- Metal Energy (TSXV:MERG), a Canadian battery metals stock, has acquired nine claims adjacent to the high-potential SourceRock Project in Ontario
- Halite precipitation within the claims indicates high concentrations of total dissolved solids, which typically correlate with high lithium concentrations
- Metal Energy is a nickel and battery metals exploration company with three projects in politically stable Canadian jurisdictions
- Metal Energy stock (TSXV:MERG) last traded at $0.055 per share
Metal Energy (TSXV:MERG), a Canadian battery metals stock, has acquired nine claims adjacent to the high-potential SourceRock Project in Ontario.
Consideration for the 189 hectares of claims includes 1,800,000 common shares, $10,000 in cash and a 2 per cent gross value royalty.
The claims were drilled in 2006 and intersected significant saline water flow from 184.7 to 202.39 m, as well as halite cubes, sedimentary cements and beds, including halite precipitating from waters as the core dries from 528.52 to 582.5 m.
Halite precipitation suggests the saline fluids are supersaturated with high concentrations of total dissolved solids, which typically correlate with high lithium concentrations.
The news follows last week’s evidence for lithium brine potential at SourceRock.
Initial geophysical data compilation has identified saline brine drill targets on the permitted project. Drilling is slated to commence after community and stakeholder consultations.
“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,” James Sykes, CEO, said in a statement.
“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,” he added.
Metal Energy is a nickel and battery metals exploration company with three projects in politically stable Canadian jurisdictions.
Metal Energy (TSXV:MERG) last traded at $0.055 per share.
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