The company believes the bedrock source of these gold-bearing boulders is nearby and have implemented a soil sampling survey to try and narrow the field.
TORONTO, ONTARIO–(Marketwired – Aug. 18, 2014) – Metals Creek Resources (TSX VENTURE:MEK) (the “Company”) is pleased to announce the discovery of high grade granitic boulders along the Cape Ray/Victoria Lake Fault Zone on its Staghorn Property in west central Newfoundland. The regional fault zone hosts a number of gold deposits including Marathon Gold’s Valentine Lake deposit, located 32 km to the northeast of the auriferous boulders. The Staghorn Property covers a 29 km strike length of the gold trend and previous work had outlined a number of gold showings in the central and southwestern part of the property. This latest discovery is located in the northeast part of the property, in an area of little previous work and opens up a new prospective area for further exploration.
Like so many other junior miners, they are drawing comparisons between their property and a known deposit. In this case they have compared their property to the Valentine Lake deposit. The Valentine Lake deposit is the company’s nearest neighbour and is 100% owned by Marthon Gold. Last year, Marathon filed a 43-101 compliant mineral resource estimate outlining 11.349 million tonnes grading at 2.34 g/t gold. The Staghorn property is about 32 km (20 miles) away from the Valentine property and is part of the same regional geologic “package”.
This news release is about the discovery of a high grade gold boulder train on the Staghorn property.
The boulders are described as angular to sub-angular, and consist of altered and foliated granite containing variable amounts of pyrite and arsenopyrite. A total of 14 samples were taken from the numerous boulders which varied in size from 0.10 to 0.75 meters. The boulder train is approximately 175 meters in length. A soil sampling program is currently being planned to help define the bedrock source for the boulders which is believed to be of a local source. A table outlining the results follows:
|Sample Number||Gold (PPB)|
Note: The above samples are samples collected from boulders, are selective by nature and are unlikely to represent average grades on the property.
Michael MacIsaac, P. Geo, 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, 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. The Corporation also has an Option/Joint venture agreement with Xmet Inc. on the Blackflake West, (Feagan Lake) graphite property, west of Zenyatta Resources. 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.