Metals Creek Resources Partner, Sokoman Minerals to Initiate Deep Testing at Clarks Brook in Mid-August
Toronto, Ontario--(Newsfile Corp. - August 7, 2019) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have been advised by their option/joint venture partner, Sokoman Minerals Corp (TSXV: SIC) (Sokoman) that Sokoman intends to initiate the deep testing of the gold bearing structure at Clarks Brook which will begin on August 15th following the receipt of all necessary permits. Clarks Brook lies 35 kilometres southeast of the Company's Moosehead project in central Newfoundland and is road accessible. The minimum 1,200-metre program will test down to 400 metres vertically the mineralized zone defined by diamond drilling completed by Sokoman in late 2017 and early 2018. At that time, Sokoman completed approximately 1,000 metres of drilling in seven holes with all holes returning gold mineralization including CB-17-02 3.00 m @ 3.37 g/t Au incl. 0.25 m @ 26.90 g/t Au (core length); and CB-18-05 3.10 m @ 3.74 g/t Au incl. 0.60 m @ 14.73 g/t Au (core length).
The Clarks Brook Property exhibits textures and mineralization consistent with an epithermal style of gold mineralization in a trend sub-parallel to the Moosehead-Valentine Lake Trend. Numerous historical gold showings that lie on trend from Clarks Brook have strong epithermal characteristics including jasperoid development, silica sinters and pathfinder elements such as antimony and arsenic. The producing Beaver Brook antimony mine lies 14 kilometres on trend to the southwest of Clarks Brook.
The proposed program will consist of 3-4 strategically placed holes designed to test for deeper, higher-grade gold mineralization at what is commonly termed the boiling zone. The boiling zone can occur at depths ranging from 200-400 metres, sometimes deeper depending on specific deposit characteristics.
To earn an initial 75% interest in the Clark's Brook project, Sokoman must make cash payments of $45,000 over three years and issue a total of 3,000,000 Sokoman common shares over three years and incur work expenditures of $800,000 over three years. Sokoman will be the operator during the earn-in period. Once a 75% interest is earned by Sokoman, either a 75/25 joint venture will be formed, or Sokoman may elect to earn an additional 25% interest to bring its total property interest to 100%. The terms to increase its interest from 75% to 100% include payments of $100,000 and the issuance of an additional 2,000,000 Sokoman shares within 60 days of the 3rd anniversary date.
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 on the past producing Dona Lake Mine project in the Pickle Lake Ming District of Ontario. Metals Creek also has an option agreement with Quadro Resources on Metals Creek's and Benton Resources Staghorn Gold Project in Newfoundland as well as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. The company also has an agreement on its Clarks Brook property with Sokoman Minerals Corp. as well as an agreement with Manning Ventures on the Metals Creeks Squid East project located in the Yukon. Metals Creek is 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 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
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