Toronto, Ontario - February 21, 2018 (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 partner, Sokoman Iron Corp (Sokoman) that the Phase II drilling program at Clarks Brook has been completed and that core logging and sampling has commenced. The three hole, 594 metre program, was designed to test for additional zones of mineralization along strike and parallel to the mineralization intersected in the first program (completed in October 2017), and to determine whether additional funds should be directed towards this project.
Timothy Froude, P. Geo., Interim CEO of Sokoman states, "The recently completed Phase II program is critical to the future of our involvement with this project. Although only a limited program, the holes are all strategic, and will be instrumental in helping shape our plans moving forward. The preliminary review of the core suggests that all holes encountered variably altered and mineralized sediments. However, we must wait until final results have been received before making a decision on further work at Clarks Brook."
The attached plan highlights the two areas tested with the Phase II drilling. Of particular interest is the magnetic target outlined to the northeast of the Phase I drilling. Phase I drilling suggests that the best mineralization, intersected in holes CB-17-1 and 2, is associated with a strong magnetic low signature (blue colour on the attached plan). This magnetic signature trends northeast of the known mineralization and appears to trend off of the surveyed area, suggesting a minimum distance of 400 metres. The northern property boundary is over 1 kilometre to the northeast, however, no detailed magnetics have been completed over most of this distance and the Company is considering, pending results of the Phase II drilling, extending the detailed grid to cover this area with magnetics and possibly Induced Polarization (IP) surveys.
At this point core logging and sampling of the new holes has just commenced, however, a preliminary review of the three holes indicates that silicified and quartz veined intervals with disseminated sulphides has been intersected in all holes, but lengths and significance of these intervals won't be known until all logging and sampling has been completed. This work is expected to take two weeks and an additional 6 to 8 weeks before assays are received.
The Clarks Brook prospect consists of a number of large (up to 1-2 m square) angular boulders from which previous operators had returned grab sample gold values ranging from 2.98 to 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the property vendor Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. In addition, a single outcrop of bedrock mineralization of similar style to that of the boulders, returned a grab sample assay of 19.24 g/t gold. Phase I drilling completed in October 2017 returned assays of 3.37 g/t Au over 3.00 m (from 127.75 — 130.75 m) including 26.9 g/t Au over 0.25 m (from 127.75 — 128.00 m). Note: The historical assay results mentioned in this news release were grab samples which are selective by nature and are unlikely to represent average grades of the property. The true thickness of reported assay intervals from the 2017 program are believed to be 75% to 90% of the reported thickness.
To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years (no cash on signing) and issue a total of 3,000,000 Sokoman common shares over three years (500,000 due upon regulatory approval) and incur work expenditures of $800,000 over three years ($100,000 by 1st anniversary). 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. This agreement is subject to regulatory approval.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp.
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. 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 including the recently acquired Great Brehat project on the Great Northern Peninsula of Newfoundland. 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.
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
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