Metals Creek/Benton Resources Discovers Multiple New Gold Showings at Staghorn Gold Property
TORONTO, ONTARIO--(Marketwired - Jun 18, 2015) - Metals Creek Resources Corp. (TSX VENTURE:MEK) has been advised by its partner Benton Resources Inc., (TSX VENTURE:BEX) ("Benton" or "the Company") that it has made several new gold discoveries over the 25km long mineralized trend on the Staghorn Gold property. The project is located in west-central Newfoundland and under option from Metals Creek Resources Corp. (see Benton PR dated Nov. 18, 2014). Over the years previous exploration companies have uncovered a number of gold showings throughout the property and these latest discoveries continue to demonstrate the prospective nature of the project to host a significant gold discovery.
Highlights to date of ongoing exploration efforts at the Staghorn property include:
1. Discovery of the Ryan's Hammer mineralized boulders in outcrop
2. Discovery of mineralization along the apparent north eastern strike extent of the Woods Lake mineralized trend
3. Discovery of the Grand View gold zone with gold assays up to 0.94gpt
4. Completion of soil geochemistry over a large portion of the project
5. Multiple new mineralized arsenopyrite and/or pyrite occurrences with assays pending
At the Ryan's Hammer gold occurrence an outcrop of identical rock type and mineralization has been uncovered more than 500m to the east across Victoria Lake. Selective grab samples collected from the outcrop and surrounding sub cropping frost heaved material returned up to 7.6gpt gold and panned overburden material collected produced several fine free native gold grains. More overburden stripping along the outcrop is needed to determine the width and strike extent of the gold mineralization. Selective grab samples collected last autumn from mineralized boulders on the west shore of Victoria Lake assayed as high as 32.15gpt gold.
Two new gold-bearing occurrences have been uncovered between 300-1400m north east of the drilling at the Woods Lake gold zone. Selective grab samples at these new occurrences returned gold grades of 4.2 and 4.3gpt. A historical gold occurrence between the two new ones was resampled which returned up to 7.66gpt gold in selective grabs. All three occurrences are situated in foliated granite cut by northwest oriented intense fracturing.
The new Grand View gold occurrence consists of intensely silicified chlorite schist that returned assays of trace to 0.9gpt gold in selective grab samples. The occurrence is identical to the historic GP showing (1.35gpt Au in grab samples) located 700m to the south west but more work is necessary to determine if they represent the same mineralized horizon.
To date gold occurrences located on the Staghorn Property stretch over 25km of strike length along the Cape Ray fault zone. Continuing exploration work on the Staghorn property includes grid establishment, soil geochemical surveys, prospecting, geological mapping and ground geophysical surveys (magnetics and induced polarization). Areas of interest will then be subject to mechanical trenching followed by diamond drilling of the most prospective targets.
The Cape Ray/Victoria Lake regional fault zone hosts a number of gold deposits, including Marathon Gold's Valentine Lake deposit located 30 kilometres to the northeast of the Staghorn and Benton's Cape Ray gold deposits approximately 100 kilometres to the southwest.
Under the Option/Joint Venture agreement with Metals Creek, Benton can earn an initial 60% interest in the Staghorn Gold Property by making staged payments totaling $50,000, issue 500,000 shares and incur work expenditures of $500,000 over 3 years. Benton will be the operator during the earn-in period. Once a 60% interest is earned by Benton, either a 60/40 joint venture will be formed, or Benton may elect to earn an additional 10% interest to bring its total property interest to 70% by completing a cash payment of $50,000 and issue 500,000 Benton shares within 60 days of the 3rd anniversary date and incurring an additional $500,000 in exploration expenditures by the 5th anniversary.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible 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, 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 (P-DF) that stretches between Timmins, Ontario and Val d'Or, Quebec. Metals Creek has also recently made a new gold/silver discovery in the "White Gold District" on the Squid East project in the Yukon and 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.
On Behalf Of the Board of Directors
Alexander Stares, President and CEO
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Contact
Metals Creek Resources Corp.
Alexander Stares
President and CEO
(709) 256-6060
(709) 256-6061
astares@metalscreek.com
www.MetalsCreek.com