Metals Creek Resources Corp. Recognizes Additional Targets From The Recently Completed Airborne EM/Mag Survey at Dona Lake Gold Project, NW Ontario, Extends Private Placement
Toronto, Ontario--(Newsfile Corp. - December 2, 2019) - Metals Creek Resources Corp. (TSXV: MEK) (OTC:MCREF) (Metals Creek or the "company") is pleased to announce that the company has recognized at least two additional targets from the recently completed airborne time-domain electromagnetic (EM) and magnetic (MAG) geophysical survey over the Dona Lake Gold Project.
Upon further interpretation of the airborne survey data, two additional magnetic trends have been delineated and are possibly indicative of oxide iron formations trending roughly parallel to iron formations that host the gold mineralization at the Dona Lake deposit. These discreet anomalies are located in an underexplored area of the Property and represent prospective targets requiring further exploration. Currently there are four known gold bearing oxide iron formations that host gold mineralization on the Dona Lake Gold Project. It is interpreted that the more pyrrhotite rich sections of the iron formation within the Dona Lake deposit tend to exhibit a strong spatial relationship to increased gold mineralization. This could be a result of pyrrhotite replacing magnetite, decreasing the magnetite content and magnetic signature. With pyrrhotite being highly conductive, modeling of the recently completed airborne will prioritize targets exhibiting strong conductivity and weaker magnetic signatures. The company has also acquired through staking additional ground contiguous to the Dona Lake Gold Project.
Exploration work permits for diamond drilling as well as permits for the installation of culverts have been applied for. Upon receipt of the permits, the company plans to install culverts for ease of access for upcoming diamond drill programs.
The Dona Lake Project was recently optioned from Newmont Goldcorp (see news release dated 13 June 2019) and is located in the Pickle Lake Greenstone Belt which is host to several historic mines including the Dona Lake mine, the Central Patricia mine and the Pickle Crow mine. Dona Lake is accessible by an all-weather road southeast from the Town of Pickle Lake. The Property consists of 32 patented and leased mining claims and 35 map staked claims units totaling approximately 1,063 hectares and covers the past producing Dona Lake Mine.
The company also advises that the previously announced private placement has been extended until December 20, 2019.
Michael MacIsaac, P.Geo and VP Exploration for the Company 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 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 Mine project in the Pickle Lake Mining 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 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50260