MetalCORP; Drilling Campaign Resumes
on High Grade Molybdenum (Mo) � Rhenium (Re) Bearing Quartz Vein;
2nd Drill Rig Added at Big Lake Property, Northern
Ontario
THUNDER BAY�17 January 2008 -- MetalCORP
Limited (MTC: TSXV) is pleased to announce that drilling has resumed
on its 100% owned Molybdenum (Mo) � Rhenium (Re)
bearing quartz vein on the Playter Moly Project. The project is located in
Northern Ontario, Canada, approximately 20km southwest of the Hemlo
gold deposit, on the western end of the Company�s Big Lake property.
The first (1st) phase drill program tested this large Mo-Re
bearing quartz vein down to the 200 and 300 metre levels and a strike length of 400 metres with 6
drill holes. All holes intersected
high grades of Mo-Re over wide intervals with hole 4 intersecting 0.16% Mo, 1.7 gpt Re and 2.9 gpt Ag over 6.2m within a wider section
yielding 0.11% Mo, 1.1 gpt
Re and 1.9 gpt Ag
over 12.0m (see
News Release 06 November 07).
This second
(2nd) phase drilling will further test the Mo-Re
mineralization at the 200, 300, 400 and 500 metre levels and for a
strike length of 1000 metres. This program will continue
until May 2008 and consist of 11,000 metres or 22 drill holes. A third (3rd)
phase (14,000 metre) drill program will start shortly thereafter
testing the vein at the 600, 700 and 800 metre levels. One hole was completed
before Christmas with results expected in the next 2-3 weeks.
A plan map and
longitudinal section showing the planned drill holes for the second
(2nd) phase can be viewed at the Company website
www.metalcorp.ca.
�This large
quartz vein is showing remarkable consistency of Molybdenum, Rhenium
grades over an extensive area. We are very encouraged with the
initial drill program and excited with the resumption of our second
(2nd) phase drilling on the Playter Moly Project�
commented Aubrey Eveleigh, Vice President, Exploration and Chief
Operating Officer. �The
quartz vein shows considerable size and remains open in all
directions; given the strong market demand for molybdenum and
rhenium, the Playter Moly Project represents a very important asset
in MetalCORP�s portfolio of properties.�
The
Mo-Re-Ag occurrence is hosted in a quartz vein up to 23.5 metres
wide and has been traced by historical drilling for 500 metres. Surface grab samples of the
quartz vein have yielded up to 5.36% Mo, >50.0 gpt Re
and 112.0 g/t Ag
and traced on surface for 1200 metres in length. A total of 17 drill holes
were completed by Citadel Mines and Galex Mines from 1969 - 1971
testing the vein down to the 90 metre level. All holes intersected the
molybdenum bearing quartz vein with the best intersection being
0.26% Mo over 8.2 metres.
Molybdenum is used as an alloying agent in steel to
enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure
applications. There are
no known substitutes for molybdenum�s unique properties, which is
used in most of the present day super-alloys. The price of molybdenum
oxide has gone from $3/lb to over $30/lb over the last couple
of years due to the strong demand and short supply.
Rhenium is a rare metal with unique
characteristics, including an ultra-high melting point (3,186�C),
and is becoming a vital part of the aerospace industry. The metal is mainly used in
high temperature super-alloy turbine jet engines, land based power
turbines, petroleum-reforming catalysts and Platinum-Rhenium catalysts. The metal also improves the high-temperature strength
properties of some nickel-base super-alloys. Demand for Rhenium continues
to grow as environmentally friendly airplanes become more
popular. The price of
the rhenium has gone from $500/lb to $5000/lb in the last couple
of years due to short supply and strong demand. Demand is expected to
increase over the next few years including new demand coming from
technology that converts gas to liquid. The United States of America
Department of Defense considers Rhenium a critical mineral because
of its use in the high temperature jet engines used in the stealth
aircraft.
Exploration on the Playter Moly Project is
carried out under the supervision of Aubrey Eveleigh, P.Geo. (QP �
NI43-101). MetalCORP
samples are sent to ALS Chemex Labs for analysis by
ICP-AES.
MetalCORP is a mineral exploration company
based in Thunder
Bay, Ontario
with base metal and gold projects in the Canadian Shield of Northern
Ontario, Canada, one of the most prolific mineral districts in the
world. The projects,
with an area of more than 65,000 acres, include the Big
Lake
copper-zinc-silver-gold property, the North Rock
copper-nickel-platinum property, the new Python
nickel-copper-zinc property and the new Fearless
zinc-copper-gold property, all of which are under active
exploration.
MetalCORP�s four gold projects, with a claim area of more
than 20,000 acres, include the Dorset, Pickle Lake,
Black Bear and Keezhik Lake properties. By identifying early stage
properties that may be enhanced by exploration, MetalCORP�s
experienced management team has assembled a great portfolio of
projects.
MetalCORP has 44,216,636 common shares
outstanding and approximately $8,000,000 in cash and no debt. For further information
contact: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807)
346-2760. To find out more about MetalCORP Limited (TSX-V: MTC),
visit our website at www.metalcorp.ca. The
statements used in this Press Release may contain forward-looking
statements that may involve a number of risks and
uncertainties. Actual events or results could differ
materially from the Company's forward-looking statements and expectations. The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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