Metal Energy Mobilizes Second Drill Rig to Advance NIV Copper-Gold Project

en.Wedoany.com Reported - On September 3, Metal Energy deployed a second diamond drill rig at the NIV copper-gold project in the Toodoggone region of British Columbia, Canada, doubling drilling capacity for the approximately four weeks of field work remaining in the 2026 season. As of this mobilization, the company has completed six drill holes totaling approximately 4,200 meters, advancing its original first-phase drilling program of 6,000 meters across 12 holes, while retaining the option to increase drilling footage this season.

The initial drilling program at NIV commenced on June 29, marking the first drilling ever undertaken at the project. The additional rig will be used to accelerate follow-up verification of completed drill holes and priority target areas, while expanding drilling coverage along the approximately 5-kilometer strike length of the NIV system. The company has not yet released assay results from this phase of drilling; results will be released in batches as samples are received, reviewed, compiled, and interpreted, with plans to design an expanded 2027 drilling program based on 2026 drill data.

The NIV project covers more than 12,500 hectares and comprises two mineral claims, NIV and West NIV, with NIV spanning approximately 1,048 hectares and West NIV approximately 11,500 hectares. The project is located approximately 32 kilometers south of Centerra Gold's Kemess mine. Existing exploration data has identified copper, gold, and molybdenum soil geochemical anomalies within the project area that coincide with induced polarization chargeability, resistivity, and airborne magnetic anomalies; some IP surveys have detection depths of approximately 400 meters. The current drilling program is primarily targeting these overlapping geochemical and geophysical anomalies for verification.

Metal Energy completed a financing of approximately C$9.25 million in December 2025, with proceeds allocated to the 2026 initial drilling program at the NIV project and other corporate purposes. Teck Resources and Centerra Gold currently hold approximately 9.9% of Metal Energy's shares each; the company disclosed in August that its cash balance exceeds C$9 million, fully funding the 2026 exploration program.