Business
Metals Creek Options Dona Lake Mine Property from Newmont Goldcorp
Toronto, Ontario--(Newsfile Corp. - June 12, 2019) - Metals Creek Resources Corp. (TSXV: MEK) ...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Options Dona Lake Mine Property from Newmont GoldcorpToronto, Ontario--(Newsfile Corp. - June 12, 2019) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek or the \"Company\") is pleased to announce it has signed an option agreement (the \"Option\") with Goldcorp Canada Ltd (\"Goldcorp\"), a wholly owned subsidiary of Newmont Goldcorp Corporation (\"Newmont Goldcorp\") , in which Metals Creek can earn a one hundred percent (100%) interest in Goldcorp's Dona Lake Mine Property (the \"Property\") located in Pickle Lake mining district, 9 km southeast of the town of Pickle Lake, Northwestern Ontario.The Property consists of 32 patented and leased mining claims totaling approximately 430.1 hectares and covers the past producing Dona Lake Mine. The Dona Lake Mine, an underground operation from 1989 to 1994 produced 246,500 ounces of gold at a grade of 7.44 grams per tonne (Source: 2015 Institute of Lake Superior Geology Fieldtrip Guidebook). In 1994, when the mine closed, the average gold price was approximately $383.23 (US) per ounce. (Source; http://onlygold.com/Info/Historical-Gold-Prices.asp)The Dona Lake Mine Property is located in the Pickle Lake Greenstone Belt which is host to several historic mines including the Dona Lake mine, the Central Patricia mine and the Pickle Crow mine. Dona Lake is accessible by an all-weather road southeast from the Town of Pickle Lake. Gold mineralization at Dona Lake is hosted within three prominent banded iron formations (BIF's) with the middle iron formation hosting the Dona Lake Mine (Main Zone). The Main Zone remains open at depth with limited drilling along strike. Mining stopped at the 455 metre (m) level with historic drill results below the 455m level that selectively include 13.62 gram per tonne (g/t) gold (Au) over 13.00m, 8.74 g/t Au over 3.9m and 8.57 g/t Au over 2.8m, indicating the continuation of high-grade mineralization at depth below the bottom level (455 Level) of the Dona Lake Mine (Source: Project update reports and assessment drill reports, 1989-1992) as illustrated in Figure 1. Previous mining focused mainly on the Main Zone.Figure 1. Schematic vertical long section of the Dona Lake Mine illustrating mined out portion and highlights of diamond drill results within Main Zone.To view an enhanced version of Figure 1, please visit:https://orders.newsfile...