Metals Creek Closes First Tranche of Flow-Through Financing, secures drill for Tillex Copper Project

Metals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement Financing – Secures Drill for Next Phase of Tillex Copper Project Drilling

 

Thunder Bay Ontario, November 18, 2024 - Metals Creek Resources Corp. (the “Company” or Metals Creek, TSXV: MEK, FRA:M1C1) further to its November 5, 2024 news release, the Company announces that it has received Conditional Approval from the TSX Venture Exchange for its non-brokered private placement financing (the “Financing”) and has closed the first tranche of the Financing for aggregate gross proceeds in this first tranche of $303,500. 

The Company has issued 8,671,430 flow-through units at a price of $0.035 per unit (the “FT Units”), each FT Unit consisting of one flow-through common share (the “FT Shares”) and one half of a non-flow-through common share purchase warrant (the “FT Warrants”), each full FT Warrant entitling the holder to purchase one additional non-flow-through common share of the Company at an exercise price of $0.07 per common share for a period of 24 months from the date of issue.  The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

All securities issued pursuant to the Financing will be subject to a four-month and one-day hold period.

In connection with this first tranche closing, the company has paid cash finders' fees of $21,245 and issued 607,000 non-transferable broker warrants.

The Financing is subject to final approval by the TSX Venture Exchange.

The proceeds raised from the FT Units will be used for exploration on the companies Tillex Copper Project, the Yellow Fox/Careless Cove/ Clarks Brook Antimony-Gold Property and the Ogden Gold Property and will ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects.

 

Metals Creek is also pleased to announce that a diamond drill has been secured for an upcoming diamond drill program on the Tillex Copper Project. The 85 per cent owned Tillex Copper Project is located in Currie Township, 65 km east of Timmins, Ontario.

This program will further define Tillex mineralization within areas of limited drilling as well as in the down dip direction and peripheral areas where the deposit is poorly understood.

In September  (see MEK news release dated 05 September 2024) , Metals Creek drilled :

  • 9 Meters (m) of 1.94% Copper (Cu)and 10.22 g/t Silver (Ag) in diamond drill hole (DDH) TX 24-021. (see MEK news release dated 22 October 2024)
  • 110m of 1.69% Cu and 7.05 g/t  Ag in DDH 24-020 (see MEK news release dated 24 October 2024)
  • 05 Meters of 2.12% Cu and 12.18 g/t Ag (see MEK news release dated 31 October 2024) in DDH 24-022 at the Tillex Copper Project.

Drilling is expected to commence within two weeks and results will be released once received and compiled.

Michael MacIsaac, P.Geo and VP Exploration 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.

Cell : 709-424-1141