Metals Creek Resources Corp. (MEK) has received the first-anniversary payment for an interest in the Careless Cove/Yellow Fox claims in central Newfoundland.
This first payment from Quadro Resources (TSXV:QRO) consisted of $20,000 and 300,000 shares from Quadro Resources, a mining company developing prospective gold projects in Newfoundland.
The property consists of five licenses in two separate groupings that make up the Careless Cove group and the Yellow Fox group.
To date, Quadro Resources has invested $35,000 and 600,000 shares. By the third anniversary of the agreement, Metals Creek will have received a total of $100,000 and 1.5 million shares from Quadro.
Once all payments are completed, Metals Creek will retain a 2 per cent Net Smelter Return (NSR) royalty on any future mineral production.
Alexander “Sandy” Stares, President and CEO of Metals Creek, commented on the transaction.
“Optioning the Careless Cove/Yellow Fox claims to Quadro allows for the properties to receive the exploration it deserves while Metals Creek remains focused on the Ogden Gold Project in Timmins and the Dona Lake Gold Project in northwestern Ontario,” he stated.
The Careless Cove and Yellow Fox claims are located approximately 12 kilometres from New Found Gold’s Queensway Gold Project, where drilling has intersected 92.86 g/t gold over 19.0 metres.
Metals Creek Resources is a Canadian junior exploration company with interests in Ontario and Newfoundland.
Metals Creek Resources Corp. (MEK) is up 3.70 per cent, trading at $0.14 per share as of 2:27 pm ET.