Toronto, Ontario--(Newsfile Corp. - October 27, 2017) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have been advised by their option partner, Sokoman Iron Corp (TSXV: SIC) (Sokoman) that it has completed Phase 1 drilling on the Clarks Brook Gold Property, located in central Newfoundland. The road accessible Clarks Brook prospect was staked by vendor Metals Creek (MEK) after a review of past work completed on the property and initial due diligence performed on the showing. The gold mineralization outlined on the Clarks Brook Property consists of mineralized angular boulders up to 3m in size initially discovered by Altius Minerals Corporation in 2004, and from which assays ranging from 2.98 g/t to 24.5 g/t gold were reported. Subsequent work, including Induced Polarization (IP) and Magnetics ground geophysical surveys outlined several targets, but no drilling took place. Note: The historical assay results mentioned in this news release were grab samples which are selective by nature and are unlikely to represent average grades of the property.
Sokoman completed approximately 515m of NQ sized core drilling in four holes which tested approximately 100m of strike length of the known mineralization at Clarks Brook. A total of 146 saw cut core samples ranging from 0.25 to 1.5m in length (average of 0.50m) were sent to Eastern Analytical Labs in Springdale, NL, for gold analysis, and results are expected in four to five weeks. All samples were cut by Sokoman Iron personnel with ½ of the interval kept for future reference. The sampling focused on zones exhibiting extensive brecciation, silicification, quartz veining and sulphide mineralization similar in style to that observed in gold bearing surface samples reported by previous workers. It is estimated that the mineralized corridor intersected in the drilling ranges up to 40m in apparent thickness within which multiple, more intensely altered and mineralized intervals occur.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information please contact Timothy Froude at 709-765-1726, or by email at [email protected]. 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.
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. 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
email: [email protected]
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