Metals Creek Resources receives Tsx.v approval for the sale of its interest in the Iron Horse Project to Golden Dory Resources
11.07.2013 | The Newswire
Toronto, 11 July 2013. Metals Creek Resources (TSX-V MEK) is pleased to announce that the TSX Venture Exchange has approved the proposed transaction between Metals Creek Resources Corp and Golden Dory Resources Corp. (TSX-V GDR), whereby Golden Dory can acquire 100% of the Iron Horse Project from Metals Creek by meeting specific conditions as outlined in a revised agreement.The Property is host to two new and potentially significant Iron Ore discoveries made by Golden Dory in late 2012 on the 400 claim (10,000 ha) property located approximately 50 kilometres east of the common carrier rail line servicing the Schefferville Mining District. A total of eight holes were drilled in 2012 testing two of four previously untested magnetic anomalies (Anomalies A through D). All holes successfully intersected significant thicknesses of iron formation including hole GLAA12-02 which returned 354 metres grading 27.8% Fe from Anomaly A in the northern portion of the property.
Work to date has focused on testing the magnetic targets as defined by previous airborne surveying. Golden Dory has recently completed a Falcon Airborne Gravity Gradiometer survey flown by Fugro Airborne Systems in an effort to locate potential direct shipping ore (DSO) targets on the property. The potential for DSO type targets is further evidenced by numerous large blocks of high grade iron ore assaying in excess of 53% Fe.
The New Agreement
The revised agreement recently approved by the TSX Venture Exchange provides for Golden Dory to accelerate its interest in the Property to 100% by issuing 17.5 million shares of Golden Dory to Metals Creek. In addition, Golden Dory will pay $1 million to Metals Creek upon completion of a bankable feasibility study on the Property, and by issuing to Metals Creek an additional 1% NSR on the Property. For the purposes of clarity, upon GDR acquiring all of MEK’s interest in the Property, MEK will retain a 1.9% NSR in the Property while Golden Dory will retain a 2.1% interest. Upon completion of this agreement, Metals Creek will hold 19,000,000 shares of Golden Dory or approximately 15% of Golden Dory’s issued and outstanding shares.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a well funded 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, 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 its profile at www.sedar.com
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
email: astares@metalscreek.com
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/Metals.CreekResources