Alaska Energy Metals Acquires 100% Of The Canwell Ni-Cu-Co-Pge Claim Block, Nikolai Nickel Project, Alaska
Alaska Energy Metals has closed the full acquisition of the Canwell claim block, adding 49 Alaska mining claims near its Eureka deposit.
Rhea-AI Summary
Alaska Energy Metals (AKEMF) has acquired 100% of the Canwell claim block at its Nikolai Nickel Project in Alaska.
The transfer follows completion of an option agreement under which the company paid a total of 7.0 million AEMC shares, US$500,000 in cash and a US$50,365 inflation adjustment, and exceeded a minimum exploration work commitment of US$3,200,000. The vendor is granted a 3% royalty, which may be bought out for US$9 million. The Canwell property comprises 49 State of Alaska mining claims covering 3,172 hectares, located about 30 km from the Eureka deposit in the Delta River Mining District.
In 2024, three drill holes totaling 1,048 m intersected ultramafic and mafic rocks with disseminated to net-textured sulfide mineralization, but no high-grade massive sulfides. The company states that these results support further drilling at Canwell.
Positive
- 100% ownership of the Canwell claim block secured after option completion
- Acquisition consideration defined as 7.0 million shares plus US$550,365 in cash and adjustment
- Exploration commitment of at least US$3.2 million was exceeded on the property
- 2024 program drilled 1,048 m, confirming ultramafic/mafic rocks with sulfide mineralization
Negative
- Canwell vendor retains a 3% royalty, cancellable only with a US$9 million payment
- 2024 drilling intersected sulfides but no high-grade massive sulfide zones were found
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / September 16, 2026 / Alaska Energy Metals Corporation (TSX-V:AEMC)(OTCQB:AKEMF) ("Alaska Energy Metals" or the "Company") is pleased to announce that it has completed the purchase of the Canwell claim block, a key part of the Nikolai Nickel Project, which is known to host high grade nickel (Ni) - copper (Cu) - platinum-group metal (PGE) mineralization (as documented in the Company's January 4, 2024 press release). The claim block has been the subject of an option agreement originally announced February 4, 2022 between AEMC predecessor Millrock Exploration Inc., and prospector David Johnson, as amended January 21, 2024 and August 15, 2025. With the final option payment having been made, a
The Canwell claim block is located ~30 kilometers from the company's Eureka Deposit, located in the Delta River Mining District in Alaska (Figure 1). The property covers 49 State of Alaska mining claims (3,172 hectares).
Gregory Besicher, President and CEO, commented: "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.
Figure 1. Nikolai Nickel Project - Property Location Map
At Canwell, Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes and sills and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie, and Canwell Ridge. Additionally, the property holds potential for Besshi-type Volcanic Massive Sulfides (VMS) in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence.
In 2024, the company drilled three holes for a total of 1,048 meters on the Emerick, Odie and Upper Canwell targets. The drill holes at Odie and Upper Canwell reached the planned targets depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. Logging of the drill core indicates that the drill holes intersected ultramafic and mafic rocks previously mapped on the surface. Sulfide mineralization has been observed in the drill holes and ranges from disseminated, blebby and net-textured sulfides. Full results from the 2024 drill program can be found in the Company's press release dated November 12, 2024.
While no high-grade massive sulfides were revealed in the drilling, it provided confirmation for the potential of additional nickel mineralizing systems across the Nikolai district. The 2024 drilling results provide justification for additional drilling at Canwell with the goal of expanding disseminated sulfides zones and testing for massive sulfide mineralization.
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 reviewing and approving the technical information contained in this news release.
For additional information, visit: https://alaskaenergymetals.com/
ABOUT ALASKA ENERGY METALS
Alaska Energy Metals Corporation (AEMC) is an Alaska-based corporation with offices in Anchorage and Vancouver working to sustainably deliver the critical materials needed for national security and a bright energy future, while generating superior returns for shareholders.
AEMC is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Nikolai Project Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold. Located in Interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well-situated to become a significant domestic source of strategic metals for North America. AEMC also holds a secondary project in western Quebec; the Angliers - Belleterre project. Today, material sourcing demands excellence in environmental performance, technological innovation, carbon mitigation and the responsible management of human and financial capital. AEMC works every day to earn and maintain the respect and confidence of the public and believes that ESG performance is measured by action and led from the top.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-609-7149
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, that the Company will do more exploration and drilling work on the Canwell claim block. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include but are not limited to uncertainty relating to the estimation of mineral resources, regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Alaska Energy Metals Corporation
View the original press release on ACCESS Newswire
FAQ
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What are the key terms of the Canwell claim block acquisition?
The company has earned a 100% interest in the Canwell claims after making the final option payment. Total consideration consists of 7.0 million AEMC shares, US$500,000 in cash and a US$50,365 inflation adjustment. The vendor is granted a 3% royalty, which can be extinguished by a single payment of US$9 million.
Where is the Canwell claim block located and what does it cover?
The Canwell claim block lies in the Delta River Mining District in Interior Alaska, about 30 km from the company’s Eureka deposit. It consists of 49 State of Alaska mining claims covering approximately 3,172 hectares.
What did the 2024 drilling program at Canwell accomplish?
In 2024, three drill holes totaling 1,048 m were completed at the Emerick, Odie and Upper Canwell targets. Holes at Odie and Upper Canwell reached their planned depths, while the Emerick hole was stopped early due to very poor ground conditions. Core logging shows intersections of ultramafic and mafic rocks with disseminated, blebby and net-textured sulfide mineralization. The company said these results support further drilling to expand disseminated sulfide zones and test for massive sulfide mineralization.
Who is the qualified person for the technical information in this release?
Gabriel Graf, the company’s Chief Geoscientist, is the qualified person under National Instrument 43-101 responsible for reviewing and approving the technical information in the announcement.