Metals Creek and Benton Announce Approval of Property Acquisitions
TSXV approval allows Metals Creek and Benton to close a share-based acquisition of G2B’s mineral licenses with a 2% NSR and buyback option.
Rhea-AI Summary
Metals Creek Resources (MCREF) and Benton Resources received TSX Venture Exchange approval for a joint acquisition of G2B Gold’s interest in two mineral licenses covering 50 claim units in Newfoundland.
The Properties consist of 20 units in the Deer Lake Basin and 30 units at Parsons Pond, with each company holding 50% ownership. Consideration to G2B is 120,000 common shares of Metals Creek and 82,500 common shares of Benton plus a 2% net smelter return (NSR) royalty on the Properties. The Companies retain the right to buy back 1% of the NSR for $1 million. No finders’ fees were paid in connection with the transaction.
The Properties lie within areas where historical work reported highly anomalous helium in water samples and methane gas levels up to 72% in certain drill holes, which the Companies describe as indicative of potential natural (white) hydrogen and gas prospectivity.
Positive
- TSXV approves joint acquisition of 50 mineral claim units in Newfoundland
- Metals Creek issues only 120,000 shares as consideration for its 50% interest
- NSR terms allow Companies to repurchase 1% of the royalty for $1 million
- Historical work shows methane levels up to 72% and helium up to 8,900 ppb on related projects
Negative
- G2B retains a 2% NSR on the Properties, reducing future project economics
- Equity consideration creates share dilution for Metals Creek (120,000 new shares)
AI-generated analysis. How Rhea-AI works. Not financial advice.
Thunder Bay, Ontario--(Newsfile Corp. - September 15, 2026) - Metals Creek Resources Corp. (TSXV: MEK) (OTC Pink: MCREF) (FSE: M1C1) ("Metals Creek") and Benton Resources Inc. (TSXV: BEX) ("Benton") (Benton and Metals Creek collectively referred to as the "Companies") are pleased to announce the receipt of TSX Venture Exchange approval for the previously announced (August 18, 2026 new release) joint acquisition from G2B Gold ("G2B") of an interest in 2 mineral licenses encompassing 50 claim units (the "Properties") in the Deer Lake Basin (20 units) and Parsons Pond (30 units) area, subject to
The Companies, which are non-arm's length, acquired
the issuance to G2B of 120,000 common shares of Metals Creek and 82,500 common shares of Benton; and
a
2% NSR on the Properties subject to the Companies having the right, at any time, to purchase one half of the NSR (i.e.1% ) by paying$1 million to G2B.
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
Metals Creek has also jointly acquired through staking on a 50/50 basis with Benton Resources, potential natural white hydrogen projects in Newfoundland. The Smoking Gun Prospect was selected after research uncovered highly anomalous helium with values up to 8,900 parts per billion (ppb) in water collected from an historic drill hole. These licenses are located within the Deer Lake Basin, which is thought to be a prospective environment for the presence Helium (He) and Natural (White) Hydrogen (H₂).
At Parson's Pond, research of historical drill logs in two holes 14.2 km apart, have observed C1 methane gas levels reaching
Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under its profile at www.sedarplus.ca.
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
709-424-1141
astares@metalscreek.com
Metals Creek Resources Corp
www.MetalsCreek.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314507
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What exactly did Metals Creek and Benton acquire from G2B Gold?
The Companies acquired G2B Gold’s entire interest in two mineral licenses covering a total of 50 claim units, with 20 units in the Deer Lake Basin and 30 units at Parsons Pond. Ownership is split evenly, with 50% to Metals Creek and 50% to Benton.
How is the net smelter royalty (NSR) structured on these Properties?
G2B holds a 2% NSR on the Properties. The Companies have the right, at any time, to purchase one half of this royalty (i.e., 1%) by paying $1 million to G2B.
Were any cash payments or finders’ fees involved in this acquisition?
No cash consideration or finders’ fees were paid for the acquisition. The consideration consisted of 120,000 Metals Creek common shares and 82,500 Benton common shares, plus the NSR.
Why are the Deer Lake Basin and Parsons Pond areas considered prospective?
The Companies state that prior work in the region identified highly anomalous helium values up to 8,900 ppb in water from a historic drill hole at the Smoking Gun Prospect, and C1 methane gas levels reaching 72% in two drill holes about 14.2 km apart near Parsons Pond. Geological features such as thrust-faulted rocks, unique sedimentary units with serpentine and chrome fragments, and the presence of glauconite are described as indicators of potential natural (white) hydrogen and an active gas system.
What is the relationship between Metals Creek and Benton in these projects?
Metals Creek and Benton are described as non-arm’s length and have jointly acquired the Properties on a 50/50 basis. They have also jointly staked other potential natural white hydrogen projects in Newfoundland on the same ownership basis.