Metals Creek Advised by Sokoman that Drilling has Commenced on Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - September 28, 2017) - Metals Creek Resources Corp. (TSXV: MEK) ("Metals Creek") ispleased to announce that they have been advised by their option partner, Sokoman Iron Corp. ("Sokoman")that SIC has started the phase 1 diamond drilling program at the recently acquired Clarks Brook property in central Newfoundland. The property is highlighted by significant gold grades in both float and bedrock samples including a maximum of 24.5 g/t Au in float and a maximum of 19.24 g/t Au in bedrock.
The Clarks Brook prospect was staked by vendor Metals Creek after a review of past work and initial due diligence sampling performed on the showing. The gold mineralization outlined on the property consists of silicified and disseminated pyrite/arsenopyrite bearing siltstone boulders up to 3 meters in size initially discovered by Altius Minerals Corporation in 2004, and from which assays ranging from 2.98 to 24.5 g/t Au were reported. In 2009, Altius completed Induced Polarization (IP) and Magnetic geophysical surveys outlining several targets but no follow up drilling took place. Subsequent field work by the vendor (MEK) resulted in the discovery in bedrock of similar style mineralization to that of the boulders returning a grab sample assay of 19.24 g/t Au. In addition, thirteen (13) of the large angular blocks were sampled and yielded assays ranging from 0.24 to 10.4 g/t Au. (Note: all samples reported are grab samples and not necessarily representative of mineralization on the property.)
The Company intends to drill up to 500 meters in 4-5 holes to test for mineralization at depths down to 50 meters vertically below surface. The program is expected to be completed by mid-October.
To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years (no cash on signing) and issue a total of 3,000,000 Sokoman common shares over three years (500,000 due upon regulatory approval) and incur work expenditures of $800,000 over three years ($100,000 by 1st anniversary).Sokoman will be the operator during the earn-in period. Once a 75% interest is earned by Sokoman, either a 75/25 joint venture will be formed, or Sokoman may elect to earn an additional 25% interest to bring its total property interest to 100%. The terms to increase its interest from 75% to 100% include payments of $100,000 and the issuance of an additional 2,000,000 Sokoman shares within 60 days of the 3rd anniversary date. This agreement is subject to regulatory approval.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (P-DF) that stretches between Timmins, Ontario and Val d'Or, Quebec. The Company has also recently entered into an Option/JV with Trifecta Gold Ltd. on Metals Creek's Squid properties in Yukon. Metals Creek also has an option agreement with Quadro Resources on Metals Creeks and Benton Resources Staghorn Gold Project in Newfoundland as well as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. The company have also signed a LOI on its Clarks Brook property with Sokoman Iron Corp. andis engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
"Neither the TSX Venture Exchange 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."
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com