Toronto, Ontario - August 24, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have been advised by their Option/JV partner Trifecta Gold Ltd., (Trifecta) that diamond drilling is under way at the road-accessible Trident property located in the White Gold district of the Dawson Range gold belt in western Yukon.
The 2017 diamond drilling campaign is focused on expanding near-surface gold and silver mineralization at the Exploits zone, down dip and along strike. Limited drilling in 2013 produced very promising results including 1.55 grams per tonne gold and 114 g/t silver over 21 metres, starting 12 m below surface. Where observed in trenches and drill holes, the mineralized zone is oxidized and shallowly dipping.
"We are very excited to have work underway at Trident," stated Dylan Arnold-Wallinger, Trifecta's president and chief executive officer. "We are drilling relatively aggressive stepout holes in order to quickly and efficiently test the size and extent of mineralization at the Exploits zone."
Management of Metals Creek is looking forward to seeing an aggressive drilling program following up on the drill result in 2013 at the Exploits Zone.
In a news release dated 19 December 2016, Metals Creek announced that the Corporation had entered into an Option/Joint Venture agreement with Trifecta. Under the terms of the agreement, Trifecta can earn up to a 75% interest in MEK's Squid East and Squid West Properties, (collectively referred to by Trifecta to form part of Trifecta's Trident Property) located along the interpreted northwest extension of the White Gold district, Yukon. The Squid properties are 100% owned by MEK.
To earn an initial 60% interest, Trifecta must make cash payments of $45,000 over three years ($10,000 due upon regulatory approval), issue a total of 6,500,000 Trifecta shares over three years (1,000,000 due upon regulatory approval) and incur work expenditures of $2,250,000 over three years. Trifecta will be the operator during the earn-in period. Once a 60% interest is earned by Trifecta, either a 60/40 joint venture will be formed, or Trifecta may elect to earn an additional 15% interest to bring its total property interest to 75%. The terms to increase its interest from 60% to 75% include payments of $50,000 and 3,500,000 trifecta shares within 60 days of the 3rd anniversary date and incurring an additional $1,000,000 in exploration expenditures by the 4th anniversary.
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 an Option/JV with Trifecta Gold Ltd. on Metals Creek's Squid properties in Yukon. Metals Creek also has an option agreement with Quadro Resources on Metals Creeks 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 have also signed a LOI on its Clarks Brook property with Sokoman Iron Corp. and 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 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."
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
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