METALS CREEK RESOURCES CORP. PROVIDES EXPLORATION UPDATE.
METALS CREEK RESOURCES CORP. PROVIDES EXPLORATION UPDATE.
Toronto, June 01, 2016. Metals Creek Resources Corp. (TSX-V:MEK) (the “Company”) is pleased to provide an exploration update on its exploration properties. The Company owns a number of advanced gold projects in Ontario, Yukon and Newfoundland & Labrador, all with great up-side potential for discovery. Over the next six months the Company will focus on drilling at the Ogden property in Timmins and will seek joint ventures to fund its other gold projects.
Ogden Gold Project (50/50 Joint Venture with Goldcorp)
Metals Creek have recently completed a three hole diamond drill program and currently awaiting assay results. Results will be released when received and compiled. Metals Creek’s exploration team is currently planning future drill targets on the Ogden Gold Project in Timmins. The Property is held under a joint venture in which Metals Creek owns 50%, and Goldcorp Canada Ltd. ("Goldcorp") owns 50% (as manager and on behalf of the Porcupine Joint Venture, a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd.) with MEK being the operator of the project. The Ogden claims cover eight kilometers of strike length of the Porcupine-Destor Fault between Goldcorp’s 16.5 million oz. Dome Mine and Tahoe Resources West Timmins Mine. The vast majority of the 8 km strike length of the property is underexplored, especially in terms of the Timmins Gold camp.
Squid East Silver/Gold Project (Actively seeking Joint Venture Partner)
MEK owns a 100% interest in the 82 Squid East claims situated in the Dawson Range, west central Yukon within the White Gold district. The claims are located 80 km southwest of Dawson City, proximal to the Matson Creek Placer gold district and are accessible by four wheel drive trail and airstrip.
The property hosts a new discovery (drill intercept of 1.55 g/t Au and 114.12 g/t Ag over 22.0) of oxidized gold-silver mineralization completely open in thickness and in all directions. Staked by MEK in 2011, initial exploration consisted of recce and detailed soil samplings that led to a number of gold-in-soil anomalies with associated highly anomalous pathfinder elements including Ag, Sb, Pb and Hg. In 2013, mechanical trenching was completed in the areas of the E4 and E5 anomalies to try and explain and outline these anomalies. Favorable results were attained from the E4 anomaly of 1.96g/t Au + 160.60g/t Ag and 0.35% Pb over 22.0m, now called the Exploits Zone (See news release dated 11 September, 2013). Following the trenching, a four hole, 428m diamond drilling program was completed to better define the gold-silver alteration zone. Three of the four holes collared into an oxidized alteration horizon returning intercepts up to 1.55g/t Au + 114.12g/t Ag and 0.315% Pb over 21.0m including 2.43g/t Au + 185.25g/t Ag and 0.47% Pb over 12.0m (See news release dated 08 October, 2013). Follow-up cyanide leach tests (Bottle-roll) analysis gave favorable results with an average recovery of 92% for gold and 82% for silver. The presence of silver greatly enhances the potential economics of the project going forward. The Yukon has recently seen renewed interest in the white gold district with Goldcorp’s recent offer to acquire Kaminak. (See Kaminak’s press release May 12, 2016). The Squid East Project is strategically located approximately 90 kilometers northwest of Kaminak’s Coffee Project within the white gold district. Metals Creek is actively seeking a JV partner for the Squid East project.
Staghorn Gold (Under Option to Benton Resources TSX-V:BEX)
The Staghorn Gold property is under Option to Benton Resources Inc., (TSXV: BEX) (see Benton press release dated Nov. 18, 2014). On 9 December, 2015, Benton announced that the Company has received results from all 11 diamond drill holes on the Staghorn gold project. The Staghorn claims are situated along the Cape Ray/Victoria Lake regional fault zone, which is host to a number of gold deposits, including Marathon Gold's Valentine Lake deposit located 30km to the northeast of the property and Benton's Cape Ray gold deposits approximately 100km to the southwest.
Future drilling is required to test remaining targets, including the "Rich House" Visible Gold showing, where selected grab samples graded from trace up to 189.2gpt gold. This target could not be tested during this past drill program due to inclement weather conditions.
Other Metals Creek Projects
Information on Metals Creeks Other projects is available on the company’s website at www.metalscreek.com. Metals Creek is currently seeking partners for projects.
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 a JV with Benton Resources on Metals Creeks Staghorn Gold Project in Newfoundland. Metals Creek has also made a new gold/silver discovery in the “White Gold District” on the Squid East project in the Yukon and is also 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.
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp