Metals Creek Options Squid East in Yukon to Golden Sky Minerals
Metals Creek Options Squid East in Yukon to
Golden Sky Minerals
Thunder Bay Ontario--(Newsfile Corp. - March 15, 2022) -
Metals Creek Resources Corp. (TSXV:
MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce
that the company has signed an option agreement with Golden Sky Minerals Corp. (TSXV:
AUEN) (Golden Sky) whereas Golden Sky has the right to earn a 100% interest in the company's Squid
East claims in the Yukon.
MEK initially staked the Squid East Property in February, 2011, during the staking rush that ensued after
the discovery of the White Gold deposit. The claims are located proximal to the Matson Creek placer
gold operations, approximately 80 km northwest of the Goldcorp's Coffee Project and 90 km southwest
of Dawson City. Soil sampling, trenching and limited diamond drilling carried out in 2013 resulted in the
discovery of a new gold-silver zone with characteristics similar to other discoveries in the White Gold
district. Results included 22.0 meters (m) of 1.96 grams per ton (g/t) gold (Au) and 160.6 g/t Silver (Ag)
from trenching and 1.55 g/t Au and 114.1 g/t Ag over 21.0 m from the subsequent drilling (see MEK
press releases dated August 6, 2013 and October 8, 2013).
Additional drilling was carried out by Trifecta Gold in 2017 totaling 546.5 m in five holes. This drilling
yielded elevated gold and silver assays to a maximum of 2.1 g/t gold and 325 g/t silver over 1.19 metres.
(See Trifecta Golds news release dated November 13, 2017).
While Trifecta's drill program did not replicate the Metals Creek intersection, the mineralized horizons
were intersected where anticipated, and the target remains open down-dip and along strike in both
directions.
Gold Sky will be deemed to have exercised the Option upon: issuing an aggregate 1,200,000 Shares to
Metals Creek as follows:
a
.
150,000 Shares upon receipt of TSX Venture Exchange (the "Exchange") approval for the
proposed transaction;
b
.
150,000 Shares on or before the 31
st
of December 2022;
c
.
200,000 Shares on or before the 31
st
of December 2023;
d
.
300,000 Shares on or before the 31
st
of
December 2024; and
e
.
400,000 Shares on or before the 31
st
of December 2025.
Golden Sky will pay an aggregate of $100,000 to Metals Creek as follows;
a
.
$10,000 upon receipt of Exchange approval for the proposed transaction;
b
.
$15,000 on or before the 31st of December 2022;
c
.
$20,000 on or before the 31st of December 2023;
d
.
$20,000 on or before the 31
st
of
December 2024; and
e
.
$35,000 on or before the 31
st
of December 2025
Golden Sky having expended a minimum of $850,000 of Exploration Expenditures
on the Property as
follows:
a
.
$50,000 on or before the 31
st
of December 2022;
b
.
a further $100,000 on or before the 31
st
of December 2023;
c
.
a further $200,000 on or before the 31
st
of December 2024; and
d
.
a further $500,000 on or before the 31
st
of December 2025.
Once Golden Sky is vested at 100% by meeting all the payments and expenditures above, Metals Creek
will retain a 2.0% Net Smelter Return (NSR) Royalty on any future mineral production. Golden Sky will
have the right to purchase 50% of the NSR from Metals Creek for $1,000,000.
Alexander (Sandy) Stares, President and CEO of Metals Creek states, "We are delighted to find
an
option partner such as Golden Sky that is active in the Yukon for an option agreement on the Squid East
property. This agreement allows for the Squid East Project to receive the exploration it deserves while
Metals Creek remains committed to and focused on the Dona Lake Gold Project in northwestern Ontario
and the Ogden Project in Timmins."
John Newell, President and CEO of Golden Sky Minerals Corp. states, "Golden Sky Minerals and the
geological team are excited to compile the recently acquired Squid data and get boots on the ground as
soon as possible. We plan on confirming and expanding the known showings but also investigating
areas that previous exploration may have overlooked. To add to this, the Squid option is a neighbor to
our recent bonanza-grade discovery of Hotspot. We plan on using what we've learned at Hotspot and
applying some of the same techniques at Squid East."
The foregoing proposal may be subject to Exchange approval, in which regard the parties will provide
such assistance and cooperation as may reasonably be required.
Wayne Reid, P.Geo, a Director for the Company 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 a junior exploration Corporation 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
TSXV under the symbol MEK, on the OTCQB under the symbol
MCREF, and on the FRA under the symbol M1C1.
Metals Creek has earned a 50% interest in the
Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km
south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In
addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can
earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of
Ontario.
Metals Creek also has multiple quality projects available for option in Ontario and Newfoundland which
can be viewed on the Corporation's website. Parties interested in seeking more information about
properties available for option can contact the Corporation at the number below.
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
telephone: (709)-256-6060
fax: (709)-256-6061
email:
www.MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/116841