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Metals Creek Resources Corp. Signs LOI for Clarks Brook Gold Property, Central Newfoundland
February 13, 2020 9:15 AM EST | Source: Metals Creek Resources Corp.
Toronto, Ontario--(Newsfile Corp. - February 13, 2020) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have signed a Letter of Intent (LOI) outlining terms whereby Deep Blue Trading Inc. (DBT) (a private company owned by an arm's length third party) can earn a 100% interest in the Clarks Brook Gold Property, located in central Newfoundland.
The Clarks Brook property is located approximately 25 kilometers south west of the recently announced 19 metres of 92.86 g/t gold in a drill hole by New Found Gold (see Mexican Gold Corp news release dated January 26, 2020)
See Table Below for Previous Drill Intercepts at Clarks Brook:
| Hole | From | To | Length | Au g/t | ||||||
| CB‐17‐01 | 99.20 | 99.50 | 0.30 | 5.583 | ||||||
| and | 100.85 | 102.40 | 1.55 | 2.372 | ||||||
| CB‐17‐02 | 127.75 | 130.75 | 3.00 | 3.369 | ||||||
| incl | 127.75 | 128.00 | 0.25 | 26.878 | ||||||
| CB‐17‐03 | 33.40 | 34.15 | 0.75 | 1.252 | ||||||
| and | 51.40 | 51.90 | 0.50 | 3.364 | ||||||
| CB‐17‐04 | 107.35 | 108.05 | 0.70 | 1.546 | ||||||
| and | 117.00 | 118.55 | 1.55 | 2.339 | ||||||
| CB‐18‐05 | 113.20 | 116.30 | 3.10 | 3.744 | ||||||
| incl | 113.20 | 113.80 | 0.60 | 14.735 | ||||||
| and | 125.75 | 126.50 | 0.75 | 1.113 | ||||||
| CB‐18‐06 | 85.00 | 85.50 | 0.50 | 1.36 | ||||||
| and | 106.60 | 123.10 | 16.50 | 0.942 | ||||||
| incl | 106.60 | 110.90 | 4.30 | 2.453 | ||||||
| CB‐18‐07 | 97.15 | 97.65 | 0.50 | 1.936 | ||||||
| and | 118.25 | 120.65 | 2.40 | 1.354 | ||||||
| and | 161.35 | 162.65 | 1.30 | 0.77 | ||||||
| CB‐19‐08 | 33.00 | 33.60 | 0.60 | 3.319 | ||||||
| and | 46.65 | 53.30 | 6.65 | 1.186 | ||||||
| and | 63.80 | 89.60 | 25.80 | 1.004 | ||||||
| incl | 73.60 | 80.00 | 6.40 | 2.045 | ||||||
| 85.80 | 88.80 | 3.00 | 2.263 | |||||||
| and | 110.05 | 110.45 | 0.40 | 1.946 | ||||||
| and | 142.00 | 145.00 | 3.00 | 2.614 | ||||||
| and | 435.50 | 437.40 | 1.90 | 1.512 | ||||||
| and | 441.80 | 442.55 | 0.75 | 2.326 | ||||||
| and | 446.80 | 447.40 | 0.60 | 3.312 | ||||||
| and | 491.95 | 493.00 | 1.05 | 1.03 | ||||||
| CB‐19‐09 | 151.70 | 156.00 | 4.30 | 0.396 | ||||||
| and | 176.35 | 176.75 | 0.40 | 1.397 | ||||||
| and | 254.45 | 257.35 | 2.90 | 0.299 | ||||||
| CB‐19‐10 | 209.25 | 210.65 | 1.40 | 0.529 | ||||||
| and | 254.15 | 257.65 | 3.50 | 0.343 | ||||||
| and | 318.45 | 319.40 | 0.95 | 0.564 |
To earn a 100% interest in the Clarks Brook property, DBT must make cash payments of $195,000 over three years ($20,000 on signing) and issue a total of *1,500,000 common shares over three years (*200,000 due when the company is announced). Metals Creek will retain a 2% NSR, one half (1%) which can be purchased by DBT for $1,000,000. DBT must also complete a 43-101 report on the property by the first anniversary.
(* The common shares will be issued from a publicly trading company.)
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 from Newmont Goldcorp, 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). In addition, Metals Creek has recently signed an agreement with Newmont Goldcorp, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Ming District of Ontario.
Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below. Additional information concerning the Company is contained in documents filed by the Company 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
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52401