Metals Creek and Benton Receives Conditional Approval to Option Staghorn and Rose Properties to Quadro Resources
Toronto, Ontario--(Newsfile Corp. - August 21, 2017) - Metals Creek Resources Corp. (TSXV: MEK) ("Metals Creek") and Benton Resources Inc. (TSXV: BEX) ("Benton") are pleased to announce that they have been advised by Quadro Resources Ltd. (TSXV: QRO) ("Quadro) of the conditional acceptance of its reactivation from the NEX board to the TSX Venture Exchange (the "Reactivation") and the conditional acceptance of the option to acquire a 100% interest of and Metals Creek and Benton's Staghorn property, located in Newfoundland and an assignment of Benton's and Metal Creek's rights to acquire the newly optioned Rose Gold property (the "Option"), pursuant to the terms of the option agreement Quadro has with Benton and Metals Creek (the "Quadro Option Agreement"). The Rose Gold property is contiguous with the northern border of the Staghorn property, and is further described in the Company's press release of April 12, 2017.
Final acceptance of the Reactivation is subject to Quadro: Obtaining final acceptance of the Option; settling approximately $225,000 in debt by the issuance of shares at $0.10 per share (final acceptance pending); and completing a financing of up to $2 million. Under the terms of the Quadro Option Agreement and the terms agreed to by the TSX Venture exchange are, Quadro had to complete a 2:1 share consolidation (completed), has to complete a financing of up to $2 million and issue 4,000,000 common shares (post-consolidation) to each of Metals Creek and Benton. Quadro must also assume all the obligations under the Rose Gold property option, for which the optionor has agreed to accept common shares of Quadro in lieu of the 250,000 common shares of Metals Creek and 250,000 common shares of Benton (450,000 shares combined) originally negotiated. The Quadro Option Agreement will be subject to a royalty to be granted in favor of Metals Creek and Benton (the "Metals Creek/Benton Royalty"), as well as existing royalties held by Ed Northcott and Gilbert Lushman (the "Northcott/Lushman Royalty"), and by Shawn Rose (the "Rose Royalty).
The Staghorn project has multiple gold showings along the Cape Ray Fault approximately 30km SW along strike of Marathons Gold's Newfoundland deposits. The Staghorn project known zones including the Woods lake zone, drilling of 6.18 grams per ton (gpt) gold (Au) over 5.11 meters (m), (see MEK news release 02 Dec 2009), Ryan's Hammer, 27.80gpt Au in grabs, (see MEK/BEX news release 05 September 2015), Glimmer, 196.7gpt Au in grabs, (see MEK news release 11 May 2010), Rich House,visible gold - 189gpt Au in grabs (see MEK/BEX news release 01 September 2015) and the new Rose discovery of up to 18.86 gpt Au in the Rose Zone (see MEK/BEX news release 12 April 2017). The funds raised will be used to advance the project immediately and for general working capital.
Wayne Reid, P.Geo and Director 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 Company has also recently entered into an Option/JV with Trifecta Gold Ltd. on Metals Creek's Squid properties in Yukon. Metals Creek also has a JV with Benton Resources on Metals Creeks Staghorn Gold Project in Newfoundland as well as two option agreements with Anaconda Mining Inc. on Metals Creek's Jacksons Arm and Tilt Cove Properties also in Newfoundland. The company is 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
Source: Newsfile Corp.