Metal Energy Provides Results from SourceRock Project
Metal Energy Provides Results from
SourceRock Project
Toronto, Ontario--(Newsfile Corp. - March 26, 2024) - Metal Energy Corp. (TSXV: MERG) (OTCQB:
MEEEF) (the "
Company
" or "
Metal Energy
") is pleased to release the brine and lithogeochemical
results (Tables 1 & 2) from two brine reservoirs intersected in the Company's first drill hole (SR-24-01) at
the SourceRock project ("
SourceRock
" or the "
Project
") near Thunder Bay, Ontario.
The brine results (Table 1) identified Total Dissolved Solids ("
TDS
") concentrations increasing with
depth and seem to correlate well with rock types. Importantly, concentrations of sodium (Na) and
potassium (K), including calcium (Ca), increase almost exponentially with depth. Lithium (Li) tends to
follow Na and K, specifically. The highest brine results, up to 6.0% TDS, were intersected within a clean
sandstone unit at the base of the sedimentary formations. Lithium bearing brines are globally associated
with chloride-rich fluids. Additional analysis of the brines determined over 90% of the inorganic anions
within the calcareous mudstone-rich units as chlorides (Cl), not sulphates, carbonates, nitrites or nitrates,
and over 97% chlorides in the sandstone-rich units. These inorganic results demonstrate the right type of
brines are present on the Project.
The lithogeochemical results of the host rock formations (Table 2) show the calcareous mudstones are
enriched with calcium (Ca) and magnesium (Mg) which is expected due to high concentrations of
gypsum in the drill core. The sandstones, however, are mostly quartz-rich and are generally devoid of
elemental constituents. Historic drill hole BSW-06-04A located 5km to the north (Figure 1) intersected
salt beds within the sandstone unit of the sedimentary formation, however, drill hole SR24-01 did not
intersect similar results.
Careful analysis of the brine and rock results from recent and historic drill holes on the Project suggests
SR-24-01 is on the edge of a large mature halite salar (i.e., salt flat) (Figure 2). A typical sedimentary
deposition model for a salar includes a central halite (NaCl) nucleus that grades outward in concentric
sequences including fine-grained clastic rocks, such as sandstone, and marginal marine rocks enriched
with gypsum and/or carbonate, such as calcareous mudstones.
"Our next step is to map the subsurface geology with a geophysical survey to better determine the
possible location of a central halite nucleus as the brine results from SR-24-01 clearly indicate a positive
correlation between increased Na with increased Li," commented James Sykes, CEO of Metal Energy.
The Company plans to follow-up the details of this news release and drill hole results with an
interpretative presentation in the future.
SourceRock Drill Program Details
Drill hole SR-24-01 was completed down to 542 m. Detailed core logging plus a suite of downhole
geophysical surveys were used to assess the brines and rock characteristics within the sedimentary
units. Brine sampling was performed at specific depths to determine brine constituents from
sedimentary horizons with the highest fluid conductivity responses, as well as over large intervals to
determine background brine constituent levels.
About the SourceRock Lithium Brine Project
SourceRock is highly prospective for lithium brines in the Thunder Bay-Nipigon area of northwestern
Ontario. The Project is exceptionally large, covering 915 square kilometres (91,477 ha.) within an area
measuring approximately 10 to 20 km wide by 95 km long (
Figure 1
) of the Proterozoic Sibley
sedimentary basin, a size equivalent to the World's second largest lithium producing jurisdiction; Chile's
Salar de Atacama's Central Salt Belt.
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.
For the latest videos from Metal Energy and other Ore Group companies, subscribe to our YouTube
channel:
youtube.com/@theoregroup
About Metal Energy Corp.
Metal Energy is a battery metal exploration company with 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 agreement where the Company can acquire 100%
exploration rights to the project.
QP Statement
The technical information contained in this news release has been reviewed and approved by Mike
Sweeny, P.Geo., Technical Advisor for Metal Energy, and a Qualified Person as defined in "National
Instrument 43-101, Standards of Disclosure for Mineral Projects."
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.
FIGURE 1 – SourceRock project location map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7926/203033_metalenergy1.jpg
FIGURE 2 – Geological interpretation of halite salar model
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7926/203033_metalenergy2.jpg
TABLE 1 — Brine (fluid) results
DDH
Reservoir
Lithology
From
To
Interval
Li (mg/L)
Ca (mg/L)
Fe (mg/L)
K (mg/L)
Mg
(mg/L)
Na (mg/L)
TDS
(mg/L)
Na/TDS
SR24-01
Upper
Calcareous
mudstone/siltstone
151.90
159.40
7.50
0.0
37
17
5.6
5.7
570
671
85%
Lower
Calcareous
mudstone/sandstone
484.90
492.40
7.50
0.0
43
120
7.8
5.6
800
985
81%
Lower
Sandstone/calcareous
mudstone
496.40
503.90
7.50
0.3
340
200
59
11
7700
8331
92%
Lower
Sandstone
508.90
516.40
7.50
2.3
2200
240
450
43
57000
59980
95%
NOTES:
1. 1.0 mg/L = 1.0 ppm
TABLE 2 — Lithogeochemical (rock) Composite results
DDH
Reservoir
Lithology
From
To
Interval
Li (ppm)
CaO (%)
Fe
2
O
3
(%)
K
2
O (%)
MgO (%)
Na
2
O (%)
SR24-01
Upper
Calcareous
mudstone/siltstone
150.24
197.63
47.39
121.6
20.1
2.4
1.1
23.1
1.4
Lower
Calcareous
mudstone/sandstone
473.62
494.62
21.00
122.3
15.5
2.7
2.5
19.8
1.4
Lower
Sandstone/calcareous
mudstone
494.62
514.62
20.00
35.0
2.6
0.8
0.8
4.2
1.3
Lower
Sandstone
514.62
520.32
5.70
6.9
0.2
0.2
0.1
0.3
0.3
NOTES:
1. Composite summary results were restricted to similar lithologies and did not include cutoff grades or dilution factor
2. 1.0% = 10,000 ppm
TABLE 3 — Drill hole collar coordinates
DDH
East
North
Elevation
Azimuth
Dip
EOH
SR24-01
367,982
5,459,095
279
270
-80
542
NOTES: East and North units are metres using NAD83 datum, UTM Zone 16N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/203033