Metals Creek Resources Corp. Provides Update on Jacksons Arm Project in Newfoundland
TORONTO, ONTARIO--(Marketwired - Jan 12, 2017) - Metals Creek Resources Corp. (TSX VENTURE:MEK) (the "Company") has been advised by its option partner Anaconda Mining Inc. (Anaconda) that Anaconda has completed a preliminary work program at the Jackson's Arm property, which is part of Anaconda's Great Northern project, located approximately 20 kilometers north of Anaconda's Viking project. The work program was successful in defining areas of prospectivity within the property by determining key geological controls associated with known surface mineralization.
The Jacksons Arm property is under option from Metals Creek whereby Anaconda can earn a 100% interest by making payments of $200,000, Issuing to Metals Creek 500,000 shares of Anaconda and completing work expenditures of $750,000 over 3 years. After vesting Metals Creek will retain a 2% NSR.
The following descriptions are taken from Anaconda news release dated Jan 12, 2017.
Key exploration highlights:
- Completed 15 line kilometers of geological mapping, including detailed mapping of 10 trenches;
- Outlined a continuous zone of gold mineralization and alteration that is 1.7 kilometers long by 40 to 400 meters wide;
- Defined 4 kilometers of exploration potential to the north (1 kilometer) and east (3 kilometers);
- Rock samples assayed 24.5 grams per tonne ("g/t") gold and 0.03 g/t gold (Boot N' Hammer Prospect), 11.7 g/t gold (Stocker Prospect) and 3.35 g/t gold (Trench JT1);
- Determined that gold mineralization and alteration are associated with a series of fault zones that are splays off the Doucer's Valley Fault; a similar setting to the Pine Cove Deposit at the Point Rousse Project.
During the late fall of 2016, Anaconda completed a total of 15 line kilometers of grid, geological mapping and mapped 10 trenches in detail. Mapping outlined a 1.7-kilometer long by 40 to 400-meter wide continuous alteration zone that is host to the main gold prospects at Jackson's Arm on the west side of the property. The alteration is controlled by a fault zone that is interpreted to extend immediately to the north along strike beyond the current, known zone of alteration. The Company has also discovered similar repeating faults to the east (Exhibit A). Consequently, Anaconda believes the potential strike of the alteration system could extend an additional four kilometers, both north and east.
Overview of Geology
Alteration and gold mineralization is hosted within the Ordovician-aged granites of the Coney Head Complex. The alteration zone and host granites are in thrust faulted contact with younger Silurian volcanic and sedimentary rocks along its southwestern margin. This steeply ENE-dipping and NNW-striking fault zone and associated splays are interpreted to represent significant control on the localization of hydrothermal alteration and gold mineralization on the property, where the host granite forms a favourable mechanical host to gold mineralization. The fault zone is interpreted as a secondary splay off the Doucer's Valley Fault system. The host environment to gold mineralization at Jackson's Arm has been observed by Anaconda geologists at the nearby Thor and Rattling Brook Deposits, and also at the Pine Cove Mine where gold mineralization is hosted adjacent to secondary thrust fault systems.
States Alexander (Sandy) Stares, President and CEO of Metals Creek, "It is great to see the Jacksons Arm project being advanced by Anaconda. These recent results emphasize the property's potential and we look forward to results from Anaconda's continuing work. This is one of a number of properties that MEK has farmed-out to third parties while retaining an interest in the up-side. We will continue to generate new opportunities for possible farm-out while our main focus will be on our flagship Ogden Gold Project in Timmins, ON."
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. The Company has also recently entered into an Option/JV with Trifecta Gold Ltd. on Metals Creek's Squid properties in Yukon. Metals Creek also has a JV with Benton Resources on Metals Creeks Staghorn Gold Project in Newfoundland as well as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. The company is engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Metals Creek Resources Corp.
Alexander (Sandy) Stares
President and CEO