14:47:34 EDT Thu 02 May 2024
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Metals Creek Resources Corp (2)
Symbol MEK
Shares Issued 44,946,269
Close 2017-06-15 C$ 0.07
Market Cap C$ 3,146,239
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Metals Creek notes partner Trifecta's listing on TSX-V

2017-06-15 09:44 ET - News Release

Mr. Alexander Stares reports

METALS CREEK RESOURCES CORP. NOTIFIED THAT TRIFECTA GOLD LTD. COMMENCED TRADING ON THE TSX-V

Metals Creek Resources Corp. has been notified that Trifecta Gold Ltd. has successfully completed a plan of arrangement with Strategic Metals Ltd., pursuant to which Strategic has distributed a total of 19,872,254 common shares to Strategic's shareholders pursuant to the arrangement, in conjunction with the listing of Trifecta's common shares on the TSX Venture Exchange (see Trifecta Gold's news release dated June 15, 2017).

Metals Creek and Trifecta had earlier completed an option agreement on Metals Creek's Squid property in northwest Yukon, which was contingent on the completion of this plan of arrangement. The Squid claims comprise the main part of Trifecta's Trident property. A brief description taken from Trifecta's recent news release follows below.

The road-accessible Trident property covers the headwaters of the Matson Creek placer gold camp, located about 60 kilometres northwest of the White Gold deposit. The property has an extensive system of roads and trails that connects the main exploration areas to an established trailer camp and a gravel airstrip. Limited drilling by previous operators (Metals Creek) has produced very promising results, including 1.55 grams per tonne gold and 114 grams per tonne silver over 21 metres at the Exploits zone. Where observed in trenches and drill holes, the mineralized zone is shallowly dipping and strongly oxidized. Trifecta expects to start drilling at the Trident property in July, immediately following completion of the drill program at Eureka. Phase I soil sampling will be followed by approximately 800 metres of diamond drilling that would focus on expanding the Exploits zone along strike and downdip. Pending favourable results, drilling can be extended into late fall.

In a news release dated Dec. 19, 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-per-cent interest in Metals Creek'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 per cent owned by Metals Creek.

To earn an initial 60-per-cent interest, Trifecta must make cash payments of $45,000 over three years ($10,000 due upon regulatory approval), issue a total of 6.5 million Trifecta shares over three years (one million due upon regulatory approval) and incur work expenditures of $2.25-million over three years. Trifecta will be the operator during the earn-in period. Once a 60-per-cent interest is earned by Trifecta, either a 60/40 joint venture will be formed or Trifecta may elect to earn an additional 15-per-cent interest to bring its total property interest to 75 per cent. The terms to increase its interest from 60 per cent to 75 per cent include payments of $50,000 and 3.5 million Trifecta shares within 60 days of the third anniversary date and incurring an additional $1-million in exploration expenditures by the fourth anniversary.

Alexander (Sandy) Stares, president and chief executive officer of Metals Creek, states: "Metals Creek eagerly anticipates exploration to commence on the Trident project by Trifecta Gold. [Metals Creek]'s management feels this is a great opportunity to maintain an interest in the Squid properties through a large share position in Trifecta, while maintaining a 25-per-cent interest in the property."

About Metals Creek Resources Corp.

Metals Creek Resources is a junior exploration company that has earned a 50-per-cent interest in the Ogden gold property, including the former Naybob gold mine, located six kilometres south of Timmins, Ont., and has an eight-kilometre strike length of the prolific Porcupine-Destor fault that stretches between Timmins, Ont., and Val d'Or, Que. The company has also recently entered into an option/joint venture with Trifecta Gold on Metals Creek's Squid properties in Yukon. Metals Creek and Benton Resources Inc. have provided Quadro Resources Ltd. with an option to acquire a 100-per-cent interest in Metals Creek and Benton's Staghorn property, located in Newfoundland, and all rights to their newly optioned Rose gold property. In addition, Metals Creek as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove properties, also in Newfoundland.

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