Alaska Energy Metals Announces Assays From Surface Rock Sampling and Geophysical Survey Results at the Canwell Property, Nikolai Nickel Project, Alaska

HIGHLIGHTS:

• Three excellent prospects for high-grade mineralization have been revealed: the Canwell, Odie and Emerick prospects.
• Surface rock sample assay results exceeding 5% nickel and 5% copper at the Canwell prospect.
• Geophysical surveys reveal strong conductive zones with magnetic highs beneath surface nickel-copper anomalies.
• High-potential drill targets have been developed to test for high-grade mineralization in summer 2024.

VANCOUVER, British Columbia, Jan. 04, 2024 -- Alaska Energy Metals Corp. (TSX-V: AEMC, OTCQB: AKEMF) ("AEMC" or the "Company") is pleased to announce it has received assay results from rock samples collected on the Canwell block of claims (Property) during summer 2023. The Company has also received results for its 2023 Controlled-source Audio-frequency Magnetotellurics (CSAMT) and Time-Domain Electromagnetic (TEM) ground-based geophysical survey program on the Canwell Property. Test surveys were also done on the Eureka Property. Together, the Canwell and Eureka Properties form the Nikolai Nickel Project, which is located approximately 130km south of Delta Junction, Alaska, within the Delta River Mining District, Interior Alaska (Figure 1).

Alaska Energy Metals President & CEO Gregory Beischer commented: "The surface sampling results confirm high-grade historical results, but it is the geophysical program results that are really exciting. The geophysical surveys strongly suggest that the high-grade mineralization extends below surface, beneath prior, historical drilling. To test for higher grade nickel and copper mineralization, we intend to drill these geophysical anomalies at the Canwell, Odie and Emerick prospects in 2024. It is notable that the sulfide mineralization is also strongly enriched in platinum group elements."

Figure 1. Nikolai Project Property Location Map

The Company's 2023 geophysical program was designed to test CSAMT responses over known mineralization, as well as to identify untested targets. A two-stage approach was adopted, utilizing CSAMT as the first stage to designate low resistivity areas of ultramafic rocks in the subsurface and to define potential major fault structures. The second stage utilized TEM over low-resistivity zones defined in the CSAMT. This targeted approach was to locate potential ultramafic rocks and then observe electromagnetic responses that may reveal a conductive mineralized body. Multiple untested targets have been defined from the survey, with plans to test these targets during the 2024 exploration program. Figure 2 provides an overview of the CSAMT and TEM survey grid, interpreted TEM anomalies (black dashed lines and anomaly number), CSAMT low-resistivity anomalies (red lines), TEM diffusion grids (color grids), and surface rock sample results from the 2023 program.

Figure 2. Map of CSAMT and TEM grid lines with TEM diffusion current, interpreted TEM anomalies, CSAMT low-resistivity areas and 2023 surface sample locations and results.

CSAMT Line 70150 (Canwell Prospect):
The geophysical line was designed to pass over the Canwell prospect, which has the highest nickel grade in surface and drill core samples collected on the Canwell Property. Surface samples collected during the 2023 exploration campaign are shown in Table 1. These results are consistent with historical samples.

The 2023 geophysical results indicate a high-angle, low-resistivity zone beneath the Canwell prospect. The inversion suggests this narrow zone has a near-vertical to steep southwest dip, with a broad zone of moderately lower resistivity at depth that hints at a possible source for the mineralization. A weak TEM anomaly (1A) at the northern edge of the CSAMT low resistivity anomaly is observed only in the early times in the Z-component. One drill hole is proposed for 2024 to test the entire width of the CSAMT and TEM anomaly, below the shallow historical drilling.

Figure 3. Section view through CSAMT L70150 and TEM Anomaly 1A, displaying historic drill hole nickel intercepts and proposed drill hole for 2024.

Table 1. Results from 2023 Surface Sampling the Canwell Prospect

CSAMT Line 69550 (Odie Prospect):
The geophysical line was designed to pass over the Odie prospect, where significant nickel was encountered in historic surface rock samples and shallow drill core samples. Surface samples collected at the Odie prospect during the 2023 exploration campaign are shown in Table 2. These surface results are consistent with historical samples.

The 2023 geophysical results indicate a prominent low-resistivity feature below the Odie prospect. The inversion suggests the upper portion of the anomaly dips to the southwest and then abruptly changes dip to the north at depth. The TEM profiles show a broad X-component peak over the top of the CSAMT low resistivity (X-component is negative by convention for the southeast side of the loop). The Z and X components are consistent with the up-dip edge of a plate-like source at TEM station 425 (2B). Historical drilling only intersected the shallow, southwest dipping CSAMT anomaly but did return highly anomalous nickel values. Two drill holes are proposed for 2024 to test the width and depth of the CSAMT anomaly.

Figure 4. Section view through CSAMT L69550 and TEM Anomaly 2A & 2B, displaying historic drill hole nickel intercepts and proposed drill holes for 2024.

Table 2. Results from 2023 Surface Sampling the Odie Prospect

CSAMT Line 65550 (Emerick Prospect):
This geophysical line was designed to pass over the Emerick Prospect. The line was continued to the north, over an area where historical DIGHEM surveys indicated zones of good electromagnetic response. However, these zones were never drill-tested. Surface samples along this line, as well as the remaining reconnaissance surface samples collected during the 2023 exploration campaign, are in Table 3.

The results show distinctly lower resistivity along the entire length of the line compared to other lines. From the surface down to 75 meters, the resistivity suggests a thinly layered lithology, likely the volcaniclastic basement rocks in this area. Lower resistivity occurs beneath this layered lithology and is consistent with the location of ultramafic rocks in historical drilling. The TEM shows a coincident peak in the X-component and crossover in the Z-component at TEM station 1300 (3A). Historical mapping in this area has not identified any outcropping ultramafic rocks. However, they may be buried below a layer of volcaniclastics. A crossover/inflection in the Z-component and a broad peak in the X-component is observed at mid-time near TEM station 650 (3B). This area has ultramafic rocks mapped at surface and has been tested by historical drilling to the south, with disseminated mineralization encountered. Further geological mapping and sampling around these anomalies will be completed with two drill holes proposed in 2024 to test these CSAMT and TEM anomalies.

Figure 5. Section view through CSAMT L65550 and TEM Anomaly 3A & 3B, displaying historic drill hole nickel intercepts and proposed drill holes for 2024.

Table 3. Results from 2023 Emerick Prospect and Reconnaissance Surface Sampling

Eureka CSAMT:
In addition to the CSAMT completed on the Canwell Property, two CSAMT lines were completed on the Eureka Property over known mineralization of the Eureka Zone to check the geology and disseminated mineralization signatures (Figure 6). The CSAMT had good correlation with the modeled rock types at the Eureka Zone, with gabbro and pyroxenite rock units having a higher resistivity than the serpentinized peridotite. The Eureka Zone mineralization correlates well with lower resistivity. The lower resistivity is likely a result of serpentinization of the ultramafic rocks and/or the disseminated sulfide mineralization. Additional CSAMT surveys are planned for 2024 to the west of the current Mineral Resource Estimate to locate the faulted Eureka Zone. Surveys are also planned perpendicular to the 2023 surveys to check for feeder systems into the base of the Eureka Zone.

Figure 6. Plan Map (top) and cross section (bottom) through CSAMT Line 1 on the Eureka Property.

Surface Sample Quality Assurance and Quality Control (QA/QC):
Alaska Energy Metals adheres to stringent Quality Assurance - Quality Control ("QA/QC") standards for its Nikolai Nickel Project to ensure the best practices for logging, sampling, and analysis of samples. For every 20 samples, one pulp duplicate sample was inserted.

Surface samples collected were inserted into a labeled, bar-coded samples bag. Information collected for each sample includes geologist collected sample, sample location, rock type, mineralization, and detailed description of the rock sample. Samples were stored at AEMC's secure camp location until they could be sent in for analysis. Samples are transported to SGS Laboratories in Burnaby, B.C. using a contracted transportation carrier.

Once samples are received at the laboratory, they are weighed, dried, and crushed to 75% passing 2mm. The samples are then riffle split and pulverized to 85% passing 75 microns. The samples are pulverized in a zirconia bowl, to prevent the contamination of Fe and Cr. Au, Pt, & Pd are analyzed by fire assay with ICP-AES finish (GE_FAI30V5). Ag is analyzed using a 4-acid digest with AAS finish (GE_AAS42E50). The remaining 30 elements are analyzed using sodium peroxide fusion with ICP-AES finish (GE_ICP90A50).

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, and having reviewed and approved, the technical information contained in this news release.

For additional information, visit: https://alaskaenergymetals.com/

About Alaska Energy Metals
Alaska Energy Metals Corp. is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold at the Nikolai Nickel Project. Located in central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals for the American market. Additionally, the company is exploring the Angliers Nickel Project in Western Quebec.

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: 604-638-3164

Sarah Mawji, Public Relations
Final Edit Media and Public Relations
Email: sarah@finaleditpr.com

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, that it will drill holes to test the Canwell, Odie and Emerick prospects and do more geophysical surveys in 2024. 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 are not guarantees of 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 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.

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