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THUNDER
BAY, ONTARIO--(Marketwire - Oct. 20, 2009) - MetalCORP Limited (TSX
VENTURE:MTC) is pleased to announce preliminary results from a
re-evaluation of a sequence of geophysical surveys on MetalCORP's 100%
owned Big Lake property located 10km southeast of Marathon and 10km
southwest of the Hemlo gold mines, Ontario. The re-evaluation was
undertaken by Quantec Geoscience Ltd. of Toronto.
The preliminary re-evaluation has identified four zones for further
exploration at and around MetalCORP's BL-14 copper-zinc deposit (see
press release dated March 6, 2006- BIG LAKE Drill Hole Yields 7.5%
Copper, 2.2% Zinc, 138.0 g/t Silver & 9.2 g/t Gold Over 4.0 metres
(13.1 feet)). These anomalies are referred to as:
- Zone 3 - a cluster of anomalies along the intersection of two faults
potentially related to BL-14
- Zone 2 - related to the previously identified J4 and J5 Pt-Pd bearing
ultramafics
- Zone 1 - a possible extension of base metal mineralization related to
BL14 along strike to the east and west. Additionally a "large
conductive plate" north and sub-parallel to the BL-14 zone has
been identified.
- Zone 4 - a possible down-dip extension to the A2 mineralization and
an anomaly "similar to that of the BL-14 zone "
The program was designed to provide additional insights and information
over the Big Lake exploration property following completion of
Quantec's Titan 24 survey earlier this year. The Titan 24 system
penetrates deeper than conventional surveys and therefore beyond the
depths of drilling completed to date on the BL14 base metal deposit. It
records three different types of geophysical information called DC
(resistivity), IP (chargeability) and MT (magnetotelluric resistivity)
with the benefits of multi-parameter data and increased data accuracy
and density.
In this re-evaluation, the results of the Titan 24 survey were combined
with, and reviewed in the context of, the airborne surveys flown by
Fugro Airborne Surveys in 2004 and Aeroquest International in 2008, as
well as airborne radiometric data from the Geological Survey of Canada.
The data was further supplemented by previous ground geophysical
surveys completed by Crone Geophysics and Exploration Ltd (borehole
electromagnetic surveys), Gerard Lambert Geosciences (mise-a-la-masse)
and Quantec Geoscience (Titan DCIP and MT). The various datasets were
compiled to a common base map and subjected to higher order processing
inversion modeling. The primary goal was to better delineate the BL-14
zone and to identify other potential zones of similar mineralization.
The secondary goal was to try to define the characteristics of the A2
zone where nickel-copper mineralization had previously been identified
and the J4 and J5 zones where platinum-palladium mineralization had
previously been identified.
"The results from this re-evaluation of the Titan 24 geophysical
survey in combination with other geophysical and geological data
previously developed for the Big Lake property have provided new
insights," commented Naomi Nemeth, President and Chief Executive
Officer. "They have helped to re-assess previous targets, identify
new targets, re-prioritize the targets and define several high priority
exploration programs, including not only possible extensions of the
BL-14 deposit but also a second source of mineralization nearby. This
latest program shows the BL14 Cu-Zn zone to have considerable potential
for expansion. We are now planning our next exploration program at
BL-14 and expect to be on the ground there soon. The latest geophysical
results on the Big Lake property have also helped management's
understanding of other mineralized zones on the property including the
first mineralized area discovered by MetalCORP at Big Lake - the A2
zone which had numerous nickel-copper stringers and semi-massive
sulfide mineralization."
MetalCORP has made significant Copper(Cu), Nickel(Ni), Zinc(Zn),
Silver(Ag), Gold(Au) and Platinum(Pt)-Palladium(Pd) discoveries on the
Big Lake property. The A2 Cu-Ni Zone, which has been traced along
strike and to depth for approximately 200m, yielded up 1.7% Ni and 1.4%
Cu over narrow intersections in drilling. The J4 and J5 Pt-Pd Reef
Zones, which have both been traced by drilling over strike lengths of
approximately 1.5km and to a depths of 200m, have returned up to 0.9
gpt Pt, 1.0 gpt Pd, 0.2% Ni and 0.2% Cu over 1.5m. The third discovery
called the BL14 Cu-Zn-Ag-Au Zone returned values of up to 7.5% Cu, 2.2%
Zn, 138 gpt Ag and 9.2 gpt Au over 4.0m in drilling.
The BL14 discovery drill hole intersected 4.0m of high grade
mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au.
To date, MetalCORP has identified two (2) high grade copper-zinc
massive sulphide lenses with associated stringer mineralization
measuring 300m in strike length by 250m deep and approximately 3.0m
wide. Volcanogenic Massive Sulphide (VMS) type deposits (lenses) tend
to occur in clusters as noted from the base metal mining camps of
Canada and the rest of the World. The BL14 Zone displays many
characteristics of a VMS mineralizing zone but with unusually high grade
copper, silver, gold and cobalt content. The zone resembles a high
temperature Cu-Ag-Au rich VMS stringer or feeder zone. The footwall to
the BL14 mineralized zone is composed of strongly chloritized and
biotitized metavolcanics. All holes have intersected varying amounts of
chalcopyrite, sphalerite and pyrrhotite hosted by an intensely
hydrothermally altered package of mafic metavolcanic rocks and
associated interflow clastic metasedimentary rocks with deformed bands
of chert.
Mr. Robert Hearst, P.Geo., is a Qualified Person as defined in National
Instrument 43-101 and is responsible for the technical information
presented in this news release.
MetalCORP has 49,106,636 common shares outstanding and approximately
$1,250,000 in cash and no long-term debt. To find out more about
MetalCORP visit its website at www.metalcorp.ca.
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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