Metals Creek to Form an Operating Joint Venture with Goldcorp to Continue Exploration on the Ogden Gold Project, Timmins
30.07.2012 | Marketwired
TORONTO, ONTARIO -- (Marketwire - July 30, 2012) - Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE:MEK) reports that it has received notification from Goldcorp Canada Ltd. and Goldcorp Inc. ("Goldcorp") that it does not intend to pursue its "Back-in Right" on the Ogden Township property. This now paves the way to formalize a 50/50 joint venture with Goldcorp, to continue exploring the Ogden property. MEK will be the operator and subsequent programs will be funded on a 50/50 basis while both companies contribute its share of required funding.Commented Sandy Stares, President and CEO of Metals Creek "This recent news is an important milestone for Metals Creek. We look forward to working with Goldcorp on the Ogden joint venture as we go forward with an aggressive exploration program. Subsequent programs will continue to evaluate the size, grade and economics of the various gold zones and Goldcorp's expertise and advice will be invaluable."
The Ogden Project covers eight kilometers of strike length of the Porcupine-Destor Break and includes the former Naybob Gold mine and the Thomas Ogden Zone. The property is located between Goldcorp's Dome Mine and Mill Complex and Lake Shore Gold's West Timmins Mine. MEK drilling over the past three years has focused on four known gold zones with the most recent drilling concentrating on the Thomas Ogden Zone (TOZ). The TOZ has demonstrated excellent potential and management is highly encouraged by its continued success in defining the geometry and down plunge extension of the gold zone. A summary of the more significant intersections from the TOZ over the past 12 months is detailed in the table below.
Hole# From To Interval Grade
(Meters) (Meters) (Meters) (Grams per tonne)
TOG-11-01 265.00 278.40 13.40 3.163
incl. 273.20 278.40 5.20 5.367
TOG-11-02 348.75 354.44 5.69 2.519
And 363.57 366.85 3.28 9.408
TOG-11-06 88.00 123.45 35.45 1.024
TOG-11-07 200.00 203.00 3.00 2.036
And 245.70 248.06 2.36 3.079
TOG-11-08 356.85 359.73 2.88 13.072
TOG-11-11 78.00 172.00 94.00 1.92
incl. 118.00 123.50 5.50 8.834
and. 142.00 149.00 7.00 7.576
TOG-12-03 90.50 118.00 27.50 1.143
And 148.00 171.30 23.30 5.728
TOG-12-04 137.10 152.00 14.90 2.023
And 188.30 191.30 3.00 8.257
TOG-12-05 141.30 185.00 43.70 2.34
incl 170.00 185.00 17.00 5.04
TOG-12-06 146.60 162.87 16.27 5.83
TOG-12-08 70.00 117.20 47.20 1.946
and 155.00 172.00 17.00 3.758
incl. 156.00 159.00 3.00 17.084
A proposed work program is being prepared for submission to the joint venture management committee and drilling is expected to resume this fall.
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 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 (PDF) that stretches between Timmins, Ontario and Val d'Or, 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, Yukon 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.
Contact
Metals Creek Resources Corp.
Alexander (Sandy) Stares, President and CEO
(709)-256-6060
(709)-256-6061 (FAX)
astares@metalscreek.com
www.metalscreek.com
