Metal Energy (MERG.V) (OTCQB:MEEEF) Expands Portfolio with New Project, Initiates Lithium Exploration at SourceRock
On June 27 the Chief Executive Officer of Metal Energy Corp(MERG.V) (OTCQB:MEEEF) James Sykes joined Steve Darling at Proactive and made a key announcement. He announced that the company had made another addition to its portfolio of assets through the acquisition of SourceRock, a lithium project located in Northwestern Ontario.
He noted that the project was in line with Metal Energy Corp’s aims and objectives as a company in the exploration of minerals vital for the electric vehicle industry. Sykes noted that the project is a prospect for lithium and covers a considerably large area of 913 square kilometers. It was further noted that the land package held some similarities with the Salar de Atacama project in Chile.
The project encompasses the deepest portions of the basin which contain sedimentary thickness in the 500 m to 1000 m range, which would also enhance the productivity of lithium brine. More importantly, Sykes told Proactive that Metal Energy Corp had also acquired the necessary exploration permits for the preliminary target area of the project.
It was further announced that later on this year some proof of concept drilling may also take place. It could well prove to be one of the more important acquisitions by Metal Energy Corp and hence, the company’s stock may well be worth tracking at this point in time.
The project is ready for drilling and the exploration permits are already in place from the Ontario Ministry of Mines. The permits would allow for a maximum of 20 drill pads. Metal Energy Corp is currently engaged in discussions with local communities, indigenous people in the area, and other stakeholders.
It believes that a drilling program could begin after meaningful consultation had been completed with those stakeholders. A number of geological surveys have suggested that there is potential for high-quality lithium brine at the project.
