Metals Creek extends high grade gold mineralization to depth at Thomas Ogden Zone in Timmins, Ontario
(via Thenewswire.ca)
Toronto, 16 November, 2011. Metals Creek Resources Corp. (the "Corporation", TSXV: "MEK") is pleased to announce assay results of its first three holes from its ongoing 3000 meter diamond drill program (See MEK news release August 17, 2011) on the Ogden Gold Project in Timmins, Ontario, which is under option from Goldcorp Canada Ltd. and Goldcorp Inc.
Highlights from these initial three holes drilled on the Thomas Ogden Zone include a down hole intercept of 13.07 g/t (grams per tonne) gold over 2.88m (356.85m to 359.73m) from hole TOG-11-08. This intercept was drilled 30m down plunge of previously released hole TOG-11-02, (See MEK news release May 19, 2011) which included a high grade intercept of 9.41 g/t gold over 3.28m (meters). Mineralization within this intercept includes pyrite mineralization with local arsenopyrite within an intense zone of silicification with associated quartz veining. Visible gold was also noted within this intercept.
The other two recently completed holes, TOG-11-09 was drilled 190 meters west of hole TOG-11-08 and hole TOG-11-10 was drilled 20 meters east and 20m down plunge of Hole TOG-11-08. Hole TOG-11-09 returned an intercept of 5.68 g/t gold over 1.3m (423m to 424.3) and consisted of heavily pyritized argillite with associated quartz veining. This intercept located 342m vertically below surface tested the extension of mineralization 49 m down plunge and 35m west of a previously released (See MEK news release January 21, 2010) intercept of 8.557 g/t gold over 2.0m from hole TOG-09-04. Hole TOG-11-10 intercepted 1.47m of 4.45 g/t gold. Both these intercepts represent the deepest gold mineralization intercepted to date within the main Thomas Ogden stratigraphy and continues to demonstrate the potential for high grade mineralization at depth with mineralization remaining open below current drilling.
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|Hole |From (m)|To (m)|Interval (m)|Grade g/t Au|Zone|
|----------------------------------------------------------|
|TOG-11-08 ?|356.85 |359.73|2.88 |13.07 |TOG |
|----------------------------------------------------------|
|TOG-11-09 |423.00 |424.30|? 1.30 |5.68 |TOG |
|----------------------------------------------------------|
|TOG-11-10 |363.33 |364.80|1.47 |4.45 |TOG |
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All intercepts described in this release were testing the down-plunge continuity of the TOG gold mineralization. A significant flexure has been interpreted in the Thomas Ogden stratigraphy indicating a significant shallowing of the stratigraphy to the south. This shallowing of the stratigraphy indicates the possibility of significant folding at depth, an environment interpreted to be conducive to gold mineralization. Gold mineralization has now been traced in excess of 200m along strike within the main Thomas Ogden stratigraphy and the zone remains open below current drilling. Drilling is ongoing on the Thomas Ogden project and assays will be released once they are received and compiled.
Management is highly encouraged with the results to date from this deeper drilling exhibiting the continuity of gold mineralization at depth and demonstrating the potential for high grade gold mineralization below current drilling levels.
(Note: Due to the limited amount of drilling in the Thomas Ogden area, true widths and orientation of the mineralization is not known at this time)
The Thomas Ogden Zone is proximal to the Porcupine-Destor Fault and hosted by altered porphyries and mafic to ultramafic volcanic rocks analogous with the geological setting of the majority of the larger gold deposits in the 70 million ounce Timmins District. The Ogden property covers an 8 km strike length of the Porcupine-Destor Fault and is located 8 km west of, and along strike from Goldcorp's Dome Mine Complex and 10 km east of Lakeshore Gold's West Timmins development project. Since optioning the property from Goldcorp in 2008 the corporation has had success in drilling on four separate mineralized zones, Naybob North, Naybob South, Thomas Ogden and Porphyry Hill, all of which remain open for expansion.
The Ogden Gold Project is under Option from Goldcorp Canada Ltd. and Goldcorp Inc. ("Goldcorp"). Metals Creek can earn a 50% interest in the Project by incurring $3.1 million in expenditures and issuing a combination of cash and shares totaling $460,000 over 4 years.
All split core samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario. The precious metals were analyzed utilizing a standard fire assay with an atomic absorption finish. As part of the Corporations QAQC protocol, approximately 10% of the samples submitted for assay are also sent for check assays. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol. Samples with fire assay results above 1.0 g/t gold are re-analyzed using a gravimetric finish and samples with fire assay results above 5.0 g/t gold or samples exhibiting visible gold are analyzed using the pulp metallic method.
Michael MacIsaac, P.Geo and VP 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.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is 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 can earn 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 (PDF) that stretches between Timmins, Ontario and Val'Dor, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the company's profile at www.sedar.com.
For further information, please contact:
Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com
This press release includes certain forward-looking statements within the meaning of Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; general economic conditions; and changes in laws, rules and regulations applicable to the Corporation. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements. The Corporation has no intention or obligation to update the forward-looking statements contained in this press release.
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.
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