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Metal Energy Corp. (OTCQB: MEEEF) is a battery metal exploration company with projects in stable Canadian regions. The company recently provided updates on the SourceRock lithium brine project in Thunder Bay, Ontario. The project has extensive infrastructure support and favorable exploration conditions. SourceRock's initial drill hole results revealed high TDS concentrations and critical elements like lithium, sodium, and potassium, indicating the presence of lithium-rich brines. Further geophysical surveys are planned to explore the central halite nucleus potential. Metal Energy also amended an agreement with Mistango River Resources to extend the call option deadline for acquiring a 15% interest in the Manibridge Project, subject to Exchange approval.
Metal Energy Corp (TSXV: MERG, OTCQB: MEEEF) has completed a 60 km² ground-based Audio Magnetotellurics (AMT) survey at its Highland Valley project, located near Canada's largest copper mine. The survey identified seven exploration targets in the eastern part of the project.
The AMT survey helps map different intrusive phases of the Late Triassic Guichon Creek Batholith, with two high-priority areas identified as Zone 1 and Zone 2. The data revealed a northeast-dipping contact between inner and outer batholith sections, where mineralization is found within and along boundaries of AMT resistors.
The identified target areas include:
- Billy Lake: Large AMT resistive zone with strong Cu-in-soil anomaly
- Zone 2: Conductive zone adjacent to AMT resistor within fault wedge
- Zone 1: North-south trending resistive zone with fault offsets
- Mystery, Chataway, LeRoy Lake, and Sho: Additional targets with varying geological characteristics
Metal Energy Corp (TSXV: MERG) (OTCQB: MEEEF) has completed its previously announced non-brokered private placement, raising $1,000,000 in gross proceeds. The offering included 8,800,000 flow-through units at $0.05 per unit ($440,000) and 14,000,000 units at $0.04 per unit ($560,000). Each flow-through unit includes one share and half a warrant exercisable at $0.10, while regular units include one share and half a warrant exercisable at $0.08, both for 24 months. The proceeds will fund the Highland Valley Copper Project program. Finders' fees included $12,200 cash and 268,000 warrants. Orecap Invest Corp. participated by purchasing 5,125,000 units, constituting a related party transaction.
Metal Energy Corp (TSXV: MERG) (OTCQB: MEEEF) has increased its previously announced non-brokered private placement to $1,000,000 due to strong investor demand. The offering includes Units at $0.04 and Flow-Through Units at $0.05, both comprising common shares and warrants. Each Unit includes one common share and half a warrant exercisable at $0.08, while FT Units include one FT common share and half a warrant exercisable at $0.10, both for 24 months.
Orecap Invest Corp plans to subscribe for up to $220,000 of Units, subject to TSX Venture Exchange approval. The offering is expected to close around December 17, 2024, with a four-month plus one-day resale restriction period.
Metal Energy Corp (TSXV: MERG) (OTCQB: MEEEF) announces a non-brokered private placement to raise up to $500,000. The offering includes Units at $0.04 and Flow-Through Units at $0.05, both with attached warrants. Each Unit includes one common share and half a warrant exercisable at $0.08, while FT Units include one FT common share and half a warrant exercisable at $0.10. Warrants have a 24-month exercise period.
Orecap Invest Corp has committed to subscribe for up to $220,000 of the Units. Proceeds will fund the Highland Valley Copper Project program and working capital. The offering is expected to close around December 17, 2024, subject to TSX Venture Exchange approval.
Stephen Stewart has increased his position in Metal Energy Corp (TSXV: MERG) through a market purchase of 500,000 common shares at $0.03 per share, totaling $15,000. Following this transaction, Stewart now holds 13,600,000 common shares on a non-diluted basis and 17,700,000 on a partially diluted basis, representing 11.5% and 14.9% of the total issued shares respectively. Prior to this purchase, he owned 13,100,000 shares plus 4,100,000 options and warrants. The shares are held for investment purposes, with no immediate plans for further actions regarding the company's securities.
Metal Energy Corp. (MEEEF) has announced a multi-phase exploration program for its newly acquired Highland Valley Project. The program, led by geologist Charlie Greig, will focus on identifying high-potential targets in the Highland East portion. Phase 1 includes ground AMT geophysical surveys of the most prospective areas, with 3D inversions of new and historical data to outline drill targets. The company will also conduct passive seismic and hyperspectral studies. Phase 1 is expected to complete by end of 2024. Phases 2 and 3 will follow in 2025, involving infill AMT surveys, IP surveys, field geology, geochemical studies, and ultimately drill testing of priority targets.
Metal Energy Corp (TSXV: MERG) (OTCQB: MEEEF) has completed the acquisition of a 100% interest in the Highland Valley Copper Project in British Columbia. The project spans 240 km² and is adjacent to Teck's Highland Valley Copper Mine, Canada's largest copper mine. The acquisition includes two priority areas: Zone 1 with copper-silver-molybdenum mineralization over 1,200 metres, and Zone 2 with high-grade copper-gold-silver-molybdenum-rhenium mineralization. The company paid $300,000 and issued 11,736,100 common shares to Happy Creek Minerals, granting them a 2.5% NSR. Metal Energy must conduct $250,000 in exploration by December 2024 and complete additional share issuances valued at $6 million over 36 months.
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) has announced the acquisition of the Highland Valley Copper Project in British Columbia from Happy Creek Minerals Inc. The project spans 240 km² and is located near critical infrastructure. Key highlights include:
1. Two high-priority zones with copper-silver-molybdenum and copper-gold-silver-molybdenum-rhenium mineralization.
2. Over 55,000 meters of historical drilling across 402 holes.
3. Acquisition terms include $300,000 cash, issuance of shares representing 9.9% of Metal Energy, a 2.5% NSR, and additional share issuances valued at $6 million over 48 months.
4. Metal Energy commits to $250,000 in exploration expenditures by December 31, 2024.
The acquisition aligns with Metal Energy's strategy to capitalize on historical data in established mining districts with excellent infrastructure.
Metal Energy Corp. (TSXV: MERG, OTCQB: MEEEF) has amended its call option agreement with Mistango River Resources for the Manibridge Project, extending the deadline from April 30, 2024, to April 30, 2026. This amendment involves issuing 1,000,000 common shares to Mistango at $0.02 per share, totaling $20,000. The new agreement allows Metal Energy to re-acquire a 15% interest in the 19 mining claims of the Manibridge Project for $2,250,000, payable in cash or shares. The transaction is subject to TSX Venture Exchange approval. This extension aims to provide more time for Metal Energy to finalize the acquisition under favorable terms.
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