Metals Creek Resources Corp. (TSXV: MEK) on January
16, 2014, reported additional drill results from the Thomas Ogden Gold Zone on
its 50% owned Ogden Property located 6 km south of Timmins, Ontario. Gold
mining giant Goldcorp Inc. (TSX: G) owns the remaining 50% of the project.
Highlights
included 54.65 meters of 1.89 grams per tonne (g/t) gold, including 25.70
metres of 2.79 g/t gold. This is the same zone that produced an uncut intercept
of 210.19 g/t over 12.53 metres, which the company announced on May 22, 2013.
“What
we are seeing is the structure off to the west of the Thomas Ogden Gold Zone is
very complex so we’re trying to do our homework there. So during the last
couple of days we’ve had our geologists spend some time with one of the good
structural guys for the Timmins Camp – so anything we can do to try and figure
things out there,” said Metals Creek President and CEO Alexander Stares, in an
interview with SmallCapPower.com.
The
Ogden Property covers more than 8 km of strike length on the
Porcupine-Destor Break, which is the same geology that has produced 22 million
ounces from neighbouring mines, including more than 17 million ounces from
Goldcorp’s Dome Mine alone.
“As
they say in real estate it’s all location, location, location – we’re in a
world renowned gold camp, sandwiched between Goldcorp’s Dome Mine and Lakeshore
Gold’s (TSX: LSG) development off to the west,” Mr. Stares added.
In
addition to its 50% of Ogden, Metals Creek has stakes in eight other projects
throughout Canada (Newfoundland, Ontario, as well as the Yukon).
One
that could be significant is its Feagan Lake Property located northwest of
Hearst, Ontario. This project borders Zenyatta Ventures Ltd.’s (TSXV: ZEN) Albany
graphite deposit, which could be among the world’s most valuable, this
according to a Financial Post article. It was this type of talk that sent Zenyatta’s stock
skyrocketing from 50 cents at the end of October 2012, to a high of $5 about
nine months later.
On
November 4, 2013, Metals Creek announced that it had optioned 24 recently
staked claim units in the Feagan Lake area to Xmet Inc. (TSXV: XME) in return
for $10,000 cash, 300,000 Xmet shares upon regulatory approval and potentially
1.7 million more shares four months later provided Xmet wants to continue with
the option following an EM airborne survey. Metals Creek will also retain a 1%
net smelter return on the claims.
With
a market capitalization of approximately $3 million, Metals Creek Resources
shares are trading at about the same valuation as its cash in the bank plus its
other investments, which includes about 5% of the issued and outstanding shares
Gold Royalties Corp. (TSXV: GRO), currently worth nearly $500,000, as well
as approximately 15% of Sokoman Iron Corp. (TSXV: SIC).
