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Metals Creek Closes Private Placement and Gives Exploration Update
February 15, 2024 8:00 AM EST | Source: Metals Creek Resources Corp.
Thunder Bay, Ontario--(Newsfile Corp. - February 15, 2024) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) announces that, further to its November 29, 2023, December 20, 2023 and 16 January 2024 news releases, it has closed its private placement financing ("Private Placement").
The Company has issued 11,173,400 flow-through units ("FT Units") for aggregate gross proceeds of $335,202. Each FT Unit consists of 1 flow-through common share and 1 common share purchase warrant ("Warrants"), each Warrant being exercisable at $0.06 for 24 months from the date of issuance.
All securities issued pursuant to the Private Placement are subject to a four-month and one day hold period.
Proceeds of this Private placement will be used for ongoing exploration at the Company's Shabaqua Corners Gold Property and Tillex Copper Project and for general working capital purposes.
The Company also announces that permits have been received for the initial drill program at the Shabaqua Corners Gold Project (SCGP) (see figure 1 below). Drilling will commence once a drill rig has been secured. Prospecting and mechanical trenching conducted during this past summer at SCGP was highlighted by numerous new gold discoveries as well as high grade channel samples of 29.12 grams per tonne (g/t) Gold (Au) over 0.75 meters (m), 29.4 g/t Au over 0.6m at Main Zone and 1.04 g/t Au over 18.7m at the newly discovered Echo Zone. (see table 1 below).
The eastern boundary of SCGP 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).
(Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.)
Figure 1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/197981_079e713ac427c8bb_002full.jpg
| Zone | Grab or Channel | width (m) | Gold g/t | ||
| Main | channel | 0.60 | 29.40 | ||
| Main | channel | 0.75 | 29.12 | ||
| Main | channel | 0.90 | 6.95 | ||
| Main | grab | 42.80 | |||
| Main | grab | 10.10 | |||
| Main | grab | 42.00 | |||
| Main | grab | 10.80 | |||
| Main | grab | 32.10 | |||
| Main | grab | 18.10 | |||
| Main | grab | 45.00 | |||
| Main | grab | 31.80 | |||
| Echo | channel | 18.70 | 1.04 | ||
| Echo | grab | 4.70 | |||
| Echo | grab | 18.40 | |||
| Echo | grab | 4.00 | |||
| Echo South | grab | 51.00 | |||
| Anomalous | grab | 13.10 | |||
| Anomalous | grab | 6.08 | |||
| Anomalous | grab | 3.97 | |||
| Western Shear | grab | 18.50 | |||
| Western Shear | grab | 9.56 | |||
| Western Shear | grab | 9.18 | |||
| Western Shear Ext | grab | 18.10 | |||
| Western Shear Ext | grab | 17.00 | |||
| Western Shear Ext | grab | 6.18 |
Table 1 (Select channel and grab samples)
Drilling at Tillex will follow later in the Winter/Spring. Most recent intercept at Tillex in 2011 returned 85.48 m of 1.65% copper (Cu) and 33 g/t silver (Ag), including 5 meters of 5.55% Cu and 355 g/t Ag. (See News Release September 28, 2011), (see table 2 below).
Metals Creek Tillex Drilling Highlights
| Hole | From | To | Meters | Cu % | Ag g/t |
| TX08-002 | 30.95 | 128.00 | 97.05 | 1.19 | NA |
| Incl | 30.95 | 68.00 | 37.05 | 2.58 | NA |
| TX08-003 | 36.10 | 41.00 | 4.90 | 0.62 | NA |
| and | 50.63 | 73.50 | 22.87 | 1.05 | NA |
| Incl | 54.00 | 62.30 | 8.30 | 2.36 | NA |
| TX08-004 | 42.00 | 123.13 | 81.13 | 1.83 | NA |
| Incl | 53.00 | 80.00 | 27.00 | 2.73 | NA |
| TX08-005 | 51.51 | 123.00 | 71.49 | 1.29 | NA |
| Incl | 73.66 | 107.95 | 34.29 | 2.16 | NA |
| TX08-006 | 39.84 | 93.03 | 53.19 | 0.66 | NA |
| Incl | 64.00 | 85.00 | 21.00 | 1.06 | NA |
| TX08-007 | 110.43 | 124.80 | 14.37 | 0.87 | NA |
| Incl | 110.43 | 117.30 | 6.87 | 1.27 | NA |
| TX08-008 | 48.00 | 90.00 | 42.00 | 1.40 | NA |
| Incl | 48.00 | 71.00 | 23.00 | 2.14 | NA |
| TX08-010 | 46.70 | 68.30 | 21.60 | 0.83 | NA |
| TX08-015 | 41.20 | 49.00 | 7.80 | 0.66 | NA |
| and | 100.00 | 114.00 | 14.00 | 1.11 | NA |
| TX11-01 | 40.70 | 107.00 | 66.30 | 1.43 | 6.78 |
| Incl | 87.20 | 102.00 | 14.80 | 2.95 | 14.99 |
| TX11-002 | 39.30 | 82.50 | 43.20 | 1.27 | 5.45 |
| TX11-003 | 86.84 | 96.88 | 10.04 | 1.39 | 8.97 |
| TX11-004 | 55.10 | 60.00 | 4.90 | 1.20 | 6.81 |
| TX11-005 | 41.64 | 83.00 | 41.36 | 0.45 | 5.44 |
| TX11-006 | 48.00 | 81.00 | 33.00 | 0.86 | 9.36 |
| incl | 48.00 | 57.50 | 9.50 | 2.06 | 6.35 |
| and incl | 73.53 | 79.35 | 5.82 | 0.30 | 20.19 |
| TX11-008 | 54.77 | 140.25 | 85.48 | 1.65 | 33.23 |
| Incl | 89.00 | 94.00 | 5.00 | 5.55 | 355.29 |
Table 2
Michael MacIsaac, P.Geo and VP Exploration for the Corporation 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 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 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). In addition, Metals Creek owns and/or has option agreements in place to acquire a 100% interest in claims in the Shabaqua Corners area of North western 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.sedarplus.ca.
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
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197981