Metals Creek Makes Two New Gold Discoveries at Careless Cove in Newfoundland

Rhea-AI Summary

Metals Creek Resources Corp. (TSXV: MEK) has announced two new gold discoveries at its Careless Cove Property in Newfoundland, located within New Found Gold Corp.'s Queensway High-Grade Gold Project. The first discovery, the Lillian Zone, yielded samples with assays of 4.1g/t and 0.83g/t gold. The second discovery, the Diana Zone, located 150 meters northeast of Lillian, returned assays of 1.61g/t and 2.82g/t gold.

Additionally, a third zone initially discovered in 2020 has been expanded, with new high-grade rubble material found 50m north, showing samples of 13.34g/t and 9.00g/t gold. The company also identified potential for antimony mineralization, with samples returning up to 0.27% antimony. Three highly prospective soil anomalies remain untested and will be explored in upcoming programs.

Positive

• Discovery of two new gold mineralization zones with significant assays up to 4.1g/t gold
• Extension of previously known zone with high-grade samples up to 13.34g/t gold
• Property shows potential for antimony mineralization with samples up to 0.27% Sb
• Strong correlation between soil anomalies and gold mineralization

Negative

• Only 35% of the property has been covered by soil sampling
• Surface grab samples may not represent average property grades

Thunder Bay, Ontario--(Newsfile Corp. - February 19, 2025) - Metals Creek Resources Corp. (TSXV: MEK) (FSE: M1C1) (the "Company" or Metals Creek) is pleased to announce the discovery of two new zones of gold mineralization as well as expanding previously outlined gold mineralization at the Careless Cove Property in Newfoundland.

The Careless Cove Property is located within and adjacent to New Found Gold Corp.'s Queensway High-Grade Gold Project and approximately 12 kilometers southwest of New Found Gold's Keats Zone Drilling (See fig. 1: Careless Cove Location Map).

Prospecting by MEK on the Careless Cove Property in 2020 (See News Release: December 09, 2020) uncovered gold mineralization composed of quartz breccia with disseminated pyrite and quartz vein hosted pyrite/arsenopyrite. Grab samples returned assays of 7.39g/t (grams per tonne), 0.47g/t and 4.15g/t Au.

Prospecting carried out by MEK at Careless Cove in December 2024 resulted in the discovery of two new zones of gold mineralization (See Fig. 2, sample location map). The first discovery (Lillian Zone) is comprised of silicified sediments with quartz stringers with nil to trace finely disseminated pyrite. Two samples were taken with assays of 4.1g/t and 0.83g/t gold.

The second new discovery (Diana Zone) lies approximately 150 meters north east of the Lillian Zone. Four samples have been collected from this location with two returning assays of 1.61g/t and 2.82g/t gold hosted by silicified siltstones with associated quartz veins and finely disseminated pyrite. Two other samples from the same general location returned assays of 1.66g/t and 0.26g/t gold hosted within a quartz breccia with finely disseminated pyrite (See Fig 2) and weakly mineralized chert with no visible mineralization respectively.

A third zone of mineralization initially discovered in 2020 (See News Release: December 09, 2020) resulted in the discovery new gold mineralization with assays of 7.39g/t, 0.47g/t and 4.15g/t gold hosted within silicified sediments with vuggy quartz and trace to 2% pyrite and arsenopyrite. Follow-up prospecting this past December resulted in high-grade rubble material 50m to the north with two samples assaying 13.34g/t and 9.00g/t gold, also within silicified sediments with vuggy quartz, pyrite and arsenopyrite. This third zone is located 530m west of the newly discovered Lillian Zone (See Fig. 2).

Figure 1. Location Map Careless Cove Property

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Figure 2: Careless Cove prospecting samples with soil anomalies.

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Management is highly encouraged with results to date which include the identification of two new gold showings and further extending a third zone of mineralization 50m to the north (See Fig 2). These gold showings show a strong spacial association of gold in soil anomalies from samples collected in 2021. Three other highly prospective soil anomalies remained untested and will be the focus of an upcoming prospecting program once conditions allow. It should also be noted that only approximately 35% of the property has been covered by soils. Soils also show a strong correlation between arsenic in soils to gold assays mentioned above. These anomalies also exhibit a northeasterly trend and close association with regional northeast trending regional structures (See Fig 1. Location Map).

MEK is also evaluating the exploration potential of the Careless Cove property to host antimony bearing mineralization (Stibnite) similar to that of the Beaver Brook Mine located 29 kilometers to the southwest. Pathfinder elements are present in soils including zinc, lead, iron, arsenic and antimony. Careless cove is also located in close proximity to the Dog Bay Line northeast trending regional structure same as the Beaver Brook Antimony Mine. Several anomalous grab samples have returned antimony (Sb) assays up to 0.27%. These results are highly encouraging considering no exploration has been conducted on Careless Cove specifically looking for Sb.

Figure 3. Sampled Outcrop, Lillian Zone

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Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

Follow up sampling from the newly discovered areas will commence once ground and snow conditions allow.

Analyses in this release was performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.

Wayne Reid, P.Geo and a 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 from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF).

Metals Creek also has multiple quality projects available for option which can be viewed on the Company's website. Parties interested in seeking more information about properties available for option can contact the Company at the number below.

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
Metals Creek Resources Corp
709-424-1141
MetalsCreek.com
Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241451

FAQ

What are the gold assay results from Metals Creek's new Lillian Zone discovery at Careless Cove?

The Lillian Zone discovery at Careless Cove yielded two samples with assays of 4.1g/t and 0.83g/t gold.

How far is Metals Creek's Careless Cove property from New Found Gold's Keats Zone?

The Careless Cove property is located approximately 12 kilometers southwest of New Found Gold's Keats Zone.

What were the gold assay results from the Diana Zone discovery at Careless Cove?

The Diana Zone discovery returned assays of 1.61g/t and 2.82g/t gold from two samples, with two additional samples yielding 1.66g/t and 0.26g/t gold.

What percentage of Metals Creek's Careless Cove property has been covered by soil sampling?

Only approximately 35% of the Careless Cove property has been covered by soil sampling to date.

What is the antimony (Sb) potential at Metals Creek's Careless Cove property?

The property shows potential for antimony mineralization with grab samples returning antimony assays up to 0.27%.