Metal Energy acquires additional land at SourceRock Project near Thunder Bay
Metal Energy Corp. has announced additional claim acquisitions directly adjacent to the SourceRock project.
These mining claims were drilled in 2006 and intersected significant saline water flow from 184.7 to 202.39 metres, and halite cubes, sedimentary cements, and beds, including halite precipitating from waters as the core dries from 528.52 to 582.5 metres (see core photo below).* 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 (see Figure 2).
"These are essential claims to SourceRock as their previous drill holes demonstrate that we are within a high-pressure sedimentary basin with very high salinity. However, lithium was not a marketable commodity when these drill holes were completed and thus never analyzed in either the fluids or the rocks. Metal Energy now controls a dominant land position covering the deepest parts of the basin. All the pathfinder elements and multiple supporting documents suggest high lithium concentrations are probable. SourceRock is permitted to drill, and we believe a few drill holes can assess the geologic validity of our thesis," said James Sykes, CEO of Metal Energy.
SourceRock Exploration Plans
SourceRock is a drill-ready project with an exploration permit already in-hand from the Ontario Ministry of Mines for up to 20 drill pads. Initial geophysical data compilation has already identified saline brine drill targets on the Project. The Company is currently engaged with local Indigenous groups, communities, and stakeholders, and anticipates a drill program to commence after sufficient and meaningful consultation has been completed.
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 915 square kilometres (91,477 hectares) within an area measuring approximately 10 to 20 km wide by 95 km long of the Proterozoic Sibley sedimentary basin (Figure 1).
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.
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.
The terms of the agreement are;
- Issuance of 1,800,000 common shares of Metal Energy to the Vendor upon acceptance of the Option Agreement by the TSXV;
- $10,000 in cash, payable upon closing the transaction;
- the Vendor retains a 2% Gross Value Royalty ("GVR") on the claims. The Company has the right to purchase 1% of the GVR for $1,000,000 at any time.
All 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.
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*Bowdidge, C. 2006. Report on 2006 Summer diamond drilling program, Black Sturgeon Uranium Project, Sibley Basin, Thunder Bay Mining Division. Rampart Ventures Ltd. Ontario Geological Survey Assessment Report.
About Metal Energy Corp.
Metal Energy is a nickel and battery metal exploration company with three projects in politically stable Canadian jurisdictions; Manibridge (Ni-Cu-Co-PGE) in Manitoba, and SourceRock (Li-Na-K) and Strange (Ni-Cu-Co-PGE) in Ontario. The Manibridge Project is 85% owned by Metal Energy and 15% owned by Mistango River Resources Inc. (CSE: MIS). Both SourceRock and Strange Projects are subject to earn-in agreements where the Company can acquire 100% exploration rights to each project.
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