Metals Creek Resources Corp. Announces Completion of Phase 2 Drilling At Clarks Brook, Central Newfoundland
Metals Creek Resources Corp. Announces Completion of
Phase 2 Drilling At Clarks Brook, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - February 21, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is
pleased to announce that they have been advised by their option partner, Sokoman Iron Corp (Sokoman) that the Phase II drilling
program at Clarks Brook has been completed and that core logging and sampling has commenced. The three hole, 594 metre
program, was designed to test for additional zones of mineralization along strike and parallel to the mineralization intersected in
the first program (completed in October 2017), and to determine whether additional funds should be directed towards this
project.
Timothy Froude, P. Geo., Interim CEO of Sokoman states, "The recently completed Phase II program is critical to the future of
our involvement with this project. Although only a limited program, the holes are all strategic, and will be instrumental in helping
shape our plans moving forward. The preliminary review of the core suggests that all holes encountered variably altered and
mineralized sediments. However, we must wait until final results have been received before making a decision on further work at
Clarks Brook."
The attached plan highlights the two areas tested with the Phase II drilling. Of particular interest is the magnetic target outlined to
the northeast of the Phase I drilling. Phase I drilling suggests that the best mineralization, intersected in holes CB-17-1 and 2, is
associated with a strong magnetic low signature (blue colour on the attached plan). This magnetic signature trends northeast of
the known mineralization and appears to trend off of the surveyed area, suggesting a minimum distance of 400 metres. The
northern property boundary is over 1 kilometre to the northeast, however, no detailed magnetics have been completed over most
of this distance and the Company is considering, pending results of the Phase II drilling, extending the detailed grid to cover this
area with magnetics and possibly Induced Polarization (IP) surveys.
At this point core logging and sampling of the new holes has just commenced, however, a preliminary review of the three holes
indicates that silicified and quartz veined intervals with disseminated sulphides has been intersected in all holes, but lengths and
significance of these intervals won't be known until all logging and sampling has been completed. This work is expected to take
two weeks and an additional 6 to 8 weeks before assays are received.
The Clarks Brook prospect consists of a number of large (up to 1-2 m square) angular boulders from which previous operators
had returned grab sample gold values ranging from 2.98 to 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the
property vendor Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and
yielded assays ranging from 0.24 g/t to 10.4 g/t gold. In addition, a single outcrop of bedrock mineralization of similar style to that
of the boulders, returned a grab sample assay of 19.24 g/t gold. Phase I drilling completed in October 2017 returned assays of
3.37 g/t Au over 3.00 m (from 127.75 — 130.75 m) including 26.9 g/t Au over 0.25 m (from 127.75 — 128.00 m). Note: The
historical assay results mentioned in this news release were grab samples which are selective by nature and are unlikely to
represent average grades of the property. The true thickness of reported assay intervals from the 2017 program are believed to
be 75% to 90% of the reported thickness.
To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years (no cash on signing) and issue
a total of 3,000,000 Sokoman common shares over three years (500,000 due upon regulatory approval) and incur work
expenditures of $800,000 over three years ($100,000 by 1st anniversary).
Sokoman will be the operator during the earn-in
period. Once a 75% interest is earned by Sokoman, either a 75/25 joint venture will be formed, or Sokoman may elect to earn an
additional 25% interest to bring its total property interest to 100%. The terms to increase its interest from 75% to 100% include
payments of $100,000 and the issuance of an additional 2,000,000 Sokoman shares within 60 days of the 3rd anniversary date.
This agreement is subject to regulatory approval.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National
Instrument 43-101 and Interim CEO for Sokoman Iron Corp.
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 a 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 have also
signed a LOI 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
Clarks Brook Magnetics
To view an enhanced version of the Clarks Brook Magnetics, please visit:
https://orders.newsfilecorp.com/files/943/32972_metalscreek_enhanced.jpg