Unlocking Ontario's Lithium Potential: Metal Energy Prepares for Maiden Drill Program

• Metal Energy Corp has two exciting projects - Ontario's first lithium brine project that will start drilling in December 2023, and a high-grade nickel project in Thompson nickel belt at Manibridge.
• The lithium brine project at Source Rock is 900 sq km, similar in size to Salar de Atacama's central salt belt, the 2nd largest lithium producer globally. This could prove to be of global significance if successful.
• The first drill hole at Source Rock will be 500m targeting lithium brine concentrations of 100-200 mg/L or more. It will involve detailed packer and flow rate testing to analyze the brine.
• If lithium grades are low, the brine will be assessed for other elements like sodium, potassium and bromine which can also be extracted using direct extraction technologies.
• Metal Energy continues to evaluate new projects and opportunities so they have active projects during weak markets. Copper is of interest. Baselode's recent financing success provides funding for lots of drilling in 2023-24.

About Metal Energy Corp

Metal Energy Corp is a Canadian mining exploration company focused on advancing lithium and nickel projects in Ontario, Canada. The company was founded in 2020 and is headquartered in Vancouver, British Columbia. Metal Energy's flagship project is the Manibridge Graphite Project which contains high-grade nickel. The company also recently acquired the 900 km2 Source Rock Lithium Project in the Thunder Bay Mining District, which will be the target of an upcoming maiden drill program in December 2023.

Interview with James Sykes, CEO of Metal Energy Corp.

Upcoming Maiden Drill Program at Source Rock Lithium Project

In a recent interview, Metal Energy CEO James Sykes provided an update on the company's Source Rock Lithium Project in Ontario and plans for an inaugural drill program in December. Sykes explained that after acquiring the project in June 2022, the company has been compiling historical data and planning logistics to prepare for drilling.

Given time constraints, Metal Energy opted to delay drilling until December when winter conditions allow easier access. The drill program will involve collecting core samples as well as extensive testing of lithium brine throughout the 500 meter sedimentary formation. Packer tests will be used to isolate sections of the drill hole for brine sampling every 10 meters. The company will be looking for lithium concentrations between 100-200 mg/L, with over 200 mg/L being an optimal result.

While lithium brine projects are still new for Ontario, Sykes expressed confidence given successes in Alberta and with direct lithium extraction technologies globally. The size of the Source Rock property also provides significant upside when compared to major projects like Chile's Salar de Atacama.

Additional Plans and Contingencies

Beyond lithium, Sykes noted the brine could also contain economic concentrations of sodium, bromine and potassium. The company will conduct a full assessment during drilling to determine other avenues to pursue. Metal Energy is well financed following a recent $10.6 million raise for its Baselode Energy uranium project, providing flexibility.

If results from the maiden drill program prove unsuccessful, Sykes emphasized they will not remain inactive but will look for new projects leveraging the team's expertise in nickel, copper and other energy metals. The company has a track record of pivoting to new opportunities, reflected in the shift from its original Manibridge nickel project to acquiring the Source Rock lithium claims.

Conclusion

With lithium demand forecast to expand dramatically in the coming decade, Metal Energy provides a unique opportunity to get in early on Ontario's first lithium brine project. The experienced leadership team has demonstrated their ability to adapt and take advantage of new prospects in the critical metals space.

The maiden drill program will provide essential proof of concept that lithium brines can be viable in the region. Given pending assays, investors may want to take a wait and see approach. However, early reactions from the Ontario government signal a willingness to support domestic lithium production through incentives and grants.

With lithium prices already elevated and supply tight, confirmation of a significant lithium brine resource on the scale of Source Rock could quickly transform Metal Energy into a substantial player in the lithium market. The stock offers speculative upside potential ahead of the drill results.