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Metals Creek Advised That Sokoman Iron Corp Plans Phase 2 Drill Program on Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - January 18, 2018) - Metals Creek Resources Corp. (TSXV: ME...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Advised That Sokoman Iron Corp Plans Phase 2 Drill Program on Clarks Brook Gold Property, Central NewfoundlandToronto, Ontario--(Newsfile Corp. - January 18, 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 Clarks Brook Project will be the subject of a Phase 2 reconnaissance diamond drilling program, expected to start in 2 to 3 weeks. The program will focus on the coincidental magnetic and IP targets that host the known mineralization on the property, and where Phase 1 drilling in October 2017, confirmed the presence of locally robust gold mineralization in the first ever holes drilled on the property (SIC NR - December 22, 2017). Selected assays from hole CB-17-2 are as follows; 3.37 g/t Au/3.00 m (127.75m - 130.75m), including 4.63 g/t Au/1.65 m (127.75m - 129.40m), and 26.9 g/t Au/0.25 m (127.75m - 128.00m). The Phase 2 program will consist of approximately 500 meters of drilling in three or four holes and will test the strike extent of the zone, as well as possible parallel structures hosting mineralization. Additional holes and meterage will be added if results warrant.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.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 O...