- Metal Energy Corp. (TSXV:MERG) has acquired the lithium prospective SourceRock Project, in the Thunder Bay-Nipigon area of northwestern Ontario
- The Toronto-based mineral explorer called the project “exceptionally large,” covering 913 square kilometres within an area measuring approximately 10 to 20 km wide by 95 km long
- SourceRock is a drill-ready project with an exploration permit in-hand for up to 20 drill pads. Initial geophysical data compilation has identified saline brine drill targets on the project
- Metal Energy (MERG) opened trading at $0.04 per share
Metal Energy Corp. (TSXV:MERG) has acquired the lithium prospective SourceRock Project, in the Thunder Bay-Nipigon area of northwestern Ontario.
In a news release, the Toronto-based mineral explorer called the project “exceptionally large,” covering 913 square kilometres within an area measuring approximately 10 to 20 km wide by 95 km long.
Located in the Thunder Bay-Nipigon area, SourceRock is a drill-ready project with an exploration permit in-hand for up to 20 drill pads. Initial geophysical data compilation has identified saline brine drill targets on the project.
Metal Energy entered into an Option Agreement with an arms-length vendor to acquire an undivided 100 per cent interest in SourceRock. The company made a $50,000 cash payment and committed to a staking program valued at greater than $100,000, representing 2,000 claim units.
Under the remaining terms of the agreement, the company must issue 3 million common shares upon acceptance of the Option Agreement by the TSX Venture Exchange. The company must also issue 1.5 million warrants to the vendor. Each warrant is exercisable to acquire one common share of the company at an exercise price of $0.10 per share. Metal Energy will also issue $500,000 worth of common shares on or before June 16, 2024.
The company’s CEO, James Sykes, explained that the SourceRock Li brine project covers a dominant land position of untested regional lithium brine targets within the Proterozoic Sibley sedimentary basin that is on a regional scale equivalent in size to Chile’s Salar de Atacama central salt body, the largest lithium brine producing jurisdiction in the world.
“Not only do we have a large aerial coverage, SourceRock covers the deepest parts of the Basin with sedimentary thickness ranging from 500 metres to 1,000 metres, enhancing lithium brine prospectivity. Exploration in the area has reported considerable evidence of supersaturated saline solutions within the Basin sediments and even the underlying lithium-pegmatite-rich basement rocks. Halite (sodium) and sylvite (potassium) veins, bedded layers, interstitial cements, and even encrustations on drill core and drill rods have all been mentioned in a variety of reports. Both are important pathfinders for lithium within brine solutions, and higher concentrations of each of these elements supports the potential for higher concentrations of lithium. With drill permits already in-hand, we are very excited to advance the SourceRock project with our first drill program.”
Metal Energy is a nickel and battery metal exploration company advancing projects in Manitoba and Ontario.
Metal Energy (MERG) opened trading at $0.04 per share.
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