Metal Energy Provides Results from SourceRock Project

Toronto, March 26, 2024 - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to release the brine and lithogeochemical results (Tables 1 & 2) 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 (Table 1) 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 (Table 2) 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 (Figure 1) 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) (Figure 2). 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.

"Our next step is to map the subsurface geology with a geophysical survey to better determine the possible location of a central halite nucleus as the brine results from SR-24-01 clearly indicate a positive correlation between increased Na with increased Li," commented James Sykes, CEO of Metal Energy.

The Company plans to follow-up the details of this news release and drill hole results with an interpretative presentation in the future.

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.

About the SourceRock Lithium Brine Project

SourceRock is highly prospective for lithium brines in the Thunder Bay-Nipigon area of northwestern Ontario. The Project is exceptionally large, covering 915 square kilometres (91,477 ha.) within an area measuring approximately 10 to 20 km wide by 95 km long (Figure 1) of the Proterozoic Sibley sedimentary basin, a size equivalent to the World's second largest lithium producing jurisdiction; Chile's Salar de Atacama's Central Salt Belt.

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.

QP Statement

The technical information contained in this news release has been reviewed and approved by Mike Sweeny, P.Geo., Technical Advisor for Metal Energy, and a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

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

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7926/203033_metalenergy1.jpg

FIGURE 2 - Geological interpretation of halite salar model

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TABLE 1 - Brine (fluid) results

NOTES:
1. 1.0 mg/L = 1.0 ppm

TABLE 2 - Lithogeochemical (rock) Composite results

NOTES:
1. Composite summary results were restricted to similar lithologies and did not include cutoff grades or dilution factor
2. 1.0% = 10,000 ppm

TABLE 3 - Drill hole collar coordinates

NOTES: East and North units are metres using NAD83 datum, UTM Zone 16N
Elevation is recorded as "metres above sea level"
EOH = End of hole, measured in metres

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