Metal Energy Corp. announced the brine and lithogeochemical results from two brine reservoirs intersected in the company's first drill hole (SR-24-01) at the SourceRock project (SourceRock or the Project) near Thunder Bay, Ontario. The brine results identified Total Dissolved Solids ("TDS") concentrations increasing with depth and seem to correlate well with rock types.

Importantly, concentrations of sodium (Na) and potassium (K), including calcium (Ca), increase almost exponentially with depth. Lithium (Li) tends to follow Na and K, specifically. The highest brine results, up to 6.0% TDS, were intersected within a clean sandstone unit at the base of the sedimentary formations.

Lithium bearing brines are globally associated with chloride-rich fluids. Additional analysis of the brines determined over 90% of the inorganic anions within the calcareous mudstone-rich units as chlorides (Cl), not sulphates, carbonates, nitrites or nitrates, and over 97% chlorides in the sandstone-rich units. These inorganic results demonstrate the right type of brines are present on the Project.

The lithogeochemical results of the host rock formations show the calcareous mudstones are enriched with calcium (Ca) and magnesium (Mg) which is expected due to high concentrations of gypsum in the drill core. The sandstones, however, are mostly quartz-rich and are generally devoid of elemental constituents. Historic drill hole BSW-06-04A located 5km to the north intersected salt beds within the sandstone unit of the sedimentary formation, however, drill hole SR24-01 did not intersect similar results.

Careful analysis of the brine and rock results from recent and historic drill holes on the Project suggests SR-24-01 is on the edge of a large mature halite salar (i.e., salt flat). A typical sedimentary deposition model for a salar includes a central halite (NaCl) nucleus that grades outward in concentric sequences including fine-grained clastic rocks, such as sandstone, and marginal marine rocks enriched with gypsum and/or carbonate, such as calcareous mudstones. The Company plans to follow-up the details of this news release and drill hole results with an interpretative presentation in the future.

Drill hole SR-24-01 was completed down to 542 m. Detailed core logging plus a suite of downhole geophysical surveys were used to assess the brines and rock characteristics within the sedimentary units. Brine sampling was performed at specific depths to determine brine constituents from sedimentary horizons with the highest fluid conductivity responses, as well as over large intervals to determine background brine constituent levels. SourceRock Drill Program Details: Drill hole SR-24-01 was completed down to 542 m. Detailed core logging plus a suite of downhole geophysical surveys were used to assess the brines and rock characteristics within the sedimentary units.

Brine sampling was performed at specific depths to determine brine constituents from sedimentary horizons with the highest fluid conductivity responses, as well as over large intervals to determine background brine constituent levels.