Ogden looks golden to Metals Creek

More significant results from the drill at the Ogden gold project in Timmins, Ont., had Metals Creek Resources (mek-v) climbing higher.
The results came out of the company’s ongoing 2,500-metre drill program and included a highlight intercept of 1.08 grams gold per tonne over 54.7 metres.
The hole targeted what is known as the Thomas Ogden zone and cut through altered porphyry with associated pyrite mineralization and strong silicification.
And with mineralization being encountered at the 83-metre level, the hole represents the most significant near-surface intercept at the zone to date.
Contrary to prior holes, which were drilled in a northerly direction into the zone, the latest hit came from a hole drilled in a southerly direction and into a previously untested area. It was also drilled 30 metres from a previous hole which returned 8.22 grams gold over 4.4 metres last June.
The Thomas Ogden zone occurs within the Porcupine-Destor fault at the contact between mafic volcanic rocks of the Tisdale Group and a porphyry intrusion, Metals Creek says.
In total, the Ogden property covers an 8-km strike length and is on strike from Goldcorp’s (g-t, gg-n) Dome Mine Complex, which sits just 8 km to the east. Metals Creek can earn a 50% interest in Ogden by spending $3.1 million on the project and issuing Goldcorp cash and shares totaling $460,000 over four years.
The company also announced that it has added a second drill on the property which is targeting near-surface mineralization within what is known as the Naybob South zone.
In Toronto on Dec. 14 – the day the news was released – the company’s shares were up 25% to 30¢ on 1.05 million shares traded. Over the last year, the company’s shares have moved between 9¢ and 32¢. It has 59.4 million shares outstanding.