02:55 PM EDT, 10/01/2024 (MT Newswires) -- Alaska Energy Metals ( AKEMF ) , trading near 52 week lows, said Tuesday it has completed its drilling program to test certain targets at the Canwell block of claims that form part of its Nikolai Project in Alaska.

According to a statement, three drill holes totalling 1,048 meters were completed at Canwell, including the Emerick, Odie and Upper Canwell prospects. It said the drill holes at Odie and Upper Canwell reached the planned target depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. Assay results will be published later this quarter, it added.

The company said it has also completed downhole electromagnetic (DHEM) surveys on one drill hole at the Upper Canwell prospect. These surveys will help the company determine if other zones of sulfide mineralization may exist near the drill holes and aid in planning for follow-up drilling. Final survey results and interpretations will be available later in the fourth quarter of 2024.

The company has issued 1 million AEMC shares and paid US$125,000 to the owner of the Canwell claim block. AEMC may purchase a 100% interest in the claims by making one further cash payment of US$250,000 and issue one million AEMC shares and undertake further exploration expenditures of US$1.2 million.