Battery Inventory Information – Steel Power (TSXV: MERG) (OTCQB: MEEEF) Studies 5 Drill Holes Intersecting Shallow Excessive-Grade Nickel Mineralization at Manibridge Venture

Toronto, Ontario – January 10, 2023 (Newsfile Corp.) ( Newswire) Steel Power Corp. (TSXV: MERG) (OTCQB: MEEEF) (the “Firm” or “Steel Power”) is happy to announce assay outcomes from 5 drill holes (Desk 1) of the Section Two drill program on the high-grade nickel and copper-cobalt Manibridge venture (the “Venture” or “Manibridge”) within the Thompson Nickel Belt, Manitoba. Section Two’s 10,000 metres drill program was simply accomplished in December 2022.

“The person outcomes are encouraging, however the composite outcomes, with as much as 65% of the host rock being mineralized, show attainable bulk tonnage potential at Manibridge that was by no means thought of beforehand. These assay outcomes show that high-grade nickel sulphide mineralization at Manibridge is steady on strike and alongside dip, and that there are a number of large zones of mineralization throughout the host rock. 4 of the drill holes (MNB024 to MNB028A) had been drilled on the identical part as drill gap MNB003 (spotlight of 0.81% Ni eq over 13.5 m, see information launch August 3, 2022) for a complete of roughly 170 m of mineralization outlined within the dip extent dimension and open at depth. Drill holes MNB028A and MNB026 are two of the highest 4 reported drill holes we have accomplished at Manibridge throughout the drill program, highlighting that mineralization continues to extend as we proceed drilling in the direction of the outdated mine workings,” stated James Sykes, CEO of Steel Power.

Manibridge Section 2 Assay Outcomes
Drill holes MNB026 and MNB028A intersected thick accumulations of composite mineralization outlined over 85 metres and 120 metres drill gap lengths with 63% and 46% of these intervals being mineralized, respectively. The ultramafic/mafic host rocks are sometimes 50 to 150 m thick with a mean 30% of these intervals enriched with nickel sulphide mineralization.

The assay outcomes launched to this point spotlight that mineralization is steady over 170 metres alongside strike and between 100 to 200 m within the dip course.

Mineralization happens as disseminations, net-textured, brecciated, remobilized in foliations and shears, and vein-hosted throughout the mafic to ultramafic host rocks.

Mineralization outlined within the Program is shallow with true vertical depth to mineralization starting from 120 m to 300 m beneath the floor, common depth of 195 m. These outcomes show the shallow nature of potential near-surface improvement.

Drill gap MNB022 was re-sampled primarily based on encouraging spot pattern outcomes (0.1 m intervals, see information launch November 28, 2022). The intervals from 187.5 to 189.5 m and 194.5 to 196.5 m are the re-sampled intervals with assay outcomes exceeding 0.3% Ni over 0.5 m of steady mineralization. All different spot pattern outcomes after re-sampling in bigger intervals had been under the Firm’s reporting cutoffs.

Assay outcomes for drill holes MNB029 to MNB040A are nonetheless pending and will probably be reported after the information has been acquired, reviewed, and authorized.

The Firm is making ready an in depth video to place the outcomes acquired to this point into context and what they imply with respect to world nickel deposits.

Manibridge Section 2 Drill Program Outcomes
A complete of 10,091.6 metres had been accomplished over 36 diamond drill holes, together with 6 deserted drill holes, with all accomplished drill holes having intersected seen nickel sulphides. The drill gap collar places had been all inside 150 to 600 metres of the outdated mine workings. The drill holes focused the shallower components of the Manibridge nickel sulphide system at depths between 100 and 400 metres from floor.

Steel Power is the operator and owns 85% of the Venture with Mistango River Assets Inc., an Ore Group firm, proudly owning the remaining 15%.

Geochemical Sampling Procedures
Drill core samples had been shipped to the Saskatchewan Analysis Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan, in safe containment for preparation, processing, and complete rock and multi-element evaluation by ICP-MS2 utilizing complete 4-acid digestion (HF:NHO3:HCl:HClO4). Assay samples comprise 0.2 to 1.5 m steady samples of cut-core samples over nickel-sulphide mineralized intervals decided with a handheld XRF. Level samples comprise an remoted 0.10 to 0.5 m pattern to characterize the rock varieties, alteration, construction, and potential for mineralization. The SRC is an ISO/IEC 17025/2005 and Requirements Council of Canada licensed analytical laboratory. Blanks, customary reference supplies, and quartered core repeats had been inserted into the pattern stream at common intervals by Steel Power and the SRC in accordance with Steel Power’s high quality assurance and high quality management (QA/QC) procedures. Geochemical assay information are topic to verification procedures by certified individuals employed by Steel Power previous to disclosure.

All reported depths and intervals are drill gap depths and intervals, until in any other case famous, and don’t signify true thicknesses, which have but to be decided.

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In regards to the Manibridge Venture
Manibridge encompasses 4,368 hectares throughout the world-class Thompson Nickel Belt. The Venture is 20 kilometers southwest of Wabowden, which has vital infrastructure and capability that has supported earlier exploration applications and mine improvement, together with year-round freeway entry by way of Freeway 6.

About Steel Power Corp.
Steel Power is a nickel and battery steel exploration firm with two tasks, Manibridge and Unusual, within the politically steady jurisdictions of Manitoba and Ontario, Canada, respectively. The Manibridge venture is 85% owned by Steel Power and 15% owned by Mistango River Assets Inc. The Unusual venture is topic to earn-in agreements the place the Firm can purchase 100% exploration rights to roughly 12,000 hectares.

QP Assertion
The technical data contained on this information launch has been reviewed and authorized by Mike Sweeny, P.Geo., Vice-President, Exploration & Growth for Steel Power, and a Certified Particular person as outlined in “Nationwide Instrument 43-101, Requirements of Disclosure for Mineral Initiatives.”

For additional data, please contact:

Steel Power Corp.
MERG on the TSXV
James Sykes, CEO

Reader Advisory

Sure data set forth on this information launch incorporates forward-looking statements or data (“forward-looking statements”), together with particulars in regards to the enterprise of the Firm. By their nature, forward-looking statements are topic to quite a few dangers and uncertainties, a few of that are past the Firm’s management, together with the affect of basic financial situations, business situations, volatility of commodity costs, foreign money fluctuations, environmental dangers, operational dangers, competitors from different business members, inventory market volatility. Though the Firm believes that the expectations in its forward-looking statements are cheap, its forward-looking statements have been primarily based on elements and assumptions regarding future occasions which can show to be inaccurate. These elements and assumptions are primarily based upon at present accessible data. Such statements are topic to identified and unknown dangers, uncertainties and different elements that would affect precise outcomes or occasions and trigger precise outcomes or occasions to vary materially from these said, anticipated or implied within the forward-looking statements. Accordingly, readers are cautioned to not place undue reliance on the forward-looking statements, as no assurance could be offered as to future outcomes, ranges of exercise or achievements. Dangers, uncertainties, materials assumptions and different elements that would have an effect on precise outcomes are mentioned in our public disclosure paperwork accessible at together with the Submitting Assertion dated November 15, 2021. Moreover, the forward-looking statements contained on this doc are made as of the date of this doc and, besides as required by relevant regulation, the Firm doesn’t undertake any obligation to publicly replace or to revise any of the included forward-looking statements, whether or not on account of new data, future occasions or in any other case. The forward-looking statements contained on this doc are expressly certified by this cautionary assertion.‎

Neither the TSX Enterprise Trade Inc. nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

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