Metals Creeks Option Partner, Quadro Resources Initiates Prospecting and Soil Geochemistry Survey on the Careless Cove Property in The Central Newfoundland Gold Belt
Thunder Bay Ontario, April 28, 2021 - Metals Creek Resources Corp. (the “Company” or Metals Creek, TSXV: MEK, OTCQB:MCREF, FRA:M1C1) is pleased to announce that the company has been advised by Its Option partner, Quadro Resources Ltd (“Quadro” ) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) that a soil sampling and prospecting survey has been initiated on the Careless Cove property (the Property) located southwest of Glenwood in east-central Newfoundland. Quadro acquired an option to earn a 100% interest in the claim licenses from Metals Creek Resources Corp. (See MEK News Release dated August 10, 2020) The terms of the acquisition are outlined as follows:
To acquire MEK’s interest, QRO will issue to MEK a total $100,000 and 1,500,000 shares according to the following schedule:
- $15,000 and 300,000 on signing; (Paid)
- $20,000 and 300,000 shares on the first anniversary;
- $20,000 and 400,000 shares on the second anniversary; and
- $45,000 and 500,000 shares on the third anniversary
Once QRO is vested at 100% by meeting all the payments above, MEK will retain a 2.0% Net Smelter Return (NSR) royalty on any future mineral production. QRO will have the right to purchase 50% of the NSR from MEK for $1,000,000.
The Property consists of two claim groups located 2 km apart. MEK initially staked the claim licenses to cover two areas of previously known gold occurrences described below.
The Property is located within the Central Newfoundland Gold Belt, eleven km southwest of New Found Gold’s (NFG.V) Keats Zone where drilling is defining a very high-grade mineralized zone which includes recent intersections up to (see NFG press release dated April 20, 2021). Quadro’s claim licenses are partially surrounded by NFG’s Queensway Project and are immediately west of the south-southwest striking Appleton Fault Zone corridor, which hosts the Keats Zone mineralization. (Note - Mineralization hosted on the Queensway Project is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property.)
Read more at: https://www.metalscreek.com/april-28-2021