Metals Creek Closes Private Placement and Gives Exploration Update

Rhea-AI Summary

Metals Creek Resources Corp. (MCREF) closes private placement financing, issuing 11,173,400 flow-through units for $335,202. The funds will support exploration at Shabaqua Corners Gold Project and Tillex Copper Project. New gold discoveries and high-grade samples reported. Permits received for drill program at SCGP. Tillex drilling to follow in Winter/Spring.

Thunder Bay, Ontario--(Newsfile Corp. - February 15, 2024) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) announces that, further to its November 29, 2023, December 20, 2023 and 16 January 2024 news releases, it has closed its private placement financing ("Private Placement").

The Company has issued 11,173,400 flow-through units ("FT Units") for aggregate gross proceeds of $335,202. Each FT Unit consists of 1 flow-through common share and 1 common share purchase warrant ("Warrants"), each Warrant being exercisable at $0.06 for 24 months from the date of issuance.

All securities issued pursuant to the Private Placement are subject to a four-month and one day hold period.

Proceeds of this Private placement will be used for ongoing exploration at the Company's Shabaqua Corners Gold Property and Tillex Copper Project and for general working capital purposes.

The Company also announces that permits have been received for the initial drill program at the Shabaqua Corners Gold Project (SCGP) (see figure 1 below). Drilling will commence once a drill rig has been secured. Prospecting and mechanical trenching conducted during this past summer at SCGP was highlighted by numerous new gold discoveries as well as high grade channel samples of 29.12 grams per tonne (g/t) Gold (Au) over 0.75 meters (m), 29.4 g/t Au over 0.6m at Main Zone and 1.04 g/t Au over 18.7m at the newly discovered Echo Zone. (see table 1 below).

The eastern boundary of SCGP is located 1.57 kilometers(km) west of Delta Resources (DLTA) drill hole DL-22-18 which returned an intercept of 5.92 g/t Au over 31m (Source: Delta New Release October 31, 2022). Trenching conducted on Delta's ground 390m east of the property boundary, returned an interval of 2.22 g/t Au over 8m (Source: Delta Resources Website).

(Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.)

 
Figure 1
 
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	Zone	Grab or Channel	width (m)	Gold g/t
	Main	channel	0.60	29.40
	Main	channel	0.75	29.12
	Main	channel	0.90	6.95
	Main	grab		42.80
	Main	grab		10.10
	Main	grab		42.00
	Main	grab		10.80
	Main	grab		32.10
	Main	grab		18.10
	Main	grab		45.00
	Main	grab		31.80
	Echo	channel	18.70	1.04
	Echo	grab		4.70
	Echo	grab		18.40
	Echo	grab		4.00
	Echo South	grab		51.00
	Anomalous	grab		13.10
	Anomalous	grab		6.08
	Anomalous	grab		3.97
	Western Shear	grab		18.50
	Western Shear	grab		9.56
	Western Shear	grab		9.18
	Western Shear Ext	grab		18.10
	Western Shear Ext	grab		17.00
	Western Shear Ext	grab		6.18

 

Table 1 (Select channel and grab samples)
 

Drilling at Tillex will follow later in the Winter/Spring. Most recent intercept at Tillex in 2011 returned 85.48 m of 1.65% copper (Cu) and 33 g/t silver (Ag), including 5 meters of 5.55% Cu and 355 g/t Ag. (See News Release September 28, 2011), (see table 2 below).

Metals Creek Tillex Drilling Highlights

Hole	From	To	Meters	Cu %	Ag g/t
TX08-002	30.95	128.00	97.05	1.19	NA
Incl	30.95	68.00	37.05	2.58	NA
TX08-003	36.10	41.00	4.90	0.62	NA
and	50.63	73.50	22.87	1.05	NA
Incl	54.00	62.30	8.30	2.36	NA
TX08-004	42.00	123.13	81.13	1.83	NA
Incl	53.00	80.00	27.00	2.73	NA
TX08-005	51.51	123.00	71.49	1.29	NA
Incl	73.66	107.95	34.29	2.16	NA
TX08-006	39.84	93.03	53.19	0.66	NA
Incl	64.00	85.00	21.00	1.06	NA
TX08-007	110.43	124.80	14.37	0.87	NA
Incl	110.43	117.30	6.87	1.27	NA
TX08-008	48.00	90.00	42.00	1.40	NA
Incl	48.00	71.00	23.00	2.14	NA
TX08-010	46.70	68.30	21.60	0.83	NA
TX08-015	41.20	49.00	7.80	0.66	NA
and	100.00	114.00	14.00	1.11	NA
TX11-01	40.70	107.00	66.30	1.43	6.78
Incl	87.20	102.00	14.80	2.95	14.99
TX11-002	39.30	82.50	43.20	1.27	5.45
TX11-003	86.84	96.88	10.04	1.39	8.97
TX11-004	55.10	60.00	4.90	1.20	6.81
TX11-005	41.64	83.00	41.36	0.45	5.44
TX11-006	48.00	81.00	33.00	0.86	9.36
incl	48.00	57.50	9.50	2.06	6.35
and incl	73.53	79.35	5.82	0.30	20.19
TX11-008	54.77	140.25	85.48	1.65	33.23
Incl	89.00	94.00	5.00	5.55	355.29

 

Table 2

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 a junior exploration company 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 from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek owns and/or has option agreements in place to acquire a 100% interest in claims in the Shabaqua Corners area of North western Ontario.

Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below.

Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under its profile at www.sedarplus.ca.

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.

Alexander (Sandy) Stares, President and CEO
Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197981

FAQ

How many flow-through units were issued by Metals Creek Resources Corp. in the private placement financing?

Metals Creek Resources Corp. issued 11,173,400 flow-through units in the private placement financing.

What is the total gross proceeds from the private placement financing by Metals Creek Resources Corp.?

The total gross proceeds from the private placement financing by Metals Creek Resources Corp. is $335,202.

What projects will the proceeds from the private placement financing support for Metals Creek Resources Corp.?

The proceeds from the private placement financing will support exploration at Shabaqua Corners Gold Project and Tillex Copper Project for Metals Creek Resources Corp.

Who is responsible for the release and preparation of information for Metals Creek Resources Corp.?

Michael MacIsaac, P.Geo and VP Exploration for Metals Creek Resources Corp., is responsible for the release and preparation of information.

What type of samples were highlighted in the news release by Metals Creek Resources Corp.?

Metals Creek Resources Corp. highlighted numerous new gold discoveries and high-grade channel samples in the news release.

What drilling programs are planned at Shabaqua Corners Gold Project and Tillex Copper Project for Metals Creek Resources Corp.?

Drilling will commence at Shabaqua Corners Gold Project, and Tillex drilling will follow later in the Winter/Spring for Metals Creek Resources Corp.