Metals Creek Resources Corp.
TSX VENTURE : MEK

Metals Creek Resources Corp.

March 03, 2011 09:00 ET

Metals Creek Announces Final Results from its Ogden Township 2010 Drilling Program, Including 1.1 g/t Gold Over 14.8 Meters from the Thomas Ogden Zone

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE:MEK) is pleased to announce assay results for the final three holes drilled during its recently completed fall, 2010 drill program on the Ogden Gold Project in Timmins, Ontario. 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. The project is under option from Goldcorp Canada Ltd. and Goldcorp Inc. and a new drill program previously announced February 25, 2011 is currently underway.

These latest results from drilling include two holes targeted on the Thomas Ogden Zone and one on the Naybob South Zone. At Thomas Ogden, hole TOG-10-04 intersected a near surface intercept assaying 1.1 g/t (grams per tonne) gold over 14.8m (meters) within an altered porphyry with associated pyrite and strong silicification and a second zone assaying 2.55 g/t gold over 4m within a strong sericite alteration zone. Hole TOG-10-04 represents the furthest west intercept of the Thomas Ogden Zone 25m west of hole TOG-10-08 which returned an intercept of 8.22 g/t gold over 4.4m (see news release June 21, 2010).

The second Thomas Ogden hole returning a down hole intercept of 25m of 0.625 g/t gold and is located 25m east of hole TOG-10-08. The gold mineralization in hole TOG-10-05 is hosted at the porphyry-volcanic contact with the majority of which is hosted by the porphyry.

The latest drill results include:

TOG-10-04: Targeted on the Thomas Ogden Zone – 14.8m down hole intercept (129.77m to 144.57m) at 1.1 g/t gold. A second zone 30m footwall to Thomas Ogden Zone intercepted a 4m down hole intercept (156.56m to 160.56m) of 2.54 g/t gold.
TOG-10-05: Targeted on the Thomas Ogden Zone – 25.0m down hole intercept (137.0 to 162.0m) of 0.625 g/t gold.  
OG-10-33: Targeted on the Naybob South Zone - 3.0m down hole intercept (43.0m to 46.0) of 0.988 g/t gold.

Note: Due to the limited amount of drilling in the Thomas Ogden area, true widths and orientation of the porphyry unit are not known at this time. True widths in the Naybob South area is approximately 70-80% of down hole intercepts.

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 were 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-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 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.

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.

Contact Information

  • Metals Creek Resources Corp.
    Alexander (Sandy) Stares
    President and CEO
    (709)-256-6060
    (709)-256-6061 (FAX)
    astares@metalscreek.com