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Metals Creek Resources Corp. Receives First Anniversary Option Payment From Sokoman Iron Corp On Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - August 23, 2018) - Metals Creek Resources Corp. (TSXV: ME...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Resources Corp. Receives First Anniversary Option Payment From Sokoman Iron Corp On Clarks Brook Gold Property, Central Newfoundland$10,000 Cash and 750,000 Sokoman Iron Corp. common sharesToronto, Ontario--(Newsfile Corp. - August 23, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have received the first anniversary payment of $10,000 cash and 750,000 Sokoman Iron Corp. (TSXV: SIC) (Sokoman) common shares for the Clarks Brook Option in central Newfoundland.To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years, issue a total of 3,000,000 Sokoman common shares over three years and incur work expenditures of $800,000 over three years. 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. Metals Creek would retain a 2% NSR.The Clarks Brook prospect was staked by Metals Creek after a review of past work completed on the property and an initial prospecting/sampling program. The gold mineralization outlined at Clarks Brook was initially discovered by Altius Minerals Corporation in 2004. This discovery is described as angular float up to 3 meters in diameter and characterized as a silicified fine grained sedimentary rock with significant disseminated pyrite/arsenopyrite. Historic assays ranged from 2.98 g/t to 24.5 g/t gold. In 2009, Altius also completed an Induced Polarization (IP) and ground magnetics geophysical survey that outlined several targets but no drilling was carried out.Subsequent field work by the vendor (MEK) resulted in the discovery in bedrock of similar style mineralization and returned a grab sample assay of 19.24 g/t gold. In addition, thirteen (13) of the large angular blocks were sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. (see MEK press release 26 July 2016)Since optioning the property in August 2017, Sokoman have performed two phases of drilling. Sokoman reported that all holes in the Phase Two program intersected the ta...