Metal Energy Receives $200,000 from the Ontario Junior Exploration Program to Advance SourceRock

Rhea-AI Summary

Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) has been selected to receive up to $200,000 from the Ontario Junior Exploration Program to further advance its exploration efforts at the SourceRock lithium brine project near Thunder Bay, Ontario. The company is thrilled to receive the non-dilutive grant and is days away from initiating its permitted and fully funded drill program. SourceRock is a drill-ready project with an exploration permit for up to 20 drill pads, and the company remains engaged with local Indigenous groups, communities, and stakeholders.

Toronto, Ontario--(Newsfile Corp. - January 4, 2024) - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to announce that it has been selected to receive up to $200,000 from the Ontario Junior Exploration Program ("OJEP") to further advance its exploration efforts at the SourceRock lithium brine project near Thunder Bay, Ontario.

"We are thrilled to receive this OJEP non-dilutive grant to help initiate our exploration efforts on SourceRock, Ontario's first lithium brine project. The OJEP funds leverage our recently completed financing, and we are days away from initiating our permitted and fully funded drill program. This funding demonstrates Ontario's commitment to developing a critical minerals strategy with the junior mining sector. We're happy SourceRock was recognized for its potential to be a key project within that strategy," commented James Sykes, CEO of Metal Energy.

"Our government is committed to building a made-in-Ontario supply chain for electric vehicles by connecting critical minerals producers in the north with the manufacturing might in the south," said George Pirie, Minister of Mines. "But it all starts with mining and there is no mining without exploration, which is why through programs like the Ontario Junior Exploration Program, our government is proud to support early exploration ventures like Metal Energy's lithium brine project."

SourceRock Exploration Plans

SourceRock is a drill-ready project with an exploration permit from the Ontario Ministry of Mines for up to 20 drill pads. Historic drilling and geophysical data have identified saline brine drill targets on the Project, however, the brines have never been tested for lithium or other elements. The Company remains engaged with local Indigenous groups, communities, and stakeholders, and anticipates a drill program to commence shortly in January.

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 913 square kilometres within an area measuring approximately 10 to 20 km wide by 95 km long (Figure 1), a size equivalent to the World's second largest Li producing jurisdiction; Chile's Salar de Atacama's Central Salt Belt.

SourceRock encompasses 91,477 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.

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About Metal Energy Corp.

Metal Energy is a battery metal exploration company with 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 agreement where the Company can acquire 100% exploration rights to the project.

For further information, please contact:

Metal Energy Corp.
MERG on the TSXV
info@metalenergy.ca
www.metalenergy.ca

James Sykes, CEO
jsykes@oregroup.ca
306-221-8717

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking ‎statements"), including details about the business of the Company. By their nature, forward-looking statements are subject to numerous risks ‎and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, ‎industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from ‎other industry participants, stock market volatility. Although the ‎Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have ‎been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and ‎assumptions are based upon currently available information. Such statements are subject to known and unknown risks, ‎uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially ‎from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue ‎reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. ‎Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure ‎documents available at www.sedarplus.ca including the Filing Statement dated November 15, 2021. Furthermore, the forward-looking statements contained in this document are made as of ‎the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly ‎update or to revise any of the included forward-looking statements, whether as a result of new information, future events or ‎otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.‎

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FIGURE 1 - SourceRock project location map

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FAQ

What is the name of the company mentioned in the press release and its ticker symbols?

The company mentioned in the press release is Metal Energy Corp., with ticker symbols TSXV: MERG and OTCQB: MEEEF.

What is the Ontario Junior Exploration Program and how much funding has Metal Energy Corp. received from it?

The Ontario Junior Exploration Program is a program that supports early exploration ventures. Metal Energy Corp. has been selected to receive up to $200,000 from this program to further advance its exploration efforts at the SourceRock lithium brine project.

What are the exploration plans for the SourceRock project?

SourceRock is a drill-ready project with an exploration permit for up to 20 drill pads. The project has historic drilling and geophysical data identifying saline brine drill targets, and the company anticipates a drill program to commence shortly in January.

Who is the CEO of Metal Energy Corp. and what are his comments on the funding received?

The CEO of Metal Energy Corp. is James Sykes, who expressed his excitement about receiving the non-dilutive grant and the company's readiness to initiate its permitted and fully funded drill program.

What is the government's stance on supporting early exploration ventures like Metal Energy Corp.'s lithium brine project?

The Minister of Mines, George Pirie, stated that the government is proud to support early exploration ventures like Metal Energy Corp.'s lithium brine project as part of its commitment to building a made-in-Ontario supply chain for electric vehicles.