The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
MEK: TSX-V
President and CEO: Alexander (Sandy) Stares
Vice President, Exploration: Michael MacIsaac
Vice President, Corporate Development: Wayne Reid
Metals Creek Resources Corp. focused its 2013 exploration the Matson Creek area, proximal to the Matson Creek placer gold camp in the White Gold district of Yukon Territory.
The company, which holds interests in many other properties across Canada, entered into an option/joint venture agreement with GTA Resources in which GTA can earn up to a 70 percent interest in the Squid East property in the Matson Creek area of Yukon.
Metals Creek initially staked the 82-claim property in 2011 and holds a 100 percent interest.
To earn an initial 51 percent interest, GTA must make cash payments of $60,000, issue 2 million GTA shares and incur work expenditures of C$2 million over three years (C$500,000 firm including a minimum 400 meters of drilling by the first anniversary).
Metals Creek will be the operator during the earn-in period.
In July, Metals Creek began its exploration program on the Squid East Project.
The initial phase of exploration consisted of a trenching program focused on a strong northwest trending gold, plus pathfinder element, soil anomaly located on the Squid East claim block.
The company also reported discovery of a new gold occurrence on the Squid East project.
The initial phase of exploration consisted of a trenching program focused on a strong northwest trending gold plus pathfinder element soil anomaly located on the Squid East claim block.
Bedrock mapped in the trenches consisted of heavily bleached and weathered broken rock which is considered to be in place and is typical for the White gold district.
The host rock to the gold mineralization consists of sericite schist with local quartz veining, and local hematite alteration.
Chip sampling at the newly discovered "Exploits zone" from trench E4-3 returned 1.96 grams per ton gold and 160.5 g/t silver over the entire 22 meters trench length.
Included in this is a higher grade interval of 6.39 g/t gold and 513.5 g/t silver over 4.0 meters.
Individual chip samples within this zone were 2.0 meters long and ranged from 0.25 g/t to 8.55 g/t gold.
Trenching was limited to 22 meters within this portion of the trench due to frost conditions on both ends.
Mineralization has not been cut-off in terms of defining the width of the zone and remains open in all directions.
Metals Creek began a follow-up drill program in mid-August consisting of 428 meters in four holes to better define the orientation and geometry of the newly discovered zone.
Assays were pending in mid-September.
Cash and short-term deposits: C$2.4 million (June 30, 2013)
Working capital: C$2.4 million (June 30, 2013)
Market capitalization: C$3.9 million (Sept. 27, 2013)
329-1100 Memorial Ave
Thunder Bay, Ontario, Canada P7B 4A3
Tel: 709-256-6060 Fax: 709-256-6061
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