Alaska Energy Metals Corporation 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. Eight diamond drill holes were drilled during the campaign, with results from six holes now received and results from two holes pending.

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. EZ-23-006 was drilled ~300m northwest of EZ-23-002 to test mineralization continuity along strike to the northwest.

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. 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).

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. 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.

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.