(via Thenewswire.ca)
Toronto, Ontatio - 10 October, 2012. Metals Creek Resources Corp., TSX.V: MEK, (Metals Creek) and Project operator, Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") are pleased to provide the following update from the recently completed Phase 2 diamond drill program at the Iron Horse Project (formerly the Gabbro Lake Project) in the Labrador Trough. The program consisted of two components: (i) to test Anomaly A, the strongest magnetic anomaly on the property; and (ii) to deepen drill hole GL12-05 (from the Phase 1 program) that ended in mineralization, for which results are currently pending.
Drill results from Anomaly A confirm the second significant discovery on the Iron Horse project, located in what was a previously untested portion of the Labrador Trough, 50 kilometres east of the rail line linking Wabush and Schefferville, and 8 kilometres south of the all-season Esker Road.
"We are extremely pleased with the drill results and progress made to date by our JV partner Golden Dory at Iron Horse states Sandy Stares, President and CEO of Metals Creek "These results confirm that the Iron Horse project is emerging as a significant new discovery in the Labrador Trough."
Highlights from Phase 2 program include:
-All holes intersected iron formation with thicknesses up to 354 metres;
-Mineralization starting close to surface under shallow overburden;
-Second confirmed discovery on project in 3 months
The preliminary results are summarized in the following table:*GL12-05 was originally drilled to a depth of 314.15 metres where it ended in mineralization. The hole was deepened as part of Phase 2 program. All lengths are core lengths, true thickness not yet known.
The primary focus of the program was to test Anomaly A, the strongest magnetic target on the property. A total of three holes were drilled and all holes intersected significant thicknesses of iron formation highlighted by GLAA12-02 which cut 354 metres of mineralization. GLAA12-2 is a 200 metre step-out (undercut) of GLAA12-01. To date assays have been received for the initial 309 metres of the zone which returned a graded average of 28.6% Fe over the core length. An additional 45 metres of sampled iron formation has yet to be analyzed.
Hole 3 (GLAA12-03) was collared approximately 200 m east of the section of holes 1 and 2; and assays are still pending. Maps of the drill holes will be posted on the website at www.goldendoryresources.com.
Golden Dory, the project operator, can earn a 70% interest in the project, as announced on May 16, 2012, from Metals Creek Resources Corp. The two companies will form an operating JV once Golden Dory has earned its 70% interest whereby Metals Creek will hold the remaining 30%.
All samples submitted for assay were delivered by Golden Dory personnel to Activation Laboratory's prep lab in Goose Bay, Labrador. Pulps were then forwarded to Activation Laboratory's facility in Ancaster, Ontario, for analysis by XRF.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
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