Metal Energy Receives $200,000 from the Ontario Junior Exploration Program to Advance SourceRock
Metal Energy Receives $200,000 from the
Ontario Junior Exploration Program to
Advance SourceRock
Toronto, Ontario--(Newsfile Corp. - January 4, 2024) - Metal Energy Corp. (TSXV: MERG) (OTCQB:
MEEEF) (the "
Company
" or "
Metal Energy
") is pleased to announce that it has been selected to
receive up to $200,000 from the Ontario Junior Exploration Program (
"OJEP"
) to further advance its
exploration efforts at the SourceRock lithium brine project near Thunder Bay, Ontario.
"We are thrilled to receive this OJEP non-dilutive grant to help initiate our exploration efforts on
SourceRock, Ontario's first lithium brine project. The OJEP funds leverage our recently completed
financing, and we are days away from initiating our permitted and fully funded drill program. This funding
demonstrates Ontario's commitment to developing a critical minerals strategy with the junior mining
sector. We're happy SourceRock was recognized for its potential to be a key project within that
strategy," commented James Sykes, CEO of Metal Energy.
"Our government is committed to building a made-in-Ontario supply chain for electric vehicles by
connecting critical minerals producers in the north with the manufacturing might in the south," said
George Pirie, Minister of Mines. "But it all starts with mining and there is no mining without exploration,
which is why through programs like the Ontario Junior Exploration Program, our government is proud to
support early exploration ventures like Metal Energy's lithium brine project."
SourceRock Exploration Plans
SourceRock is a drill-ready project with an exploration permit from the Ontario Ministry of Mines for up to
20 drill pads.
Historic drilling and geophysical data have identified saline brine drill targets on the
Project, however, the brines have never been tested for lithium or other elements.
The Company remains
engaged with local Indigenous groups, communities, and stakeholders, and anticipates a drill program
to commence shortly in January.
About the SourceRock Li Brine Project
SourceRock is highly prospective for lithium ("
Li
") brines in the Thunder Bay-Nipigon area of
northwestern Ontario. The Project is exceptionally large, covering 913 square kilometres within an area
measuring approximately 10 to 20 km wide by 95 km long (
Figure 1
), a size equivalent to the World's
second largest Li producing jurisdiction; Chile's Salar de Atacama's Central Salt Belt.
SourceRock encompasses 91,477 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.
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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.
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
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