Business
Enerev5 Metals Announces New Brokered Private Placements and Update on Its "Barbara Bay" Nickel, Copper, Cobalt Project
Toronto, Ontario--(Newsfile Corp. - March 2, 2023) - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENE...
About this update from Enerev5 Metals Inc.
[{"type":"text","content":"Enerev5 Metals Announces New Brokered Private Placements and Update on Its \"Barbara Bay\" Nickel, Copper, Cobalt ProjectToronto, Ontario--(Newsfile Corp. - March 2, 2023) - Enerev5 Metals Inc. (TSXV: ENEV) (OTCQB: ENEVF) (\"Enerev5\" or the \"Company\") announces that it intends to proceed with phase one exploration plans on its wholly owned Barbara Bay project in Quebec consisting of an airborne geophysical survey designed to identify drill ready targets:Enerev5 is exploring for magmatic nickel-copper sulphide along the contact of a large anorthosite intrusion known as the Turtle Anorthosite contact;Historic surface samples taken near this contact returned encouraging nickel, copper and cobalt results as shown in Figure 1 below;These targets are highly conductive and the contact is strongly magnetic, making exploration best suited using a helicopter time domain electromagnetic and magnetic geophysical survey system;Such systems can explore to depths of 300 meters and are ideal for direct drill programs;The airborne survey is planned for mid April 2023 and will cover the entire 60 kilometre contact with a follow-up drill program possible by early summer 2023;The Barbara Bay property is located 100 kilometres northeast of Sept-Iles, Quebec, west of and adjacent to Lake Manitou, an underexplored area of Quebec that regionally hosts Murchison Minerals' HPM nickel-copper-cobalt exploration project to the northwest and Go Metals' HSP nickel-copper exploration project to the northeast.Figure 1 - Selective surface assays near the Turtle Anorthosite contact of the Barbara Bay project.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/7332/156904_b680334e9416d8a0_002full.jpgEnerev5 plans to raise $300,000 of flow through dollars to fund the planned phase one geophysical survey and $250,000 of hard dollars for working capital and administrative expenses the details of which are below.Steve Balch is a qualified person within the meaning of National Instrument 43-101 and is responsible for the technical information contained in this press release. The Company's Barbara Bay project in Quebec comprises about 33,200 hectares of contiguous claims. Please refer to the Company's website, www.enerev5.com, for more information about the Barbara Bay project. The Company plans to issue up to 5,000,000 har...