Thunder Bay, Ontario--(Newsfile Corp. - March 28, 2023) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce that the Company has acquired an additional 8 claim units thru an option agreement within the Thunder Bay Mining District.
The property is located within the Shebandowan Greenstone Belt, approximately 54 km west of Thunder Bay, Ontario, near Shabaqua Corners and on trend to Delta Resources Delta 1 project. The property has seen very little exploration work.
Surface grab samples taken by the vendors range from nil to 54.51 grammes per tonne (g/t) Gold (Au) with Visible Gold (VG) present. The project is underlain by mafic volcanics with interbedded sediments. Gold mineralization is hosted within an east-west trending zone of pervasive carbonate alteration with associated quartz carbonate veins and pyrite. (Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property. Assay results from the Property in this news release are historical in nature and have not been verified by the Company.)
The eastern boundary of the property is located 1.57 kilometers(km) west of Delta Resources (DLTA) drill hole DL-22-18 which returned an intercept of 5.92 g/t Au over 31m (Source: Delta New Release October 31, 2022). Trenching conducted on Delta's ground 390m east of the property boundary, returned an interval of 2.22 g/t Au over 8m (Source: Delta Resources Website).
Under the terms of the agreement, Metals Creek will issue 750,000 shares of the Company, (150,000 upon exchange approval), Pay $65,000 ($10,000 upon exchange approval) and incur work expenditures of $200,000 over three years. Upon meeting these requirements, MEK will have earned a 100% ownership of the property subject to a two (2) percent NSR, one half (1%) may be purchased by Metals Creek at any time for $1,000,000. This agreement is subject to TSX-V approval.
Alexander (Sandy) Stares, President and CEO of Metals Creek, states, "While our primary focus remains in the Timmins Area, the Shabaqua Gold Project provides MEK with a strategic, highly prospective land position on strike from Delta's Eureka Zone with similar style mineralization and alteration."
Michael MacIsaac, P.Geo and VP Exploration for the Company, and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a junior exploration Corporation 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 from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF).
Metals Creek has multiple quality projects available for option in Ontario and Newfoundland, which can be viewed on the Corporation's website. Parties interested in seeking more information about properties available for option can contact the Corporation at the number below.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160161