Metals Creek Sells Tillex Copper Project Allows MEK to focus on the Ogden Gold Project Enables MEK to maintain interest in Tillex through equity in Aruma
Metals Creek Sells Tillex Copper Project
Allows MEK to focus on the Ogden Gold Project
Enables MEK to maintain interest in Tillex through equity in Aruma
Thunder Bay Ontario--(Newsfile Corp. - January 22, 2026) -
Metals Creek Resources Corp. (TSXV:
MEK) (FSE: M1C1) (the "Company" or Metals Creek)
is pleased to announce the sale of its 85%
interest in the Tillex Copper-Silver Project in the Timmins mining district in Ontario, Canada to
Australian-listed exploration company
Aruma Resources Limited (ASX: AAJ) (Aruma).
Metals Creek has executed a binding heads of agreement (the "Agreement") with Aruma
to sell its 85%
interest in Patent Claims 65382-0096 and 65382-0097 that collectively make up the Tillex Project.
The Tillex Project is a drill-defined,
copper sulphide project with exploration potential in a mining friendly
jurisdiction.
Mineralization is hosted within clay altered argillites and silicified dacite with disseminated to
stringer chalcopyrite.
Figure 1:
Regional location map showing Tillex Project within the Timmins mining district, Ontario,
Canada
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/281187_0d861489b4fa68da_002full.jpg
The Tillex Project sits on patented claims, providing Aruma full ownership of the land and underlying
minerals rights - and means that it will not require any landowner approvals to conduct on-ground
exploration activities. A First Nations agreement is in place on the MEK purchased property.
Acquisition terms including details of acquisition consideration are provided in this announcement.
Copper sulphide mineralisation at Tillex commences immediately below a shallow (~25 - 30m)
overburden and extends to below 150m, the depth defined by drilling to date. Mineralisation is also
interpreted to extend along strike to the north and to the south and west beyond the approximately 450m
strike length of the existing drill coverage.
Aruma plans to immediately implement a dual, exploration and resource development, strategy; to
expand the Project's mineralised footprint along strike (to the north, south and west) and at depth, and
confirm a maiden Mineral Resource Estimate (MRE). It will also test for similar parallel mineralised
structures within the wider project area.
The Tillex Project was discovered by Westmin Resources in 1973 and acquired by Metals Creek in
2008. A total of 10,283.6m of diamond drilling across multiple drilling programs was completed by
Westmin and Metals Creek, and consistently intersected very broad intersections of high-grade copper.
Highlight copper and silver intersections from drilling by MEK include;
110m @ 1.69% Cu
and
7.05g/t Ag from 34m
(TX24-020), including
28.72m @ 2.35% Cu
and
9.52g/t Ag from 55m,
and
29m @ 2.64% Cu
and
12.31g/t Ag from 100m
98.2m @ 1.82%Cu and 13.17g/t Ag from 35.8m
(TX25-034)
92.05m @ 2.12% Cu
and
12.18g/t Ag from 36.95m
(TX24-022), including
27m @ 2.74% Cu
and
7.45g/t Ag from 56m,
and
29m @ 3.26% Cu
and
20.92g/t Ag from 98m
84.13m @ 1.78% Cu and 8.39g/t Ag from 40m
(TX08-004), including
29m @ 2.59% Cu and 7.37g/t Ag from 51m
63.90m @ 1.94% Cu
and
10.20g/t Ag from 38.6m
(TX24-021), including
27.2m @ 2.5% Cu
and
10.78g/t Ag from 43m,
and
42.46m @ 2.12% Cu
and
53.45g/t Ag from 53.77m
(TX11-008), including
5m @ 5.55% Cu
and
355.30g/t Ag from 89m
; and
36.25m @ 1.39% Cu
and
14.96g/t Ag from 104m
39.2m @ 1.91% Cu
and
3.98g/t Ag from 31.80m
(TX25-031), including
19.2m @ 3.39% Cu
and
5.64g/t Ag from 31.80m,
and
17.8m @ 0.95% Cu
and
3.32g/t Ag from 104m
37.05m @ 2.58% Cu
and
7.72g/t Ag from 30.95m
in TX08-002, and
5m @ 1.25% Cu and 6.25g/t Ag from 109m
36.34m @ 2.06% Cu and 10.29g/t Ag from 73.66m
(TX08-005), and
5.92m @ 1.14% Cu
and
6.14g/t Ag from 117.08m
31.37m @ 1.15% Cu and 4.47g/t Ag from 40.74m
(TX11-001), and
33m @ 1.79% Cu
and
9.23g/t Ag from 75m
See Figure 1 for a Plan view of significant historic intersections and Figures 2-3 for cross sections from
historic drilling. See Tables 1-3 for historic drill-hole details.
In addition to high-grade copper mineralisation, drilling has also returned high-grade silver intersections,
of up to
5m @ 355.30g/t Ag from 89m in drill hole TX11-008
.
Aruma has appointed a highly experienced Canadian geologist as Project Manager and Geologist to
manage on-ground activities and logistics at the Tillex Project, and field work is planned to commence
immediately on completion of the acquisition.
Managing Director of Aruma, Grant Ferguson, commented:
"Aruma has continually assessed potential strategic growth opportunities, particularly in the copper
space, with a specific focus on advanced assets which offer significant exploration upside in stable,
operating mining-friendly jurisdictions. The Tillex Copper sulphide Project aligns perfectly with our
strategic criteria, and we are delighted to have secured such a complementary and value-accretive
asset to our portfolio.
"Copper is acknowledged as having a strong, robust long-term supply-demand outlook amidst
growing demand in EV's, wind turbines, solar panels along with AI data centres and in defence
hardware and infrastructure, and declining global mine inventories. Against this backdrop, Aruma
plans to rapidly advance the Project.
"We are excited by the scale, geometry and growth potential of the Project, and by the strong body of
high-grade results delivered to date. We see great potential for the discovery of additional strata-
bound-hosted or VMS copper mineralisation along strike and at depth beyond the Project's drill-
defined area.
"The Tillex Project is located on patented claims, providing the Company with ownership of both the
land and the mineral rights. The Project area is characterised by a flat northern Ontario setting, with
copper sulphide mineralisation (predominantly chalcopyrite) commencing immediately below a
shallow, 25-30m cover of glacial till and extending to a known depth of approximately 150m, which is
the depth of drilling to date. There are extensive concealed extensions and additional greenfield
targets for follow-up exploration. We plan to commence a first-phase of drilling in the current quarter,
to test the largely unconstrained copper-silver strike extent and also assess the Project's depth
potential, with a view to planning for a maiden JORC resource estimate. We will also evaluate the
potential for parallel copper-silver mineralised zones within the Project area."
This transaction will enable the Company to focus on the Ogden Gold Project located in the prolific
Timmins Gold Camp while maintaining an interest in Tillex through the equity shares acquired from
Aruma in this transaction as well as the Royalty. The Ogden Gold Project (See Figure 1) is located on
and forms 8km of strike length to the Porcupine Destor Break, the key conduit for gold mineralization in
the Timmins Gold Camp. The Ogden Gold Project is also adjacent and immediately east of Galleon
Gold's West Cache gold project which recently announced site development activities (See Galleon
Gold news release, January 13, 2026).
Figure 2:
Tillex Project map showing significant previous drilling intersections.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/281187_0d861489b4fa68da_003full.jpg
Note:
significant areas of interpreted strike extent to the north and south are not shown on the map area.
Figure 3:
Cross section from previous drilling at Tillex Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/281187_0d861489b4fa68da_004full.jpg
Figure 4:
Cross section from previous drilling at Tillex Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/281187_0d861489b4fa68da_005full.jpg
Acquisition Terms
Aruma has successfully completed detailed due diligence and has executed the Agreement with MEK to
acquire the Company's
85% interest in the Tillex Project (Patent Claims 65382-0096 and 65382-0097).
Consideration for the acquisition is outlined below:
Tillex Project (Patent Claims 65382-0096 and 65382-0097)
Initial Consideration.
On closing of the acquisition ("Settlement"), which is subject to certain
administrative conditions precedent, Aruma agrees to:
make a cash payment to the Company of C$100,000; and
issue to the Company (or its nominees) Aruma shares to the value of C$125,000
Deferred Consideration.
Subject to the successful completion of Settlement, Aruma agrees to:
12 months from the date of Settlement:
make a cash payment to the Company of C$125,000; and
issue to the Company (or its nominees) Aruma shares to the value of C$250,000;
On the earlier of 24 months from the date of Settlement or Aruma releasing an
announcement to the ASX of a minimum of 1.5 million tonnes of 1.1% Cu NI 43-101
compliant resource or JORC code equivalent from the Project:
make a cash payment to the Company of C$150,000; and
issue to the Company (or its nominees) Aruma shares to the value of C$350,000;
On the earlier of 36 months from the date of Settlement or Aruma releasing an
announcement to the ASX of a minimum of 2.5 million tonnes of 1.1% Cu NI 43-101
compliant resource or JORC code equivalent from the Project:
make a cash payment to the Company of C$250,000; and
issue to the Company (or its nominees) Aruma shares to the value of C$475,000.
Production Payment.
Following the first achievement of positive net operating cash flow after the
commencement of commercial production from the Project, Aruma agrees to make a cash
payment of C$500,000 to the Company.
Royalty.
Aruma will also grant to the Company a 0.5% net smelter return (NSR) royalty in respect of any
mineral production from the Project. Aruma may buy-back half of the Royalty value (0.25%) by making a
payment of C$250,000 to the Company. The Company currently holds a legacy 0.5% NSR royalty. On
completion of the acquisition by Aruma the Company will hold a total NSR royalty of 1%.
All Consideration shares and Deferred Consideration shares to be issued will be based on the 10-day
volume weighted average price (VWAP) for Aruma shares immediately prior to the date of issue.
Aruma may at any time cease making Deferred Consideration payments and terminate the Agreement
by returning the Project to the Company.
Project Ownership
On Settlement the ownership of the Tillex Project will comprise;
Aruma Resources Limited: 85%
Global mining company Vale (via subsidiary Vale Canada Limited): 12%; and
Private consortium: 3%
The above ownership break down relates to the Tillex patent claims (65382-0096 and 65382-0097) only.
Aruma will be solely responsible for the funding and operation of the Tillex Project. Aruma will also hold
100% ownership of additional Patent Claims 65382-0121and 65382-0123 upon settlement.
Location and Infrastructure
The Project is ideally located in the prolific Tier-1 Timmins mining district in north-eastern Ontario,
Canada, approximately 60km from Glencore's major Kidd Creek Copper Project and 57km east of the
city of Timmins. The Project is directly accessible year-round via highway and sealed roads, and has
direct access to power and water, and the Timmins district and offers a ready supply of skilled mining
and resources personnel and services.
The Timmins district hosts numerous major mining operations and significant mineral deposits. In
addition to being a prolific gold producing region, it also hosts significant VMS and strata-bound copper
projects. Glencore's Kidd Creek Copper Project produces an average of 40,000t of copper and 70,000t
of zinc annually
1
.
Local Geology
The Tillex Project is located within the Archean Tisdale Volcanic Assemblage, a steeply dipping,
succession of pillowed, tholeiitic basalt and minor rhyolite with interflow meta-sedimentary rocks
including chert, carbonaceous siltstone, lithic-wacke and argillite. It covers an area of 1.63km
2
.
At the Tillex Project, copper mineralisation occurs as sulphide mineralisation beneath approximately 25-
30m of glacial till. The mineralisation comprises disseminated and veinlet-style chalcopyrite (± pyrite)
hosted predominantly within argillite-siltstone units, with minor porphyry intrusions also contributing to the
mineralised system.
Copper and silver mineralisation on the property is largely strata-bound, with volcanogenic massive
sulphides (VMS) tendencies and mainly hosted within but not limited to a thick package of graphitic
argillite. The argillites are sub-vertical to steeply dipping (eastward) and strike at approximately 045°.
The chalcopyrite mineralisation within the argillites is mainly in the form of stringers and fine
disseminations in addition to veinlets, associated with late extensional quartz/feldspar stringers. The
majority of the disseminated/stringer mineralisation conforms to bedding, but cross-cutting stringers are
not un-common in addition to semi-massive to massive chalcopyrite intersections. Associated with the
copper mineralisation is elevated silver, with significant zones up to 5m @ 355.30g/t Ag from 89m in drill
hole TX11-008.
Figure 5:
Diamond Drill Core showing high-grade massive chalcopyrite intersection from drill-hole
TX25-034
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/943/281187_0d861489b4fa68da_006full.jpg
Chalcopyrite is also found in stringer form in dacite tuffs adjacent to the argillites. Feldspar porphyry
dykes are spatially associated with the mineralisation and intrude both the mineralised argillites and