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Metals Creek to embark on drilling program

Company has raised $732,000 for exploration work at Timmins-area gold property
Metals Creek Resources is planning a 4,000-metre drill program for the Ogden Gold property in Timmins. (Metals Creek photo)

Metals Creek Resources has raised $732,000 in advance of a 4,000-metre drill program at the Ogden Gold Project in Timmins.

The funds were raised through two tranches of non-brokered private placement, which closed on Oct. 23 and Oct. 24, respectively. 

The company issued an aggregate of 8,666,666 non flow-through units for gross proceeds of $520,000, and an aggregate of 2,650,000 flow-through units for gross proceeds of $212,000, for a total of $732,000.

The company has a 50 per cent interest in the Ogden Gold property – Goldcorp holds the remaining 50 per cent interest – including the former Naybob Gold mine located six kilometres south of Timmins, and has an eight-kilometre strike length of the prolific Porcupine-Destor Fault that stretches between Timmins and Val d'Or, Que.

Metals Creek Resources additionally has interests on properties in Yukon and Newfoundland and Labrador.