13:13:25 EDT Thu 02 May 2024
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Metals Creek Resources Corp (2)
Symbol MEK
Shares Issued 44,946,269
Close 2017-08-24 C$ 0.065
Market Cap C$ 2,921,507
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Metals Creek JV begins drilling at Trident

2017-08-24 14:13 ET - News Release

Mr. Alexander Stares reports

METALS CREEK RESOURCES CORP. ADVISED THAT TRIFECTA GOLD DRILLING UNDERWAY AT EXPLOITS ZONE, YUKON

Metals Creek Resources Corp. has been advised by its option/joint venture partner Trifecta Gold Ltd. 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, downdip and along strike. Limited drilling in 2013 produced very promising results including 1.55 grams per tonne (g/t) gold and 114 g/t silver over 21 metres, starting 12 metres below surface. Where observed in trenches and drill holes, the mineralized zone is oxidized and shallowly dipping.

"We are very excited to have work under way 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 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.

About Metals Creek Resources Corp.

Metals Creek 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/JV with Trifecta on Metals Creek's Squid properties in the Yukon.

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