Toronto, Ontario--(Newsfile Corp. - February 7, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have been advised by their option partner, Sokoman Iron Corp (Sokoman) that it has commenced Phase II drilling on the Clarks Brook Gold Property, located in central Newfoundland. The road accessible Clarks Brook prospect was staked by Metals Creek Resources Corporation (MEK) in late 2016 and subsequently optioned by Sokoman in late 2017 (see News Release August 23, 2017).
The Clarks Brook prospect consists of a number of large (up to 1-2 m square) angular boulders from which previous operators had returned grab sample gold values ranging from 2.98 to 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the property vendor Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. In addition, a single outcrop of bedrock mineralization of similar style to that of the boulders, returned a grab sample assay of 19.24 g/t gold.
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's four hole, 515 m Phase I program, with hole depths ranging from 105 to 143 m (-40 to -52 degree dips), was the first drilling to be completed on the property and all four holes intersected a variably mineralized structural zone carrying widespread and locally significant gold grades. Based on the four holes completed, the mineralization remains open along strike and to depth.
Selected Phase I highlights include (true thicknesses are believed to be 70% - 80% of reported widths):
1.65 g/t Au over 2.40 m (from 100.84 - 103.25 m)
3.37 g/t Au over3.00 m (from 127.75 - 130.75 m)
incl. 4.63 g/t Au over1.65 m (from 127.75 - 129.40 m)
incl. 26.9 g/t Au over0.25 m (from 127.75 - 128.00 m)
2.34 g/t Au over 1.55 m (from 117.00 - 118.55 m)
The Phase II program will test the mineralization along strike to the northeast, as well as a coincidental magnetic and IP chargeability anomaly 100 m east of the area drilled in Phase I, and similar in strength to the anomaly tested by Phase I (see attached map).
Timothy Froude, P. Geo., Interim CEO states; "Phase I verified the existence of locally significant in situ gold mineralization at Clarks Brook, the first holes to be completed on the property. The geophysical signature of the known mineralization appears to extend for several hundred metres to the edge of the surveyed area, and quite possibly beyond, and we have only tested 100 metres of the structure to date."
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.
Metals Creek is also pleased to announce that it has acquired by staking a 100% interest in 132 claim units (11,497 ha) in 2 licenses, on Newfoundland's Great Northern Peninsula. The New Claims were staked to cover anomalous gold in lake sediment sampling by the Newfoundland Government (5 parts per billion gold), as well as geological units with similar geology to that of White Metal Resources Corp's new black shale discovery, and the company's Great Brehat project located approximately 28 kilometers to the north east of the new claims.
The Clarks Brook Portion of 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.
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 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 including the recently acquired Great Brehat project on the Great Northern Peninsula of Newfoundland. 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.
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
email: [email protected]
Phase II Target Map
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