Metal Energy Announces Closing of Additional Land at SourceRock
Metal Energy Announces Closing of Additional
Land at SourceRock
Toronto, Ontario--(Newsfile Corp. - August 9, 2023) - Metal Energy Corp. (TSXV: MERG) (OTCQB:
MEEEF) (the "
Company
" or "
Metal Energy
") is pleased to announce the closing of its previously
announced claims acquisition directly adjacent to the SourceRock Project ("
SourceRock
" or the
"
Project
") prospective for lithium ("
Li
") brines in the Thunder Bay-Nipigon area of northwestern Ontario.
These mining claims were drilled in 2006 and intersected significant saline water flow from 184.7 to
202.39 metres as well as halite cubes, sedimentary cements, and beds, including halite precipitating
from waters as the core dries from 528.52 to 582.5 metres. Halite precipitating as described in the core
logs suggests the saline fluids are supersaturated with high concentrations of total dissolved solids
("
TDS
"). High TDS concentrations typically correlate with high lithium concentrations.
SourceRock Purchase Agreement
On July 8, 2023, Metal Energy entered into a Purchase Agreement with an arms length vendor (the
"
Vendor
") to acquire an undivided 100% interest in 9 mining claims (189 hectares) adjacent to
SourceRock.
Under the remaining terms of the agreement, the Company has issued to the Vendor;
a
.
1,800,000 common shares of Metal Energy; and
b
.
$10,000 in cash.
All of the issued common shares will be subject to such hold periods that are prescribed by applicable
securities laws.
Metal Energy will be the operator of the 9 mining claims and as such will have the rights and
responsibility to execute all work programs on the Project.
Further to the consideration listed above, the Vendor retains a 2% Gross Value Royalty ("
GVR
") on the
claims.
The Company has the right to purchase 1% of the GVR from the Vendor for $1,000,000 at any
time.
About the SourceRock Li Brine Project
SourceRock encompasses 91,288 hectares within the Proterozoic Sibley sedimentary basin, Thunder
Bay-Nipigon area, Ontario. The Project has excellent access to infrastructure and capacity that has
supported previous exploration programs and mine development, including year-round highway, railroad,
and seaport access, with power and natural gas lines crossing the Project.
About Metal Energy Corp.
Metal Energy is a nickel and battery metal exploration company focused on two projects in politically
stable Canadian jurisdictions; Manibridge (Ni-Cu-Co-PGE) in Manitoba, and SourceRock (Li-Na-K) in
Ontario. The Manibridge Project is 85% owned by Metal Energy and 15% owned by Mistango River
Resources Inc. (CSE: MIS). SourceRock is subject to earn-in agreements where the Company can
acquire 100% exploration rights to the project.
For further information, please contact:
Metal Energy Corp.
MERG on the TSXV
www.metalenergy.ca
James Sykes, CEO
306-221-8717
Reader Advisory
Certain information set forth in this news release contains forward-looking statements or information
("
forward-looking statements
"), including details about the business of the Company. By their
nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are
beyond the Company's control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks,
competition from other industry participants, stock market volatility. Although the Company believes
that the expectations in its forward-looking statements are reasonable, its forward-looking statements
have been based on factors and assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently available information. Such
statements are subject to known and unknown risks, uncertainties and other factors that could
influence actual results or events and cause actual results or events to differ materially from those
stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned
not to place undue reliance on the forward-looking statements, as no assurance can be provided as to
future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other
factors that could affect actual results are discussed in our public disclosure documents available at
www.sedarplus.ca
including the Filing Statement dated November 15, 2021. Furthermore, the forward-
looking statements contained in this document are made as of the date of this document and, except
as required by applicable law, the Company does not undertake any obligation to publicly update or to
revise any of the included forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. 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 release
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