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Metals Creek Closes Private Placement and Gives Exploration Update

Feb 16, 2024

Metals Creek Resources Corp. announces that, further to its November 29, 2023, December 20, 2023 and 16 January 2024 news releases, it has closed its private placement financing. 

The company has issued 11,173,400 flow-through units ("FT Units") for aggregate gross proceeds of $335,202. Each FT Unit consists of 1 flow-through common share and 1 common share purchase warrant ("Warrants"), each Warrant being exercisable at $0.06 for 24 months from the date of issuance.

All securities issued pursuant to the Private Placement are subject to a four-month and one day hold period.

Proceeds of this Private placement will be used for ongoing exploration at the Company's Shabaqua Corners Gold Property and Tillex Copper Project and for general working capital purposes.

The Company also announces that permits have been received for the initial drill program at the Shabaqua Corners Gold Project (SCGP) (see figure 1 below). Drilling will commence once a drill rig has been secured. Prospecting and mechanical trenching conducted during this past summer at SCGP was highlighted by numerous new gold discoveries as well as high grade channel samples of 29.12 grams per tonne (g/t) Gold (Au) over 0.75 meters (m), 29.4 g/t Au over 0.6m at Main Zone and 1.04 g/t Au over 18.7m at the newly discovered Echo Zone. (see table 1 below).

The eastern boundary of SCGP is located 1.57 kilometers(km) west of Delta Resources (DLTA) drill hole DL-22-18 which returned an intercept of 5.92 g/t Au over 31m (Source: Delta New Release October 31, 2022). Trenching conducted on Delta's ground 390m east of the property boundary, returned an interval of 2.22 g/t Au over 8m (Source: Delta Resources Website).

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

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Figure 1

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