(MEK.V) Nov. 9, 2018 – Metals Creek Resources Corp. has received the second-year option payment for the Jackson’s Arm agreement from Anaconda Mining Inc.(ANX.V). Metals Creek have received $60,000 and 37,500 Anaconda shares for the second-anniversary payment.
Anaconda has the right to acquire a 100-percent undivided interest in Metals Creek’s Jackson’s Arm property. To earn a 100-percent interest in the Jackson’s Arm property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash ($120,000 paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Jackson’s Arm agreement provides for a 2 percent net smelter returns royalty (NSR) to MEK on the sale of gold-bearing mineral products from the Jackson’s Arm property. The NSR is capped at $1.5 million, after which the NSR will be reduced to 1 percent.
Metals Creek has also received an additional $60,000 and 37,500 Anaconda shares for the second-anniversary payment on the Tilt Cove property from Anaconda. Anaconda has the right to acquire a 100-percent undivided interest in Metals Creek’s Tilt Cove property located 60 kilometres east of Anaconda’s Point Rousse project within the Baie Verte mining district. To earn a 100-percent interest in the Tilt Cove property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash,( $120,000 paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Tilt Cove agreement provides for a 1 percent NSR to MEK on the sale of gold-bearing mineral products from the Tilt Cove property. Anaconda is also assuming an existing 2 percent NSR on one of the two licences that comprises the Tilt Cove property; 1 percent of the existing NSR is purchasable for $1.25 million.
Metals Creek Resources is a junior exploration company incorporated under the laws of the province of Ontario and is a reporting issuer in Alberta, British Columbia and Ontario. Metals Creek has earned a 50-percent interest in the Ogden gold property, including the former Naybob gold mine located six kilometres south of Timmins, Ontario and has a eight-kilometre strike length of the prolific Porcupine-Destor fault that stretches between Timmins, Ontario and Val d’Or, Quebec. Metals Creek also has an option agreement with Quadro Resources on Metals Creek’s and Benton Resources’ Staghorn gold project in Newfoundland as well as two option agreements with Anaconda Mining Inc. on Metals Creek’s Jackson’s Arm and Tilt Cove properties, also in Newfoundland. The company also has an agreement on its Clarks Brook property with Sokoman Iron Corp. and 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.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.