Oct 24 2014
Metals Creek Resources Corp. (the "Company") has been advised by its option joint venture partner Xmet Inc. ("Xmet") that, having completed the necessary eight kilometres of line cutting, it has commenced the second phase of its ground geophysical program on its Blackflake West 'All Channel' Electromagnetic ("EM") targets. The program is expected to be completed within the next seven days.
Xmet has engaged Smart Geophysics to perform the survey using dipole-dipole induced polarization ("IP") technology. The IP survey currently underway will cover all of these EM All-Channel responses and assist in determining their characteristics. The Company initially discovered the All-Channel response which was originally flown using the VTEM plus time domain system (see Company news release dated March 26, 2014). A second more detailed VTEM survey was flown over the original All Channel response to help further define the size and orientation of this conductive response, resulting in a group of all channel conductive responses just to the northeast of the original anomaly (see Company news release dated September 29th, 2014).
Xmet has the option to earn a 50% interest (see Company news release dated May 22, 2014) in the Blackflake West (Feagan Lake) Graphite Project by paying to the Company an aggregate of $20,000, issuing up to 3,000,000 common shares and incurring exploration expenditures in the amount of $885,000 within a three year period. In order to earn an additional 10% interest (60% in aggregate), Xmet must pay $100,000 and issue 1,500,000 common shares to the Company within 90 days of earning its 50% interest and incur exploration expenditures of $1,000,000 in year four.
The Company also announces that it has granted 1,250,000 stock options to directors, officers, employees and consultants of the Company. All such options will have a term of five years at an exercise price of $0.07 per share, will be governed by the terms and conditions of the Corporation's stock option plan and will be subject to vesting provisions.
Michael MacIsaac, P. Geo, VP Exploration for the Corporation and a qualified person as defined in National Instrument 43-101, is responsible for the preparation of 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, 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.
On Behalf Of the Board of Directors
Metals Creek Resources Corp.
Alexander Stares, President and CEO