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Metals Creeks' Option Partner General Gold Resources Fully Permitted for Drilling, Mobilizes Rigs on Clark's Brook Property, Newfoundland
Thunder Bay Ontario--(Newsfile Corp. - May 18, 2021) - Metals Creek Resources Corp.  (TSX...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creeks' Option Partner General Gold Resources Fully Permitted for Drilling, Mobilizes Rigs on Clark's Brook Property, NewfoundlandThunder Bay Ontario--(Newsfile Corp. - May 18, 2021) - Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the \"Company\" or Metals Creek) is pleased to announce that the company has been advised by its option partner General Gold Resources Inc. (C-GGLD) (General Gold) (formerly, CellStop Systems Inc.) (CSE: GGLD) that it has received all drilling permits needed to commence its current Clark's Brook exploration program. The Clark's Brook property is comprised of 31 claim units in central Newfoundland and surrounded on three sides by the Queensway Project (see map below), currently being explored and drilled by New Found Gold Corp.The Clarks' Brook property is under option from Metals Creek. In order to maintain the Option Agreement in good standing, General Gold must issue an aggregate of 1,500,000 common shares of General Gold (200,000 received) and make cash payments totaling $225,000 ($50,000 received) over a three-year period. If General Gold does not make any or all of the cash payments or issue any or all of the common shares, it will be in default under the Option Agreement and all right and title to the Clark's Brook Property shall remain with MEK. If the option is exercised in accordance with the terms of the Option Agreement, General Gold will reserve to MEK a 2% net smelter royalty (the \"NSR\") on the mineral claims, provided, however, that General Gold shall have the right at any time to purchase from MEK 1% of the NSR in consideration for a one-time payment of the sum of $1,000,000.\"Here at General Gold, we are excited to continue to explore Clark's Brook, especially given all of the positive activity currently underway near us in Newfoundland. Our current program is fully funded and will follow up on the successes of the previous drill campaigns undertaken in 2017-2019. There has never been a better time to be exploring in Newfoundland. The Fraser Institute clearly agrees, recently naming Newfoundland and Labrador among the top ten worldwide mining jurisdictions,\" said President, Michelle Gahagan.The Clark's Brook property consists of claims originally staked in 2016, covering two auriferous showings first discovered in 2003. As part of the earlier g...