Metal Energy acquires additional land at SourceRock near Nipigon
Metal Energy Corp. has closed its previously announced claims acquisition directly adjacent to the SourceRock Project prospective for lithium ("Li") brines in the Thunder Bay-Nipigon area. 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;
- 1,800,000 common shares of Metal Energy; and
- $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.
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