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July 21, 2011
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Metals Creek and Golden Dory Announce High Grade Iron Results From Recent
Sampling at the Gabbro Lake Project in Western Labrador Iron Values Up to 75.38% Fe2O3 From Labrador Trough Iron Formation
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TORONTO, ONTARIO--(Marketwire - July 21, 2011) - Metals Creek Resources Corp. (TSX VENTURE:MEK) and Golden Dory Resources Corp. (TSX VENTURE:GDR) are pleased to announce assay results from its recently completed sampling program on the Gabbro Lake project located 160 km northeast of Labrador City. The project consists of 295 claim units (21 square kilometers) and was initially acquired to cover the most eastern extent of the prolific Labrador Trough iron formation which hosts all of Canada's present iron ore production in western Labrador and northeastern Quebec. The Gabbro claims are 35 km north of the Trans Labrador Highway and 50 km east of the Labrador-Quebec railway.
The project is a 50/50 joint venture between Metals Creek and Golden Dory with Metals Creek as the operator. The claims were acquired by both companies in 2007 and airborne geophysics (magnetic, EM and radiometrics) was completed in 2008. Within the Gabbro property, the magnetic data defines the Knob Lake iron formation as a structurally folded and faulted iron formation and shows a number of areas that may be thickened by the structural complexity. The prospecting/sampling program was carried out in June and targeted the magnetic iron formations. Highlights from this sampling include:
-- A total of 34 grab samples were taken from various iron formation
targets which were outlined as discrete magnetic highs on the airborne
geophysics survey. Results from grab samples of both outcrop and angular
float ranged from 11.42% Fe2O3 to 75.38% Fe2O3 with 79% of the samples
assaying greater than 25% Fe2O3 and 62% of the samples over 40% Fe2O3.
The samples represented massive to semi-massive medium grained magnetite
and banded cherty magnetite iron formation. There has been no known
previous work carried out on these iron formation prospects.Future work will include petrographic work on the higher grade iron samples and generation of a 3-D model using the airborne magnetic data to get a better understanding of the iron formation dimensions. Follow-up field work is recommended and would include additional prospecting/sampling, ground geophysics and diamond drilling.
The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades on the property. The samples were delivered to Actlabs sample prep facility in Goose Bay, NL where representative pulps were prepared and sent to Actlabs in Ancaster, Ontario. The iron formation samples were analyzed for Fe2O3 and the other major oxides by XRF Fusion.
Michael MacIsaac, P. Geo, VP Exploration for Metals Creek 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 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 TSX Venture Exchange under the symbol "MEK". Metals Creek has an option to earn 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 (PDF) that stretches between Timmins, Ontario and Val-d'Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the Corporation's profile at www.sedar.com.
About Golden Dory Resources Corp.
Golden Dory Resources Corp. (TSX VENTURE:GDR) is primarily focused on gold exploration at the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; and in the Long Canyon district (Pequop South), and Reef properties in the state of Nevada, USA.
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.
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