TORONTO, ONTARIO--(Marketwired - Nov. 18, 2014) - Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE:MEK) is pleased to announce that the Corporation has entered into an Option/Joint Venture agreement with Benton Resources Inc. ("Benton") (TSX VENTURE:BEX) in which Benton can earn up to a 70% interest in MEK's Staghorn Gold Property in Newfoundland. The property is 100% owned by MEK.
To earn an initial 60% interest, Benton must make cash payments of $50,000 over three years ($10,000 due upon regulatory approval), issue a total of 500,000 Benton shares over three years (100,000 due upon regulatory approval) and incur work expenditures of $500,000 over three years ($50,000 by 1st anniversary). Benton will be the operator during the earn-in period. Once a 60% interest is earned by Benton, either a 60/40 joint venture will be formed, or Benton may elect to earn an additional 10% interest to bring its total property interest to 70%.
The terms to increase its interest from 60% to 70% include payments of $50,000 and 500,000 Benton shares within 60 days of the 3rd anniversary date and incurring an additional $500,000 in exploration expenditures by the 5th anniversary. This agreement is subject to regulatory approval.
During the summer/fall of 2014, Metals Creek discovered a high grade gold bearing, granitic boulder train along the Cape Ray/Victoria Lake Fault Zone on its Staghorn Property in west central Newfoundland. The regional fault zone hosts a number of gold deposits including Marathon Gold's Valentine Lake deposit, located 32 km to the northeast of the auriferous boulders and Benton's Cape Ray Gold deposits to the southwest. The Staghorn Property covers a 29 km strike length of the gold trend and previous work had outlined a number of gold showings in the central and southwestern part of the property. This latest discovery is located in the northeast part of the property, in an area of little previous work and opens up a new prospective area for further exploration.
The boulders are described as angular to sub-angular, and consist of altered and foliated granite containing variable amounts of pyrite and arsenopyrite. A total of 30 samples were taken from the numerous boulders which varied in size from 0.10 to 0.75 meters and have been traced over a 175 meter length. Assay results ranged from 11 parts per billion gold (ppb Au) to 32,152 ppb Au. (See previous MEK press release dated August 18, 2014.)
The above mentioned samples are boulder samples, and selective by nature and are unlikely to represent average grades on the property.
Alexander (Sandy) Stares, President and CEO of Metals Creek states, "During a time when it is extremely difficult to attract Joint Venture partners, Metals Creek has been successful in acquiring partners to keep several projects in our portfolio of properties moving forward. We are extremely pleased to have Benton Resources as a partner on the Staghorn Gold Project and we look forward to advancing this project along to the diamond drilling stage."
Wayne Reid, P.Geo and Director 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 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 Corporation also has an Option/Joint venture agreement with Xmet Inc. on the Blackflake West, (Feagan Lake) graphite property, and west of Zenyatta Resources. Metals Creek has also recently made a new gold/silver discovery in the "White Gold District" on the Squid East project in the Yukon and is also 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."