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Sokoman Iron Corp Signs LOI with Metals Creek Resources Corp. on Clarks Brook Gold Property, Central Newfoundland
Toronto, Ontario--(Newsfile Corp. - August 23, 2017) - Metals Creek Resources Corp. (TSXV: ME...
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[{"type":"text","content":"Sokoman Iron Corp Signs LOI with Metals Creek Resources Corp. on Clarks Brook Gold Property, Central NewfoundlandBedrock assays up to 19.24 g/t Au; property is permitted for drillingToronto, Ontario--(Newsfile Corp. - August 23, 2017) - Metals Creek Resources Corp. (TSXV: MEK) (Metals Creek) and Sokoman Iron Corp. (TSXV: SIC) (Sokoman) are pleased to announce that they have signed a Letter of Intent (LOI) with outlining terms whereby Sokoman can earn up to 100% interest in the Clarks Brook Gold Property, located in central Newfoundland, pending TSX Venture exchange approval.Highlights of the property include;Maximum grab samples in boulders to 24.5 g/t gold; maximum in bedrock to 19.24 g/t gold;the property is fully permitted for drilling;project approved for financial assistance (JEA) from the provincial government;Located on Central Newfoundland Gold Trend in structural corridor hosting Valentine Lake (Marathon Gold Corp.) and Antler Gold projects.The Clarks Brook prospect was staked by vendor Metals Creek after a review of past work completed on the property and initial due diligence performed on the showing. The gold mineralization outlined on the Clarks Brook Property consisted of mineralized (silicified and disseminated pyrite/arsenopyrite bearing siltstone) angular boulders up to 3 meters in size initially discovered by Altius Minerals Corporation in 2004, and which has reported historic assays ranging from 2.98 g/t to 24.5 g/t gold. In 2009, Altius completed an Induced Polarization (IP) and Magnetics ground geophysical survey that outlined several targets but no drilling has been done on the geophysical or gold targets.Subsequent field work by the vendor (MEK) resulted in the discovery in bedrock of similar style mineralization to that of the boulders returning 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. Metals Creek has applied for and received drilling permits for the Clarks Brook Property. 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). Sok...