Business
Metals Creek Resources Partner, Sokoman Minerals Applies For Permits To Drill Clarks Brook, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - April 16, 2019) - Metals Creek Resources Corp. (TSXV: MEK)...
About this update from Pirate Gold Corp
[{"type":"text","content":"Metals Creek Resources Partner, Sokoman Minerals Applies For Permits To Drill Clarks Brook, Central NewfoundlandToronto, Ontario--(Newsfile Corp. - April 16, 2019) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) is pleased to announce that they have been advised by their option joint venture partner, Sokoman Minerals Corp (Sokoman) (TSXV: SIC) that Sokoman has applied for permits to drill in Q2 2019 on the Clarks Brook epithermal gold property located 35 kms to the southeast of Moosehead. This will be a small program, under 2,000 m, testing below previous gold intercepts to see if higher grade mineralization, that often lies deeper in classic epithermal environments, exists. This exploration will be completed before the Phase 4 drilling at Moosehead. (See SIC News Release Dated 16 April 2019). The Clarks Brook project is under an option/JV agreement from Metals Creek.To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years (no cash on signing) and issue a total of 3,000,000 Sokoman common shares over three years (500,000 due upon regulatory approval) and incur work expenditures of $800,000 over three years ($100,000 by 1st anniversary). 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. This agreement is subject to regulatory approval.Metals Creek currently holds 2,250,000 SIC shares.About Metals Creek Resources Corp.Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol \"MEK\". Metals Creek has earned a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (P-DF) that stretches between Timmins, Ontario and Val d'Or, Quebec. Metals Creek also has an option agreement with Quadro Res...