MEK and GDR ARE PLEASED TO ANNOUNCE THE PHASE 1 RECONNAISSANCE DRILLING PROGRAM
Metals Creek/Golden Dory JV Awards Diamond Drilling Contract for Gabbro Lake Iron Ore Project, Labrador.
Toronto Ontario, June 7, 2012 Metals Creek Resources Corp., TSX.V-MEK (“Metals Creek”) and Golden Dory Resources Corp., TSX.V-GDR ("Golden Dory") , are pleased to announce that the Phase 1 reconnaissance drilling program has been awarded to Innu Cartwright Drilling of Goose Bay, Labrador Drill crews will mobilize to Gabbro Lake on June 17. The minimum 1200 meter program will mark the first drilling to take place on the 371 claim, 9275 hectare property and will focus on three iron formation targets on the Gabbro Lake property (the “Project”) in the eastern portion of the Labrador Trough. The Project is operated under a joint venture agreement between Golden Dory and Metals Creek whereby Golden Dory can earn up to a 70% interest in the Project, as announced on May 16, 2012. Golden Dory is the operator of the Joint Venture and is funding 100% of the expenditure requirements. The Gabbro Lake Project is strategically located in the eastern portion of the Labrador Trough, 50 kilometres from the rail line servicing the Schefferville mining camp and 8 kilometres from an all-weather access road. Within the Gabbro Lake property, the magnetic data defines the targets as a structurally folded and faulted iron formation and shows a number of areas that may be thickened by the structural complexity. No known previous work has been carried out on these prospects. Work carried out by the joint venture included airborne geophysics which outlined four significant “magnetic high” target areas, Anomalies A to D (see geophysical map on homepage at www.goldnedoryresources.com) .
The anomalies that are being proposed for drill testing include Anomalies A, B and D which measure 1.4 km, 3.8 km and 1.6 km in length respectively and up to 500 meters in width. Five samples of massive to semi-massive medium grained magnetite and banded cherty magnetite iron formation from Anomalies B and D were sent to Activation Laboratories in Ancaster, Ontario, for reanalysis using the Davis Tube method to separate the magnetic and non-magnetic fractions of each sample. The amount of material reporting to the magnetic fraction from the five samples ranged from 49.6% to 73.9% and Fe2O3 values ranged from 75.22% to 96.53% (equating to 52.65% to 67.57% Fe).
Although this is a small selection of samples, these results indicate that a portion of the iron formations associated with the magnetic targets is amenable to being upgraded by magnetic separation. The samples reported above also contained relatively low concentrations of manganese (MnO) ranging from 0.032% to 0.865% MnO, as well as low levels of phosphorus (P2O5) ranging from 0.02% to 0.06% from Fusion XRF analysis completed by Actlabs.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. Gold exploration at the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; the Long Canyon (Pequop South), and Reef properties in the state of Nevada, USA. The Company is also seeking partners on its earlier stage gold, uranium and high grade base metal properties in Newfoundland, and its lithium/rare metals projects in Ontario. In 2012, the Company is taking over as operator of the Gabbro Lake Joint Venture (up to 70% interest) in the iron-rich Labrador Trough of Newfoundland.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101. For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Stephanie Fitzgerald at CHF Investor Relations at (416) 868-1079.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is 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 can earn 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 (PDF) that stretches between Timmins, Ontario and Val d’Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario 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.
For further information, please contact Alexander (Sandy) Stares, President and CEO of Metals Creek at (709) 256-6060 or email: metalscreek%23com|astares
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. Investors are cautioned that trading in the securities of these Issuers should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Issuers will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory and/or Metals Creek.