Metals Creek Resources Corp. is pleased to announce that the company has been informed by Manning Ventures Inc. of the results from a recent ground exploration program at the Flint Lake gold project, located in Ontario, Canada. The Flint Lake property is subject to an option agreement with Metals Creek Resources whereby Manning has the right to earn a 100% interest of Metals Creeks 81.3 % interest in the Flint …
Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the “Company” or Metals Creek) is pleased to announce that the company has been informed by Manning Ventures Inc. (“Manning” or CSE: MANN) of the results from a recent ground exploration program at the Flint Lake gold project, located in Ontario, Canada. The Flint Lake property is subject to an option agreement with Metals Creek Resources whereby Manning has the right to earn a 100% interest of Metals Creeks 81.3 % interest in the Flint Lake project. The other 18.7% is owned by Endurance Gold Corp.
In order to exercise the Flint Lake Option, Manning must: (1) make cash payments to MEK of $145,000 over three years ($20,000 paid); (2) issue a total of 2,200,000 common shares of Manning to Metals Creek over three years (300,000 issued); and (3) incur work expenditures of $775,000 over three years. Upon exercise of the Flint Lake Option, MEK will retain a 1% NSR royalty, Manning will retain the right to purchase 50% of such NSR royalty from MEK upon payment of $500,000 at any time.
Geologists conducted a sampling program focused on modest sized rock piles representing “stockpiles” from historic underground excavations at the Flint Lake Mine (Thomas Edison Occurrence) as well as prospecting and soil sampling within the Flint Lake claim block. The program was designed to sample and test the gold grades of the ‘underground rock stockpiles’ that remain at the west end of the historic mine. Three separate piles of broken quartz/carbonate material were sampled. A fourth pile of material is composed mainly of host chlorite schist from trenching in 2016 and was not sampled in this program.
Ten (10) random, unbiased samples were grabbed from each of the three quartz/carbonate piles with an additional five samples collected from loose muck lying on the ground for a total of thirty-five samples. Samples were bagged and labelled individually for assay and sent to Actlabs in Thunder Bay for gold analysis.
The stockpile sampling program resulted in assays from detection limit (<5 ppb) to 350.0 grams-per-tonne (“g/t”) gold (“Au”). The piles are considered to be well mixed and therefore the random sampling from each is considered to represent approximate grades of each. Based upon the assay results and type of material the gold is hosted in, it appears the gold is coarser free gold that should be amenable to extraction via normal milling methods.
All samples were processed at Actlabs by fire assay. The fire assays have an upper limit of 5 g/t. Protocol used for gold analysis at Actlabs ensure that any samples >1 g/t Au are to have gravimetric analysis and any samples >5 g/t Au are to have pulp metallic analysis to determine if any coarse gold is getting caught in the screens.
Sample location breakdown in the following table:
SP1 – SP10: Stockpile 1
SP11 – SP20: Stockpile 2
SP21 – SP30: Stockpile 4
SP31 – SP35: from outside the piles
The 35 individual samples were sent to Actlabs in Thunder Bay for gold analysis. Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.
Table of Sample #’s, UTM Coordinates and Assay Values:
|Sample ID||Easting||Northing||Au PPB||Fire Assay Au g/t||Gravimetric Au g/t||Metallic Au g/t|
|SP2||440373.1||5466282.1||< 5||< 0.005|
|SP9||440375.7||5466281||> 5000||> 5.000||19.5||22.7|
|SP16||440378.8||5466279||> 5000||> 5.000||14.6||15|
|SP18||440379.3||5466278.9||> 5000||> 5.000||6.13||9.52|
|SP21||440374.1||5466276.8||> 5000||> 5.000||37.4||46.3|
|SP24||440373.1||5466275.9||> 5000||> 5.000||13||14.6|
|SP25||440374.4||5466275.8||> 5000||> 5.000||36.6||40.4|
|SP26||440373.2||5466275.7||> 5000||> 5.000||46||54.2|
|SP29||440375.9||5466275.3||> 5000||> 5.000||4.49||4.78|
|SP30||440376.5||5466275||> 5000||> 5.000||8.58||8.76|
|SP31||440371.7||5466275.1||> 5000||> 5.000||28.9||32.3|
|SP33||440371.2||5466275.3||> 5000||> 5.000||324||350|
|SP34||440370.5||5466276.1||> 5000||> 5.000||87.7||115|
Based upon the analytical evidence, it appears the gold is coarser free gold, as gold grades increased with gravimetrics and furthermore by metallic analysis. The results show an average increase in gravimetric grade of 3.7% over fire assay results. When comparing gravimetric results of samples >5 g/t Au to the pulp metallic analysis, the average gold grade increases by 13%.
Prospecting took place along strike of the historic mine (trench) by traversing in a zipper pattern; back and forth across what is thought to be the extension of the high-grade quartz/carbonate veining. There is a coincident and fairly moderate northwest striking magnetic low along strike that is interpreted to be the deformation zone hosting the quartz/carbonate veining. The traverse was entirely in thick cedar swamp with no knobs of outcrop.
The Technical Information contained in this news release has been reviewed and approved by Wayne Reid, who is a “qualified person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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 Exchange under the symbol “MEK”. Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 kms 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 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85998
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