Metals Creek Resources Completes Due Diligence Visit on 10 Patented Mining Claims in Garrison Township Metals Creek also Announces $200,000 Private Placement
Metals Creek Resources Completes Due Diligence Visit
on 10 Patented Mining Claims in Garrison Township
Metals Creek also Announces $200,000 Private Placement
Toronto, Ontario--(Newsfile Corp. - June 20, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek or the
company) is pleased to announce that the company has completed a due diligence visit to the 10 Patented mining claims (The
Patents) in Garrison Township, approximately 35 kms north-northeast of Kirkland Lake, Ontario. The patents are contiguous with
Osisko Mining to the west, south and east and contiguous with Kirkland Lake Gold to the north. (See Map on the company's
website).
During the due diligence, representatives of the company collected 16 selective rock grab samples that were submitted for gold
analysis. Assay results range from 7 parts per billion (ppb) gold up to 6280 ppb gold, with 62.5% of the samples returning in
excess of 1 g/t (gram per tonne) gold. (see chart below).
Mineralization was traced for 307m, consisting of 1-15% disseminated
pyrite with local galena and chalcopyrite.
The host rock is strongly albitized mafic volcanics with associated quartz veining and
stockwork.
Sample Number
Gold in ppb
GAR18-01
4600
GAR18-02
2650
GAR18-03
1520
GAR18-04
2900
GAR18-05
6280
GAR18-06
7
GAR18-07
421
GAR18-08
2280
GAR18-09
190
GAR18-10
918
GAR18-11
798
GAR18-12
1190
GAR18-13
3500
GAR18-14
505
GAR18-15
4690
GAR18-16
3830
Metals Creek can earn a 100% interest in the patents by making cash payments totaling $310,000 over a period of 4 years
following the execution of the LOI.
The vendors will retain a 2% NSR which the Company can purchase 1% for $1 million.
This
agreement is subject to a 30 day due diligence period by the company.
Alexander (Sandy) Stares states, "The due diligence visit clearly confirms gold mineralization on the Garrison patents. Metals
Creek is actively planning a grid for the purpose of conducting a ground geophysical survey over the area and followed by
detailed mapping and prospecting with the intention of prioritizing targets for diamond drilling."
The surface grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the
property.
In conjunction with the work program planned for the Garrison Property, the company announces a private placement to cover
costs associated with the planned work. The company is offering, by private placement, of up to 1 million non flow-through units
at a price of $0.05 per unit, and up to 2.5 million flow-through units at a price of $0.06 per unit, for aggregate gross proceeds up
to $200,000.
Each non-flow through unit issued in the private placement will consist of one common share and one common share purchase
warrant, each warrant entitling the holder to acquire one common share at an exercise price of $0.10 for a period of 24 months
following the issuance date.
Each flow-through unit issued in the private placement will consist of one common share and one half of one common share
purchase warrant, each whole warrant entitling the holder to acquire one common share at an exercise price of $0.10 for a
period of 24 months following the issuance date.
Arm's length third parties assisting in the private placement will be entitled to cash commission equal to 6% of gross proceeds
raised and broker warrants equal to 8% of placed securities (each broker warrant entitling the holder to acquire one common
share of the Corporation for $0.10 for a period of 24 months following the issuance date of the units).
The above mentioned private placement is subject to exchange approval.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a junior exploration company 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 Exchange under
the symbol "MEK." Metals Creek has earned a 50% interest in the Ogden Gold Property, 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) that
stretches between Timmins, Ontario, and Val d'Or, Quebec. Metals Creek also has an option agreement with Quadro
Resources on Metals Creeks and Benton Resources Staghorn Gold Project in Newfoundland, as well as two option agreements
with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. The company also
has an option agreement on its Clarks Brook property with Sokoman Iron Corp. and is engaged in the identification, acquisition,
exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon and
Newfoundland and Labrador, including the recently acquired Great Brehat project on the Great Northern Peninsula of
Newfoundland. 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:
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek