Precious Metals

 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:

  1. 150,000 Shares upon receipt of TSX Venture Exchange (the "Exchange") approval for the proposed transaction;
  2. 150,000 Shares on or before the 31st of December 2022;
  3. 200,000 Shares on or before the 31st of December 2023;
  4. 300,000 Shares on or before the 31st of December 2024; and
  5. 400,000 Shares on or before the 31st of December 2025.

Golden Sky will pay an aggregate of $100,000 to Metals Creek as follows;

  1. $10,000 upon receipt of Exchange approval for the proposed transaction;
  2. $15,000 on or before the 31st of December 2022;
  3. $20,000 on or before the 31st of December 2023;
  4. $20,000 on or before the 31st of December 2024; and
  5. $35,000 on or before the 31st of December 2025

Golden Sky having expended a minimum of $850,000 of Exploration Expenditures on the Property as follows:

  1. $50,000 on or before the 31st of December 2022;
  2. a further $100,000 on or before the 31st of December 2023;
  3. a further $200,000 on or before the 31st of December 2024; and
  4. a further $500,000 on or before the 31st 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: astares@metalscreek.com
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

News Provided by Newsfile via QuoteMedia

MEK:CA
metals creek

Metals Creek Resources


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Metals Creek Drills Multiple High-Grade Intercepts Including 36.21 g/t Gold over 2.47 Meters in Hole DL22-029 at Dona Lake

Metals Creek Drills Multiple High-Grade Intercepts Including 36.21 g/t Gold over 2.47 Meters in Hole DL22-029 at Dona Lake

  • 3 High-Grade intercepts with associated VG
  • New High-Grade Discovery within Quartz Vein

Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce additional diamond drill results from drill holes DL22-029, 030 and 031 of the phase III diamond drill program at the Dona Lake Gold project (See News Release November 08, 2021).

Hole DL22-029 continues to demonstrate the continuation of high-grade gold mineralization within the main zone stratigraphy, below the 455 level of the past producing Dona Lake Gold mine (See Figure 1, Schematic Long Section and Figure 2, Schematic X-Section). Hole 029 intersected the Main Zone stratigraphy 499 meters below surface and returned a core length intercept of 11.80 grammes per ton (g/t) gold (Au) over 3.66 meters(m) (539.47-543.13m). This was a part of a broader zone of mineralization of 6.38g/t Au over 11.33m (531.80-543.13m). Mineralization was hosted within a silicate sulfide iron formation with 0.5 to 25% pyrrhotite and local pyrite with associated grunerite and garnets. Visible gold was noted in this intercept. A second zone of mineralization was intercepted 516m below surface, which returned a core length intercept of 36.21 g/t Au over 2.47m, (558.63-561.10m). This second zone of mineralization is also within the main zone stratigraphy and is separated from the noted intercept above by 11m of felsic dike material. It is hosted within a moderately foliated and chloritized iron formation with 1-20% pyrrhotite and 2-10% pyrite. Visible gold was also noted in this intercept.

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Metals Creek Drills 1.50 g/t Gold over 18.00 Meters at Dona Lake

Metals Creek Drills 1.50 g/t Gold over 18.00 Meters at Dona Lake

Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce additional diamond drill results from drill hole DL22-028 of the phase III diamond drill program at the Dona Lake Gold project (See News Release November 08, 2021).

Results from drill hole DL22-028 continue to define gold mineralization within main zone, south of the mine workings as well as intercepting mineralization within B-Zone at the past producing Dona Lake Gold mine. This hole targeted main zone stratigraphy outside the currently defined mineralized envelope, extending gold mineralization an additional 30m south within the deeper portion of the mineralized iron formation (See Figure 1, Schematic Long Section and Figure 2, Schematic X-Section) This hole intersected the Main Zone stratigraphy 424 meters below surface and returned a core length intercept of 2.56 grammes per ton(g/t) gold (Au) over 6.14 meters(m) ( 464.61 - 470.75m). This was a part of a broader zone of mineralization of 1.50 g/t Au over 18.00m (458.00 - 476.00m). A second zone of mineralization was intercepted (B-Zone) 473m below surface, which returned a core length intercept of 2.05 g/t Au over 9.11m, included in this is 8.88 g/t Au over 1.45m (See Table 1 Significant Results, Figure 2 Schematic X-section). Mineralization within the main zone intercept is hosted within silicate-sulfide iron formation and characterized by stringer to locally disseminated pyrrhotite ranging from 1 to 5% with local pyrite. Magnetite rich sections with local pyrrhotite stringers are locally present. The B-Zone intercept is characterized by trace to 15% disseminated to stringer pyrrhotite with minor pyrite. B-Zone has seen limited drilling historically and represents a prospective target that remains open at depth.

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Metals Creek Drills 2.64 g/t Gold over 27.90 Meters at Dona Lake

Metals Creek Drills 2.64 g/t Gold over 27.90 Meters at Dona Lake

Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce additional diamond drill results for drill hole DL22-027 from the phase III diamond drill program at the Dona Lake Gold project (See News Release November 08, 2021).

Results from drill hole DL22-027 continue to further define high grade gold mineralization south of the mine workings at the past producing Dona Lake Gold mine. This hole intersected the Main Zone stratigraphy 368 meters below surface and returned a core length intercept of 5.18 grammes per ton(g/t) gold (Au) over 5.33 meters(m) (403.45 - 408.78m). This was a part of a broader zone of mineralization of 2.64 g/t Au over 27.90m (399.95 - 427.85m). (See Table 1 Significant Results, figure 1 Schematic Longitudinal and figure 2 schematic x section). Mineralization is hosted within silicate-sulfide iron formation and characterized by stringer to locally disseminated pyrrhotite ranging from 1 to 4% with local pyrite. Magnetite rich sections with local pyrrhotite stringers are also present. Aside from pyrrhotite mineralization, alteration consists of strong hornblende and grunerite with local garnet alteration.

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  • Deepest Drill Intercept to date extending mineralization an additional 78m below recently reported DL22-024
  • High Grade Intercept of 8.11 g/t Gold over 9.51m including 14.10 g/t Gold over 3.97

Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce diamond drill results for drill hole DL22-025 from the phase III diamond drill program at the Dona Lake Gold project (See News Release November 08, 2021).

Results from drill hole DL22-025 is the deepest intercept to date from Dona Lake drilling. This hole intersected the Main Zone stratigraphy 753 meters below surface and 299 meters below the lowermost mine working (455 Level) returning a core length intercept of 14.10 grammes per ton (g/t) gold (Au) over 3.97 meters (m) (798.35 - 802.32m). This was a part of a broader zone of high-grade mineralization of 8.11 g/t Au over 9.51m (792.81 - 802.32m). (See Table 1 Significant Results and figure 1 Schematic Longitudinal, figure 2 Schematic Section). This hole clearly demonstrates the continuation of the main zone iron formation down plunge. The continued presence of strong to intense alteration with associated strong pyrrhotite mineralization is a further indication the mineralizing system remains very strong at depth and continues to validate the current geological model that gold bearing iron formations can be quite laterally extensive. Mineralization is hosted within silicate-sulfide iron formation and characterized by stringer to locally disseminated pyrrhotite ranging from 3 to 25% with local pyrite. Aside from pyrrhotite mineralization, strong to intense alteration consists of strong hornblende, garnet and grunerite with significant overprinting of primary bedding structures. DL22-025 was drilled to test the interpreted center of the plunge line, piercing approximately 78 meters below the previously reported deepest hole DL22-024, which returned a core length intercept of 8.82 g/t Au over 3.90m. This was a part of a broader zone of mineralization of 3.42 g/t Au over 19.61m. (see MEK news release dated 24 March 2022 and Figure 2 Schematic Section DL21-025).

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