Metals Creek Resources Provides Garrison Drill Results And Update On Options/Joint Ventures And Exploration Projects
TSX VENTURE: MEK
Toronto Ontario--(Newsfile Corp. - March 14, 2019) - Metals Creek Resources Corp. (TSXV: MEK) ("Metals Creek" or "the company") is pleased to provide the Garrison drill results and an update on the company's option/joint ventures and exploration Projects:
Garrison Gold Project, NE Ontario
The Garrison Project consists of 10 patented mining claims located in Garrison Township located approximately 35 kms north-northwest of Kirkland Lake, Ontario. This project is contiguous with Osisko Mining to the west, south and east and contiguous with Kirkland Lake Gold to the north. (See map on company's website).
In October of 2018, MEK commenced a 19.725 kilometer (km) ground geophysical survey consisting of Mag and Induced Polarization (IP) over the entire property. Two distinct chargeability anomalies were defined ranging from 600m to 1000m in length. One of these IP anomalies (Southern Anomaly) is 1000m in length and co-incident with several historic holes (See news release September 5, 2018) which returned the following intercepts. Drill hole BM88-1 intercepted 22.09 grammes per tonne (g/t) gold (Au) over 6.10 meters (m), including 74.63 g/t Au over 1.52 m (Source: project update drilling report, 1989). Further down hole were additional intercepts of 3.41 g/t Au over 2.74 m and 1.74g/t Au over 9.33m. The Corporation cautions that all historic drill data quoted from the Garrison Project is historical in nature, has not been verified or validated and should not be relied upon. A second IP anomaly (Northern Anomaly) is 600m in length and appears to be untested based on current research. The second anomaly is associated with a magnetic low and is overburden covered and considered to be deeper than the southern anomaly.
In late November, MEK commenced a 5-hole diamond drill program targeting surface gold mineralization (See news release June 20, 2018) as well as attempting to duplicate mineralization from BM88 series holes (See news release September 5, 2018).
Results of 4 holes.
|GR18-02||3.42 g/t Au over 0.45m (44.0m to 44.45)|
|and||4.87 g/t Au over 0.30m (228.9m to 229.20)|
|GR18-03||1.57 g/t Au over 1.45m (70.47m to 71.92m)|
|and||1.92 g/t Au over 2.78m (138.18m to 140.96m)|
|GR18-04||0.56 g/t Au over 1.75m (42.3m to 44.05m)|
|and||1.77 g/t Au over 0.55m (65.20m to 65.75m)|
|and||0.98 g/t Au over 2.0m (104.0m to 106m)|
|GR18-05||Hole was abandoned due to terrible ground conditions and was unable to reach bedrock.|
Reported intercepts are not true widths. At this time, there is insufficient data to calculate true orientations.
Holes GR18-001 and 002 were engineered to target gold mineralization encountered in historic holes BM88-01 and 03. Best efforts of digitizing historic grid maps to UTM coordinates was made, but resulted in an error of approximately 70m. Therefore the historic holes were further southwest than initially thought, resulting in holes GR18-001 and 002 missing the main high-grade target. An old casing was unearthed in the snow upon completion of the program leading to the realization of the 70m error.
All split core samples were sent to Agat Laboratories. The precious metals were analyzed utilizing a standard fire assay with an atomic absorption finish. As part of the Corporations QAQC protocol, approximately 10% of the samples submitted for assay were also sent for check assays. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol. Samples with fire assay results above 1.0 g/t gold are re-analyzed using a gravimetric finish and samples with fire assay results above 5.0 g/t gold or samples showing visible gold are analyzed using the pulp metallic method.
Ogden Gold Project (50/50 Joint Venture with Goldcorp)
The Property is held under a joint venture in which Metals Creek owns 50%, and Goldcorp Inc. (Goldcorp) owns 50% with MEK being the operator of the project. The Ogden claims cover eight kilometers of strike length on the Porcupine-Destor Fault between Goldcorp's 16.5 million oz. Dome Mine and Tahoe Resources West Timmins Mine. The vast majority of the Porcupine-Destor Fault on the property is underexplored, compared to other properties in the Timmins Gold camp.
The company is currently in the process of reinterpreting ground and airborne geophysics previously performed over the entire property for the purpose of applying the current geological model and geophysical signatures generated from known mineralization at Naybob and Thomas Ogden, to the rest of the property in search of similar targets.
9 Holes totaling 2383 meters were drilled in 2018 (see news release dated February 14 2018)
Thomas Ogden West
In 2018, two holes were drilled in the Thomas Ogden West area (TOG West area) (See News release dated 7 May 2018). The TOG West mineralization is a new discovery 900m west of Thomas Ogden Zone (TOG), interpreted to be a shallow plunging east-northeasterly zone parallel to the Thomas Ogden Zone.
TOG-18-62, returned two zones of mineralization. The first zone of mineralization returned a down hole intercept of 1.42 g/t Au over 6.0m (298.0m to 304.0m) with associated pyrite mineralization and strong silicification hosted within a felsite unit. A second zone of mineralization was intercepted further down hole returning an intercept (314.0m to 324.14m) of 1.12 g/t gold over 10.14m with associated pyrite, arsenopyrite and strong albitization. This lower intercept is hosted within altered conglomerates.
Hole TOG-18-63, returned a down hole intercept of 1.12 g/t Au over 9.5m (383.0m to 392.5m) with associated pyrite and arsenopyrite mineralization as well as moderate to strong albitization and silicification (Visible gold was noted in this intercept).
Four holes were drilled within the Naybob South stratigraphy testing the down plunge extent of previously defined mineralized shoots. (See news releases dated May 07, 2018 and June 13, 2018)
Hole OG18-042 was drilled within the Naybob South Stratigraphy and was drilled on the western limits of the Naybob South Zone. This hole returned several gold intercepts including a downhole intercept (114.33m to 116.50m) of 1.69 g/t gold over 2.17m hanging wall to the Naybob South Main Zone. A second zone of mineralization was intersected, returning a downhole intercept (124.0m to 124.4) of 5.54 g/t gold over 0.4m. A third zone of mineralization was intercepted returning a downhole intercept (134.05m to 138.08m) of 0.85 g/t gold over 4.03m. These mineralized units are moderately to strongly albitized with associated pyrite and arsenopyrite mineralization.
Hole OG18-043 was also drilled within the Naybob South Stratigraphy retuning multiple gold intercepts including mineralization not previously encountered in historic drilling. Hole OG18-043 returned a down hole intercept (105.68m to 106.45m) of 7.12 g/t Au over 0.77m footwall to the main zone. A second zone of mineralization (114.25m to 116.20m) assayed 3.25 g/t Au over 1.95m. A third zone of mineralization (144.55m to 147.55m) assayed 3.19 g/t Au over 3.0m. The Naybob South main zone returned a down hole intercept (175.82m to 178.15m) of 2.14 g/t Au over 2.33m. Mineralization consisted of one to five percent pyrite and arsenopyrite with associated albitization and strong silicification.
Hole OG18-044 was drilled within the Naybob South Stratigraphy and was drilled on the western limits of the Naybob South Zone. Hole OG18-044 returned two mineralized zones with the first zone returning a downhole intercept of 2.90 g/t Au over 1.72m (282.63m to 284.25m) with associated pyrite and arsenopyrite as well as strong albitization hosted within an intermediate volcanic. A second zone of mineralization was intercepted further down hole returning an intercept (313.60m to 314.90m) of 3.01 g/t gold over 1.3m with associated pyrite, arsenopyrite and strong albitization. This lower intercept is hosted within an altered intermediate volcanic.
Hole OG18-045 was also drilled within the Naybob South Stratigraphy and west of hole OG18-044 returning a downhole intercept of 3.35 g/t gold over 0.72m with associated pyrite and arsenopyrite mineralization within a strongly albitized intermediate volcanic.
Two holes were drilled within the Naybob North Stratigraphy targeting near surface mineralization which hasn't seen any recent exploration work (See news release dated 13 June 2018).
Hole NZ18-001 was drilled within the Naybob North Stratigraphy targeting near surface carbonate altered ultramafics with associated quartz veining and pyrite mineralization. NZ18-001 intercepted 2 zones of mineralization with the first returning a downhole intercept of 1.30 g/t Au over 2m (48.0 to 50.0m) . The second intercept returned a downhole intercept of 0.91 g/t Au over 3.64m (111.5 to 115.14m). These two intercepts are hosted within carbonate altered ultramafics with disseminated pyrite.
Hole NZ18-002 was also drilled within the Naybob North Stratigraphy targeting near surface mineralization. A zone of carbonate altered ultramafics returned a downhole intercept of 1.2 g/t gold over 2m (95-97m).
Hole PH18-001 was drilled east of and in the vicinity of Porphyry Hill attempting to delineate an interpreted easterly plunge of the felsic intrusion. PH18-001 returned a downhole intercept (92.0-96.8m) of 2.31 g/t (grammes per tonne) over 4.8m (meters) with strong silicification and finely disseminated pyrite (See news release dated 13 June 2018). Previous work on Porphyry Hill includes prospecting and drilling with prospecting retuning assays up to 64 g/t gold (see News Release July 20, 2009) within silicified porphyry and quartz veining hosting pyrite mineralization. Porphyry Hill remains a high priority target with additional airborne magnetic interpretation to be conducted, to aide in determining the plunge of this mineralized system.
Clarkes Brook Project, Newfoundland
On 23 August 2018 Metals Creek Resources Corp. announced that they have received the first anniversary payment of $10,000 cash and 750,000 Sokoman Iron Corp. (TSX V: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 assays 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 has 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).
Metals Creek has been advised by Sokoman that drilling will recommence on Clarkes Brook during the second quarter of 2019
Flint Lake Gold Project, NW Ontario.
The Flint Lake JV properties lie within the central portion of the east-west trending Wabigoon sub-province which is host to numerous underexplored greenstone hosted gold occurrences. The western portion of the Wabigoon greenstone belt is an emerging gold camp with a number of developing projects including First Mining's Cameron Lake Deposit and one of Ontario's newest mines, New Gold's Rainy River Deposit.
The Flint Lake JV Project is operated through a joint venture agreement in which Metals Creek is the Operator and holds an 81.3% interest and Endurance Gold Corporation (TSXV-EDG), holds the remaining 18.7%. The Flint Lake JV Project consists of five claim groups with the Stephens Lake Property as the current prime focus for exploration activity.
At the Stephens Lake Property, widespread gold occurrences are hosted within an altered granodiorite intrusion with associated and variable carbonatization, hematization, silicification, quartz veining and disseminated pyrite mineralization ("Stephens Lake Stock"). Trenches were excavated in the northwest quadrant of the Stephens Lake Property in an effort to delineate two significant areas of gold mineralization at the D-Zone and Bush Zone. Many other gold occurrences within the Stephens Lake Stock remain to be evaluated.
In 2012, Metals Creek conducted the initial trenching program which targeted several gold occurrences within the Stephens Lake Stock (See MEK news release September 27, 2012). Highlights from the trenching program include trench STR2 in the D-Zone target, which returned a surface channel cut of 1.43 grams per tonne (g/t) gold over 21 meters ("m"). Trench STR3 located 40m east of STR2 returned a surface channel cut of 1.42 g/t gold over 10 m. A second parallel zone of gold mineralization (Busch Zone) was also trenched with trenches STR4 through STR7. Trench STR7 returned a surface channel interval of 1.03 g/t gold over 20 m.
In late fall 2016 and 2017, Metals Creek conducted an additional trenching programs at Stephens Stock to evaluate several gold occurrences as well as expand the understanding of the geological environment hosting these gold showings. Channel sampling of these trenches was completed in the summer of 2017 and fall of 2018. Results include 1.60 g/t gold over 5 m from trench STR11 which is located between trenches STR2 and STR3, 0.93 g/t gold over 12m including 1.436 g/t gold over 6.0m from trench STR13 as well as 3.88 g/t gold over 2m also from STR13. Trench STR13 is located approximately 150m northwest of D-Zone.
Squid Project, Yukon (Option Agreement with Manning Ventures)
On 27 September 2018 Metals Creek Resources Corp. announced that the Corporation has entered into an option agreement with Manning Ventures Inc. ("Manning"). Under the terms of the agreement, Manning has the option to acquire a 75% interest in MEK's Squid East Property, located in the northwest extension of the White Gold district, Yukon (the "Property"). The Property is 100% owned by MEK.
In order to exercise the option, Manning must make cash payments to the Corporation of $65,000 over two years ($35,000 due upon CSE listing), issue to the Corporation a total of 1,200,000 Manning common shares over two years (600,000 due upon CSE Listing) and incur work expenditures of $1,150,000 over four years ($50,000 by 31 Dec, 2019). Manning will be the operator during the option period.
The proposed transaction is subject to approval of the proposed listing of Manning Ventures Inc. on the Canadian Securities Exchange (CSE). The transaction cannot close until the listing has been completed and there can be no assurance that the transaction will be completed as proposed or at all.
MEK initially staked the Yukon properties in February, 2011, during the staking rush that ensued after the discovery of the White Gold deposit. The claims are located proximal to the Matson Creek placer gold operations, approximately 80 km northwest of the Goldcorp's Coffee Project and 90 km southwest of Dawson City. Soil sampling, trenching and limited diamond drilling carried out in 2013 resulted in the discovery of a new gold-silver zone with characteristics similar to other discoveries in the White Gold district. Results included 22.0 meters of 1.96 g/t gold and 160.6 g/t Ag from trenching and 1.55 g/t gold and 114.1 g/t Ag over 21.0 m from the subsequent drilling (see MEK press releases dated August 6, 2013 and October 8, 2013.) The mineralized zone remains open in all directions and the thickness of the zone is not known as the discovery holes collared in mineralization.
Option agreements with Anaconda Mining on Jacksons Arm and Tilt Cove in Newfoundland.
On 09 November, 2018 Metals Creek Resources Corp. announced that the company had received the second year option payment for the Jackson's Arm Agreement from Anaconda Mining Inc.(TSX-V:ANX, or Anaconda). Metals Creek have received $60,000 and 37,500 Anaconda shares for the second anniversary payment. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Jackson's Arm Property. To earn a 100% interest in the Jackson's Arm Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash ($120,000 paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Jackson's Arm Agreement provides for a two percent (2%) net smelter returns royalty ("NSR") to MEK on the sale of gold bearing mineral products from the Jackson's Arm Property. The NSR is capped at $1,500,000, after which, the NSR will be reduced to one percent (1%).
Also on 09 November 2018, Metals Creek also received an additional $60,000 and 37,500 Anaconda Shares for the second anniversary payment on the Tilt Cove Property from Anaconda. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Tilt Cove Property located 60 kilometers east of Anaconda's Point Rousse Project within the BaieVerte Mining District. To earn a 100% interest in the Tilt Cove Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash,( $120,000 Paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Tilt Cove Agreement provides for a one percent (1%) NSR to MEK on the sale of gold bearing mineral products from the Tilt Cove Property. Anaconda is also assuming an existing two percent (2%) NSR (the "Existing NSR") on one of the two licenses that comprises the Tilt Cove Property. One percent (1%) of the Existing NSR is purchasable for $1,250,000.
In addition the corporation is currently evaluating additional opportunities it believes will bring value to its shareholders.
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 option 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 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