Metals Creek Resources Corp.
TSX VENTURE : MEK

Metals Creek Resources Corp.

January 11, 2011 09:00 ET

Metals Creek Intersects 4.37 g/t Gold Over 23.4 Meters Within Porphyry at Thomas Ogden Zone in Timmins, Ontario

- Extension of Near Surface Gold Mineralization Within Porphyry at Thomas Ogden

- Near Surface Intercept of 13.23 g/t Gold Over 2.95m Within Naybob South Zone

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2011) - Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE:MEK) is pleased to announce additional assay results from its recently completed 4102 meter diamond drill program on the Ogden Gold Project in Timmins, Ontario, which is under option from Goldcorp Canada Ltd. and Goldcorp Inc.

Results from the latest drilling on the Thomas Ogden Zone include a near surface intercept in hole TOG-10-21 of 4.37 g/t (grams per tonne) gold over 23.4m (meters) within an altered porphyry with associated pyrite, strong silicification and visible gold. This intercept was part of a broader zone of porphyry-style mineralization assaying 1.94 g/t gold over 75.85m. The hole was collared 50m east along strike from previously released hole TOG-10-20 (See MEK press release dated December 13, 2010) which had a down hole intercept of 1.08 g/t gold over 54.70 m. Hole TOG-10-21 was drilled in the same direction and collared in the same porphyry intercepted in hole TOG-10-20.

Additional results were also received from drilling on the Naybob South Zone located 4 km east of Thomas Ogden. Highlights from this drilling included 13.23 g/t gold over 2.95 m from hole OG10-030. Both the Thomas Ogden and Naybob South Zones are within or proximal to the Porcupine-Destor Fault and are 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 milllion 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.

A total of 19 holes were drilled in this latest drill program, targeting Thomas Ogden, Naybob South and peripheral exploration targets outside of the existing gold zones. Of the 12 holes included in this release, six holes targeted near surface mineralization within the Naybob South Zone above the 100m level within an area of widely spaced drilling, five targeted the Thomas Ogden Zone and one targeted a peripheral ground IP (Induced Polarization) geophysical target. 

The latest drill results include:

TOG-10-21: Targeted on the Thomas Ogden Zone – 23.4m down hole intercept (115.45m to 138.85m) at 4.37 g/t gold, this higher grade portion is apart of a broader zone of mineralization of 75.85m down hole intercept (63.0m to 138.85m) of 1.94 g/t gold.
TOG-10-11: Targeted on the Thomas Ogden Zone – 5.0m down hole intercept (393.0 to 398.0m) of 5.83 g/t gold. This intercept is a new zone of gold mineralization within a felsic dike located 40m footwall to the Thomas Ogden stratigraphy. 
TOG-10-14: Targeted on the Thomas Ogden Zone - 1.0m down hole intercept (162.0m to 163.0) of 2.63 g/t gold. 
TOG-10-16: Targeted on the Thomas Ogden Zone – 1.0m down hole intercept (376.76m to 377.76) of 3.281 g/t gold.
TOG-10-22: Targeted on the Thomas Ogden Zone – 24.0m down hole intercept (164.40m to 188.40m) of 0.329 g/t gold.
OG10-030: Targeted the Naybob South Zone – 2.95m down hole intercept (25.5m to 28.45m) of 13.23 g/t gold.
OG10-027: Targeted the Naybob South Zone – 2.74m down hole intercept (41.71m to 44.75m) of 1.70 g/t gold.
OG10-028: Targeted the Naybob South Zone – 6.75m down hole intercept (42.0m to 48.75m) of 0.91 g/t gold.
OG10-029: Targeted the Naybob South Zone – 4.53m down hole intercept (25.0m to 29.53m) of 1.6 g/t gold and a 7.54m down hole intercept (63.60m to 71.14m) of 3.83 g/t gold.
OG10-031: Targeted the Naybob South Zone – 4.0m down hole intercept (22.3m to 26.30m) of 1.45 g/t gold and 0.89m down hole intercept (40.05m to 40.94m) of 3.04 g/t gold.
OG10-032: Targeted the Naybob South Zone – 4.9m down hole intercept (18.70m to 23.6m) of 1.66 g/t gold.
OG10-020: Targeted a peripheral IP target with no significant results.

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.

Additional drill results will be released when they are received and compiled. 

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'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.

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