TORONTO, ONTARIO--(Marketwired - May 26, 2015) - Metals Creek Resources Corp. (News - Market indicators) has been advised by its partner Benton Resources Inc., (TSX VENTURE:BEX) ("Benton" or "the Company") of the commencement of its exploration program on the Staghorn Gold Property located in west-central Newfoundland which is under option from Metals Creek Resources Corp. (News - Market indicators) ("Metals Creek") (see MEK press release dated November 18, 2014). Under the option agreement, Benton can earn up to a 70% interest in the project. To earn the initial 60%, the Company must make cash payments of $50,000 over three years (includes $10,000 paid on signing) and issue 500,000 common shares of the Company (includes 100,000 issued on signing) and incur work expenditures in the amount of $500,000 over three years with $50,000 in work expenditures required by the first anniversary. Once a 60% interest is earned, either a 60/40 joint venture will be formed or Benton may elect to earn an additional 10% interest (70% in aggregate) by paying Metals Creek $50,000 and issue 500,000 common shares of the Company within 60 days of the third anniversary, and incur an additional $500,000 in expenditures on the property by the fifth anniversary.
This initial program will focus on discovering the source of the Ryan's Hammer ("RH") boulder train along the Cape Ray/Victoria Lake Fault Zone following up on Metals Creek's recent discovery of a high grade gold-bearing, granitic boulder train with assays ranging from trace to 32.15g/t Au (see MEK press release dated November 18, 2014). Benton's follow up program will also focus on a large high grade soil geochemical anomaly grading from trace amounts to 1690 parts per billion gold (ppb Au) in samples approximately 2.8km west of the RH area.
The Cape Ray/Victoria Lake regional fault zone hosts a number of gold deposits including Marathon Gold's Valentine Lake deposit, located 30km to the northeast and Benton's Cape Ray gold deposits approximately 100km to the southwest. The Staghorn Gold property covers a 29km strike length of the mineralized trend. 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 that has seen minimal previous exploration work and opens up a new prospective area for further exploration.
The RH boulders are angular to sub-angular altered and foliated granite containing variable amounts of pyrite and arsenopyrite. A total of 30 samples were collected from the numerous boulders which varied in size from 0.10m to 0.75m and have been traced over a 175m length. Assay results ranged from 11 ppb Au to 32,152 ppb Au (see MEK press release dated November 18, 2014). In addition to the RH area work, Benton plans to complete metallurgical testing, prospecting, mapping, trenching and diamond drilling on the Woods Lake zone which is located 8km southwest of the RH showing. Previous drilling by MEK on the Woods Lake zone intersected up to 2.14gpt Au over 16.1m including 6.18gpt over 5.11m (see MEK press release December 3, 2009).
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. 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
