2020-06-15 08:46 ET - News Release
METALS CREEK RESOURCES CORP. SIGNS MOU WITH MISHKEEGOGAMANG FIRST NATION ON THE DONA LAKE GOLD PROPERTY, ONTARIO
Metals Creek Resources Corp. has signed a memorandum of understanding (MOU) with Mishkeegogamang First Nation. The goal is to establish a long term, mutually beneficial and co-operative relationship based on trust and certainty.
Alexander (Sandy) Stares states: "This MOU is a tangible example of Metals Creek's commitment to community relations, which affirms our company's belief that mineral exploration and mining, in addition to creating value for shareholders, can and should be a positive catalyst for environmental stewardship, economic development and social responsibility. We conduct our business activities in pursuit of these outcomes, and to create shared value with first nations, host communities and other stakeholder groups. Plans for exploration are well under way and this year the program will incorporate exceptional measures to protect our people and communities from the transmission of COVID-19. The health and safety of our work force and surrounding communities takes precedence above all else and we will take every precaution necessary."
The Dona Lake gold project was optioned from Newmont Corp. (previously Newmont Goldcorp -- see news release dated June 13, 2019) and is located in the Pickle Lake greenstone belt which is host to several historic mines including the Dona Lake mine, the Central Patricia mine and the Pickle Crow mine. Dona Lake is accessible by an all-weather road southeast from the town of Pickle Lake. The property consists of 32 patented and leased mining claims and 35 map-staked claims totalling approximately 1,063 hectares and covers the past-producing Dona Lake mine.
Currently there are four known gold-bearing oxide iron formations that host gold mineralization on the Dona Lake gold project. It is interpreted that the more pyrrhotite-rich sections of the iron formation within the Dona Lake deposit tend to exhibit a strong spatial relationship to increased gold mineralization. This could be a result of pyrrhotite replacing magnetite, decreasing the magnetite content and magnetic signature. With pyrrhotite being highly conductive, modelling of the recently completed airborne will prioritize targets exhibiting strong conductivity and weaker magnetic signatures.
In addition company personnel have been compiling data from the past-producing Dona Lake mine to try and determine what mineralization remains outside the area of selective historic mining. During compilation, it was determined that the deepest hole found to date was drilled approximately 100 m below the mine workings of the Main zone (455 m). This hole (455-2) returned a down hole intercept of 4.36 grams per tonne gold over 21.08 metres indicating the continuation of mineralization at depth below the bottom level (455 level) of the Dona Lake mine Main zone.
A second zone (B zone), footwall to the Main zone, was partially drilled off but only saw limited development and test mining and is open at depth with limited drilling along strike. B zone is defined as a steeply plunging zone with selective historic intersections including 14.17 g/t Au over 15.31 m, 9.9 g/t Au over 10.6 m, 7.85 g/t Au over 5.85 m and 12.44 g/t Au over 4.6 m.
Drill intercepts in this news release are historical in nature and have not been verified by the company. Reported intercepts are not true widths. At this time there is insufficient data to calculate a true orientation.
Exploration permits have been received for an initial (approximately 1,200 metres) drill program. Two shallow holes will test the Main zone and B zone and a deep hole to confirm the continuation of mineralization at depth on the Main zone. Additional planning is currently under way for an upcoming summer prospecting program to follow up on targets generated by the recently flown airborne including the newly discovered oxide iron formation (see news release dated Dec. 2, 2019) with similar style mineralization to that of the gold-bearing iron formations that host the Dona Lake gold mineralization. A comprehensive soil survey is also in the planning stage for peripheral targets.
Michael MacIsaac, PGeo, and vice-president of exploration for the corporation and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
About Metals Creek Resources Corp.
Metals Creek Resources 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-per-cent interest in the Ogden gold property from Newmont Corp., including the former Naybob gold mine, located six kilometres south of Timmins, Ont., and has an eight km strike length of the prolific Porcupine-Destor fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corp., where Metals Creek can earn a 100-per-cent interest in the past-producing Dona Lake gold project in the Pickle Lake mining district of Ontario.
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