Metal Energy Starts Drilling at SourceRock Lithium Brine Project
Metal Energy Starts Drilling at SourceRock
Lithium Brine Project
Toronto, Ontario--(Newsfile Corp. - January 16, 2024) - Metal Energy Corp. (TSXV: MERG) (OTCQB:
MEEEF) (the "
Company
" or "
Metal Energy
") is pleased to announce that the planned diamond drill
and brine testing program has started at the SourceRock lithium brine project near Thunder Bay,
Ontario.
"This is an exciting time for us as we've officially started drilling SourceRock, Ontario's first lithium brine
project. Scientific evidence supports the concept that SourceRock has lithium brine potential.
We know
we have brine; we need to confirm if this brine is enriched with lithium.
We will be doing detailed
downhole geophysical studies and brine sampling to test for the presence of lithium in solution, while
learning the fluid conditions within the rocks that could help us vector into enriched lithium fluid sources.
We plan to release results and interpretations as soon as they are available," commented James Sykes,
CEO of Metal Energy.
SourceRock Drill Program Details
The drill program has been planned for one initial drill hole down to 700 metres to assess the brine and
rock characteristics using a suite of downhole geophysical surveys to qualify the brine system within the
sedimentary rocks. Water sampling and other tests will then be performed to determine fluid constituents
and water flow parameters.
Pending the initial drill hole results, the Company is funded for an additional
one to two drill holes on the Project.
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.
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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.
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
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