Metals Creek Resources (MEK-V) starts drilling at Squid East
Aug 19, 2013 - News Release
Metals Creek Resources Corp. has commenced a drill program on the newly discovered Exploits zone at the Squid East project in the Matson Creek area in the Yukon. This initial drilling will focus on the recently reported chip sampling which returned 1.96 grams per tonne (g/t) gold over the entire 22-metre trench length. Included in this is a higher-grade interval of 6.39 g/t gold over four m (see news release dated Aug. 6, 2013). A 400 m drill program is initially planned to better define the orientation and size of the Exploits gold zone. The Matson Creek placer camp and airstrip will be used as a staging point and a recently completed access trail will be used to service the drill. In addition to diamond drilling, an attempt will be made to further expose bedrock by mechanical trenching in areas where bedrock could not be exposed due to frost conditions in early July.
"We are extremely excited to initiate drill testing of this exciting target in the White Gold district. This program will give us a better understanding of the geometry and mineralization of this newly discovered Exploits zone. In addition, the existing infrastructure will help ensure that exploration is carried out in a cost-effective manner," stated Alexander Stares, president and chief executive officer of Metals Creek.
GTA can earn an initial 51-per-cent interest in the Squid East property as previously announced in a press release dated Jan. 12, 2013. Terms include cash payments of $60,000 over three years ($20,000 on signing), issuance of a total of two million GTA shares over three years (200,000 on signing) and work expenditures of $2-million over three years ($500,000 firm including a minimum 400 metres of drilling by the first anniversary). Metals Creek will be the operator during the earn-in period. Once a 51-per-cent interest is earned by GTA, either a 51/49 joint venture will be formed, or GTA may elect to increase its interest to 70 per cent by incurring additional payments of $210,000 and 400,000 GTA shares and expenditures of $1-million by the fifth anniversary. GTA would assume operatorship once it had earned a 51-per-cent interest.
MEK initially staked the Yukon properties in February, 2011, and has a 100-per-cent interest in four separate claim blocks (242 claims) within the White Gold district. The Squid East claims are located proximal to the Matson Creek placer gold operations, approximately 90 km southwest of Dawson City. A four-wheel-drive access road and airstrip service the placer camp and MEK's current fieldwork availed of the placer camp airstrip, accommodations and equipment to help carry out the program. A six km access trail was completed from the Matson Creek four-wheel-drive road to the target area making access more cost-effective.
Michael MacIsaac, PGeo, vice-president, exploration, 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. |
