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Metals Creek to Option Its 1/3 Stake in New Lead/Silver Property On Newfoundlands Great Northern Peninsula, To Quadro Resources
Toronto, Ontario--(Newsfile Corp. - July 9, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek to Option Its 1/3 Stake in New Lead/Silver Property On Newfoundlands Great Northern Peninsula, To Quadro ResourcesToronto, Ontario--(Newsfile Corp. - July 9, 2018) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek or the company), is pleased to announce that the company has entered into an option agreement with Quadro Resources Inc (TSXV: QRO) (Quadro), whereby Quadro can earn Metals Creek's 33.33 percent interest it the new claims that were jointly staked on Newfoundland's Great Northern Peninsula. (see MEK news release dated 22 June, 2018). To acquire Metals Creek's one-third interest, QRO will issue to Metals Creek a total of 1,000,000 shares according to the following schedule:a) on signing                                                                       200,000 QRO sharesb) within six months of the approval date                           300,000 QRO shares  c) within eighteen months of the approval date                  500,000 QRO sharesMetals Creek will retain a 1.0% Net Smelter Return (NSR) royalty on any future mineral production from the claims. Quadro will have the right to purchase 50% of the NSR from Metals Creek for $500,000. Alexander (Sandy) Stares, President and CEO of Metals Creek states \"Metals Creek already has a substantial share position in Quadro, Management believes this was the best path forward, allowing the company to focus on current projects, preserve capital and be in a position to leverage the upside through this share position and retained a NSR should the project advance towards development\".Recent grab sample samples taken from the newly discovered zone returned values up to 15.5% Lead (pb) and 192 grams per tonne (g/t) silver. Below is a table of assay results:Sample NumberLead (%)Silver (g/t)Copper (ppm)Zinc (ppm)3099101.9930.73954403099115.3013.41409030991215.5044400943099131.7426.62142730991410.2070.7458126003099151.3814.6485383099166.3086.211885203099170.080.511183099185.071922372344 The property is located approximately 7 kms from the southeast boundary of Altius ...