Metal Energy Corp (TSX-V:MERG, OTCQB:MEEEF) has closed its previously announced claims acquisition directly adjacent to the SourceRock project, in northwestern Ontario.
It adds an area of prospectivity for lithium brines, spanning 189 hectares.
The company today noted that the claims were previously drilled in 2006 and intersected significant saline water flow from 184.7 to 202.39 metres as well as halite cubes, sedimentary cements, and beds.
Analysis of the data from the time suggested the saline fluids are supersaturated with high concentrations of total dissolved solids, which typically correlate with high lithium concentrations.
The company is paying $10,000 in cash and issuing 1.8 million common shares to acquire the project area, meanwhile, the vendor will retain a 2% gross value royalty.