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Metals Creek Advised by Sokoman that Drilling has Commenced on Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - September 28, 2017) - Metals Creek Resources Corp. (TSXV: ...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Advised by Sokoman that Drilling has Commenced on Clarks Brook Gold Property, Central NewfoundlandToronto, Ontario--(Newsfile Corp. - September 28, 2017) - 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 SIC has started the phase 1 diamond drilling program at the recently acquired Clarks Brook property in central Newfoundland. The property is highlighted by significant gold grades in both float and bedrock samples including a maximum of 24.5 g/t Au in float and a maximum of 19.24 g/t Au in bedrock. The Clarks Brook prospect was staked by vendor Metals Creek after a review of past work and initial due diligence sampling performed on the showing. The gold mineralization outlined on the property consists of silicified and disseminated pyrite/arsenopyrite bearing siltstone boulders up to 3 meters in size initially discovered by Altius Minerals Corporation in 2004, and from which assays ranging from 2.98 to 24.5 g/t Au were reported. In 2009, Altius completed Induced Polarization (IP) and Magnetic geophysical surveys outlining several targets but no follow up drilling took place. Subsequent field work by the vendor (MEK) resulted in the discovery in bedrock of similar style mineralization to that of the boulders returning a grab sample assay of 19.24 g/t Au. In addition, thirteen (13) of the large angular blocks were sampled and yielded assays ranging from 0.24 to 10.4 g/t Au. (Note: all samples reported are grab samples and not necessarily representative of mineralization on the property.) The Company intends to drill up to 500 meters in 4-5 holes to test for mineralization at depths down to 50 meters vertically below surface. The program is expected to be completed by mid-October.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 to...