Metals Creek Resources Corp. Receives First Anniversary Option Payment From Sokoman Iron Corp On Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - August 23, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have received the first anniversary payment of $10,000 cash and 750,000 Sokoman Iron Corp. (TSXV: SIC) (Sokoman) common shares for the Clarks Brook Option in central Newfoundland.
To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years, issue a total of 3,000,000 Sokoman common shares over three years and incur work expenditures of $800,000 over three years. 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. Metals Creek would retain a 2% NSR.
The Clarks Brook prospect was staked by Metals Creek after a review of past work completed on the property and an initial prospecting/sampling program. The gold mineralization outlined at Clarks Brook was initially discovered by Altius Minerals Corporation in 2004. This discovery is described as angular float up to 3 meters in diameter and characterized as a silicified fine grained sedimentary rock with significant disseminated pyrite/arsenopyrite. Historic assays ranged from 2.98 g/t to 24.5 g/t gold. In 2009, Altius also completed an Induced Polarization (IP) and ground magnetics geophysical survey that outlined several targets but no drilling was carried out.
Subsequent field work by the vendor (MEK) resulted in the discovery in bedrock of similar style mineralization and returned a grab sample assay of 19.24 g/t gold. In addition, thirteen (13) of the large angular blocks were sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. (see MEK press release 26 July 2016)
Since optioning the property in August 2017, Sokoman have performed two phases of drilling. Sokoman reported that all holes in the Phase Two program intersected the targeted siltstone hosted gold mineralization and also discovered a new second parallel zone, which returned the highest grades of the program. Diamond drill hole CB-18-5 intersected bleached and locally clay altered conglomerate cut by a network of narrow pyritic quartz veinlets that returned 3.74 g/t gold over 3.10 meters, including 14.73 g/t gold over 0.60 meters. This is the first time that gold mineralization has been observed in conglomeratic units and the previous holes may not have reached this target. The conglomerate-hosted zone is interpreted to be approximately 100 meters east of, and across strike from, the discovery zone intersected in the 2017 drilling. (see SIC news release dated 05 April, 2018).
Wayne Reid, P.Geo and a qualified person (QP) as defined in National Instrument 43-101, is responsible for the information forming the basis for this release.
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. 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 also has an agreement on its Clarks Brook property with Sokoman Iron Corp. and is 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