Ni, 0.08% Cu, 0.02% Co, 0.33% Cr, 10.14% Fe, 0.109 g/t Pd, 0.049 g/t Pt and 0.012 g/t Au) (Table 1 and Figure 3).
• The main mineralized Eureka zone intersection contains a central, higher-grade zone, included in the intersection above, with assays grading 93.0m @ 0.40% NiEq (0.26% Ni, 0.13% Cu, 0.02% Co, 0.34% Cr, 10.51% Fe, 0.164 g/t Pd, 0.069 g/t Pt and 0.020 g/t Au).
• 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 2. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite intrusive rock phase from 355.1m to 366.7m.
• Disseminated sulfides increase within a serpentinized pyroxenite/peridotite intrusion from 366.7m to 434.3m (EOH). This lower pyroxenite/peridotite unit assayed 67.6m @ 0.23% NiEq (0.16% Ni, 0.03% Cu, 0.02% Co, 0.41% Cr, 10.04% Fe, 0.022 g/t Pd, 0.032 g/t Pt and 0.006 g/t Au) and is still open at depth.
• The mineralization is currently open in all directions.

Table 1. Significant Intersections from EZ-23-004 & EZ-23-006

 Figure 3. Cross section through EZ-23-004. Location of section line A-A’ displayed on Figure 2. The Main Eureka Zone (EZ2) has a higher-grade core of 0.40% NiEq over 89.4m estimated true thickness within an envelope of lower grade (0.30-0.32% NiEq) metal concentration, for an estimated true width of 304.9m. Note: Chrome and iron are reported in the drilled interval but are not included in the NiEq calculation.

HOLE EZ-23-006 SUMMARY

• EZ-23-006 drilled into 4.2m of overburden and then into a poorly mineralized gabbro from 4.2m to 78.0m. Multiple late-stage porphyritic basaltic dikes were intersected in this gabbroic unit from 7.6m to 64.7m. The gabbroic unit transitioned into a weakly mineralized pyroxenite-rich unit from 78.0m to 129.1m.
• The Eureka zone was intersected from 129.1m to 321.6m downhole, with assays grading 192.5m (184.1m estimated true thickness) @ 0.30% NiEq (0.21% Ni, 0.05% Cu, 0.02% Co, 0.31% Cr, 9.80% Fe, 0.078 g/t Pd, 0.039 g/t Pt and 0.012 g/t Au (Table 1 and Figure 4).
• The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides. The Core Eureka Zone was not distinguishable in this intercept.
• Disseminated sulfides began to increase within a lower serpentinized peridotite intrusion from 340.2m to 480.7m (EOH). This lower peridotite unit assayed 140.5m @ 0.23% NiEq (0.17% Ni, 0.01% Cu, 0.02% Co, 0.46% Cr, 9.86% Fe, 0.017 g/t Pd, 0.030 g/t Pt and 0.005 g/t Au). EZ-23-006 was the deepest hole drilled into the EZ3 mineralization, with Ni and Cr grades increasing with depth into the lower intrusion. This opens the potential of exploration drilling along the base of the EZ3 mineralization to test for higher grades than seen near the top of the intrusion.
• The mineralization is currently open in all directions from EZ-23-006.

Figure 4. Cross section through EZ-23-006. Location of section line B-B’ displayed on Figure 2. Note: Chrome and iron are reported in the drilled interval but are not included in the NiEq calculation.

Core Processing & Quality Assurance and Quality Control:

AEMC adheres to stringent Quality Assurance – Quality Control standards for its Nikolai Nickel Project to ensure the best practices for logging, sampling, and analysis of samples. For every 10 core samples, geochemical blanks, coarse reject or pulp duplicates, or Ni-Cu-PGE-Au certified reference material standards (CRMs) are inserted into the sample stream.

Drill core was flown by helicopter daily from drill sites and transported in secured wooden core boxes to the core logging facilities in Delta Junction, Alaska. Detailed logging and sampling data are captured on tablets using MX Deposit software. Samples are labeled by geologists and sawn in half with a diamond blade, with half being inserted into a labeled, bar-coded sample bag. The other half of the core is returned to the wooden boxes for archive. Samples are transported to SGS Laboratories in Burnaby, BC, utilizing a contracted transportation carrier.

Once samples are received at the laboratory, they are weighed, dried, and crushed to 75% passing 2mm. The samples are then riffle split and pulverized to 85% passing 75 microns. The samples are pulverized in a zirconia bowl, to prevent the contamination of Fe and Cr. Au, Pt, & Pd are analyzed by fire assay with ICP-AES finish (GE_FAI30V5). Ag is analyzed using a 4-acid digest with AAS finish (GE_AAS42E50). The remaining 30 elements are analyzed using sodium peroxide fusion with ICP-AES finish (GE_ICP90A50).

Qualified Person:

Gabriel Graf, the Company’s Chief Geoscientist, is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release.

About Alaska Energy Metals

Alaska Energy Metals Corporation is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold. Located in central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals for the American market.