Metals Creek Resources Corp. (TSX:V.MEK, Stock Forum) said that it and Goldcorp Inc. (TSX:T.G, Stock Forum) have paved the way to formalize a 50/50 joint venture to continue exploring the Ogden property.
The Ogden project covers eight kilometers of strike length of the Porcupine-Destor Break and contains four zones of gold mineralization. The property is located in Timmins, Ontario.
According to the press release, MEK will be the operator and subsequent programs will be funded on a 50/50 basis while both companies contribute its share of required funding.
MEK's drilling over the past three years has focused on four known gold zones with recent drilling concentrating on the Thomas Ogden Zone (TOZ).
Intersections from the TOZ include hole TOG-12-098 of 17 grams per tonne gold at 159 metres, hole TOG-11-11 of 13 grams per tonne gold at 359 metres and hole TOG-11-02 of 9 grams per tonne gold at 366 metres.
A proposed work program is being prepared for submission to the joint venture management committee and drilling is expected to resume this fall.
MEK is engaged in the identification, acquisition, exploration and development of mineral resource properties, and presently has mining interests in Ontario, Yukon and Newfoundland and Labrador.
On mid-morning Monday, MEK’s stock was up 8% and was trading at $0.065 a share. The company has a market cap of $6.4 million, based on 99 million shares outstanding. The 52-week high and low was $0.16 and $0.045 respectively.