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Metals Creek Receives 1st Anniversary Option Payment for Careless Cove/Yellow Fox, Central Newfoundland
Thunder Bay, Ontario--(Newsfile Corp. - August 13, 2021) - Metals Creek Resources Corp.  ...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Receives 1st Anniversary Option Payment for Careless Cove/Yellow Fox, Central NewfoundlandThunder Bay, Ontario--(Newsfile Corp. - August 13, 2021) - Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the \"Company\" or Metals Creek) is pleased to announce that the company has received the 1st year anniversary payment of $20,000 and 300,000 shares from Quadro Resources Ltd. (\"Quadro\"). Quadro has the right to earn a 100% interest in the company's Careless Cove/Yellow Fox claims in central Newfoundland. The claims are located approximately 12 kilometers southwest of New Found Gold Corp. (\"New Found Gold\") as illustrated on the attached map. New Found Gold announced excellent results from recent drilling on their Queensway Gold Project. Drill Hole NFGC-19-01 results included an intersection of 92.86 g/t Au over 19.0 meters (see Mexican Gold Corp., Press Release dated January 26, 2020). Gold values on adjacent properties in similar rocks are not representative of the mineralization on the property, have not been verified, and should not be relied upon.Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/943/93053_42b2cab254a18a3a_002full.jpgThe terms of the acquisition are outlined as follows:The Property consists of five licenses (40 units) in two separate groupings referred to as the Careless Cove group and the Yellow Fox group.To acquire MEK's interest, QRO will issue to MEK a total $100,000 and 1,500,000 shares according to the following schedule:a) $15,000 and 300,000 on signing; (Paid)b) $20,000 and 300,000 shares on the first anniversary; (Paid)c) $20,000 and 400,000 shares on the second anniversary; andd) $45,000 and 500,000 shares on the third anniversaryOnce QRO is vested at 100% by meeting all the payments above, MEK will retain a 2.0% Net Smelter Return (NSR) royalty on any future mineral production. QRO will have the right to purchase 50% of the NSR from MEK for $1,000,000.The foregoing proposal is subject to QRO and MEK board approval and may be subject to Exchange approval, in which regard the parties will provide such assistance and cooperation as may reasonably be required.Prospecting activities on the Careless Cove property by Metals Creek returned 11.8 grams per tonne (g/t) gold (Au) in grab samples. The Careless Cove claim bloc...