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Metals Creek Resources Corp. Announces Option/Joint Venture Agreement With GTA Resources

Jan 10 2013 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwire) -- 01/10/13 -- Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE: MEK) is pleased to announce that the corporation has entered into an Option/Joint Venture agreement with GTA Resources (GTA) in which GTA can earn a 51% to 70% interest in MEK's Squid East property in the Matson Creek area of Yukon. The 82 claim property was initially staked by the Corporation in 2011 and MEK owns a 100% interest.

To earn an initial 51% interest, GTA must make cash payments of $60,000 over three years ($20,000 due upon regulatory approval), issue a total of 2,000,000 GTA shares over three years (200,000 due upon regulatory approval) and incur work expenditures of $2,000,000 over three years ($500,000 firm including a minimum 400 meters of drilling by 1st anniversary). Metals Creek will be the operator during the earn-in period. Once a 51% interest is earned by GTA, either a 51/49 joint venture will be formed, or GTA may elect to earn an additional 19% interest to bring its total property interest to 70%.

The terms to increase its interest from 51% to 70% include payments of $100,000 and 1,000,000 GTA shares within 120 days of the 3rd anniversary date and incurring an additional $1,000,000 in exploration expenditures by the 5th anniversary. GTA would assume operatorship once it had earned a 51% interest.

Late in 2012 Metals Creek's soil sampling program delineated a strong northwest trending gold plus pathfinder element anomaly located on the Squid East claim block.(see MEK News Release dated 23 October 2012). Anomalous values are remarkably continuous between sample locations with gold (Au) ranging from 15 ppb (parts per billion) to 1086 ppb. Associated with the gold assays are strong pathfinder element results which include Ag from below detection up to 78.5 parts per million (ppm), Pb from 5.3 up to 4493.5 ppm, As from 6.9 up to 50.9 ppm, Sb from 0.1 up to 241.2 ppm, Ba from 133 up to 2370 ppm and Hg from below detection up to 36.32 ppm. The anomaly has minimum dimensions of approximately 450m long by 200m wide and is coincident with a distinct northwesterly trending magnetic low. The anomaly is located in an area of moderate topography, within the unglaciated Dawson Range terrain. It is located upslope from the Matson Creek placer gold mining camp which is accessed via an airstrip and a four wheel drive ridge road originating from the "Top of the World" Highway west of Dawson City. Several other Au, As and Ba anomalies are also present within this mag low and will require additional follow-up sampling. The strength and size of this newly discovered anomaly is comparable to soil anomalies associated with the recent discoveries in the White Gold District and the associated pathfinder elements are typical of these new discoveries.

Sandy Stares, President and CEO of Metals Creek states, "We are extremely pleased to have GTA Resources as a partner on the Squid East project. We look forward to next year's field season to continue to advance this project with additional detailed soil sampling and trenching leading towards a diamond drill program in late summer, 2013."

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 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 have recently formed a 50/50 joint venture with Goldcorp, to continue exploring the Ogden Gold property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario. MEK will be the operator and subsequent programs will be funded on a 50/50 basis while both companies contribute its share of required funding in the Ogden Gold Property. 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.



Contacts:
Metals Creek Resources Corp.
Alexander (Sandy) Stares
President and CEO
(709)-256-6060
(709)-256-6061 (FAX)
astares@metalscreek.com
www.metalscreek.com





Source: Marketwire


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