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Metals Creek Receives First Anniversary Option Payments for Jackson's Arm and Tilt Cove Properties in Newfoundland
Toronto, Ontario--(Newsfile Corp. - November 7, 2017) - Metals Creek Resources Corp. (TSXV: ME...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Receives First Anniversary Option Payments for Jackson's Arm and Tilt Cove Properties in NewfoundlandToronto, Ontario--(Newsfile Corp. - November 7, 2017) - Metals Creek Resources Corp. (TSXV: MEK) or (\"Metals Creek\" or \"the company\" ) is pleased to announce that the company have received the first year option payment for the Jackson's Arm Agreement from Anaconda Mining Inc. (Anaconda). Metals Creek have received $40,000 and 100,000 Anaconda shares for the first anniversary payment. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Jackson's Arm Property. To earn a 100% interest in the Jackson's Arm Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash ($60,000 paid), and issue 500,000 common shares of Anaconda (150,000 issued) over a three-year period. The Jackson's Arm Agreement provides for a two percent (2%) net smelter returns royalty (\"NSR\") to MEK on the sale of gold bearing mineral products from the Jackson's Arm Property. The NSR is capped at $1,500,000, after which, the NSR will be reduced to one percent (1%). Anaconda is required to spend a total of $750,000 in qualified exploration expenditures on the Jackson's Arm Property during the option period.Metals Creek has also received an additional $40,000 and 100,000 Anaconda Shares for the first anniversary payment on the Tilt Cove Property from Anaconda. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Tilt Cove Property located 60 kilometers east of the Company's Point Rousse Project within the BaieVerte Mining District. To earn a 100% interest in the Tilt Cove Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash,( $60,000 Paid), and issue 500,000 common shares of Anaconda (150,000 issued) over a three-year period. The Tilt Cove Agreement provides for a one percent (1%) NSR to MEK on the sale of gold bearing mineral products from the Tilt Cove Property. Anaconda is also assuming an existing two percent (2%) NSR (the \"Existing NSR\") on one of the two licenses that comprises the Tilt Cove Property. One percent (1%) of the Existing NSR is purchasable for $1,250,000. Anaconda is required to spend a total of $750,000 in qualified exploration expenditures on the Tilt Cove Property during the option period.About Metals ...