MetalCORP Identifies Strong Airborne EM Conductors on Python
Property Adjacent to Hemlo; Sampling of Bedrock Next to Strong Conductor
Yields 1.2% Nickel & 0.2% Cobalt
THUNDER BAY—02 April 2008 – MetalCORP Limited (TSX-V:MTC) is
pleased to announce the results of the recently completed Aeroquest
AeroTEM III airborne magnetic and electromagnetic (EM) survey over its
100% owned Python Property in the Hemlo gold camp of Northwestern
Ontario. The
Python property, which is located 15km east of the Hemlo gold
deposit, is also underlain by the gold bearing structure called the Hemlo
fault zone. The Hemlo gold
deposit is owned by Teck-Cominco (TSX:TCK.B), Barrick Gold
(TSX:ABX) and Newmont Mining
(TSX:NMC). The giant Hemlo gold deposit
contained approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (~ 23
Million ounces of Au). A
location map showing the Python property can be viewed on the
Company website at www.metalcorp.ca .
The EM portion of this new advanced
airborne survey was used to locate zones of conductive base metal
mineralization on the property to greater depths than were detectable with
any airborne survey in the 1980’s. The magnetic survey portion
was designed to better identify structure and geology for gold
exploration. A preliminary
review of the data indicates that several new high priority magnetic and
EM anomalies were detected which will require follow-up work in the form
of drilling during the summer months.
One very important conductor is
located adjacent to sulphide mineralization occurring as massive sulphide
pods up to 3.0 metres thick and disseminations up to 15.0 metres
thick. Grab samples taken by
MetalCORP field crews have assayed as high as 1.2% Ni and 0.2% Co. Due to its geological context,
this target is regarded as a top priority for follow-up in the next
drilling program.
“Given
the favourable geology and these recently identified airborne anomalies,
we are very encouraged with the potential of the Python property” commented Aubrey Eveleigh,
Vice President, Exploration and Chief Operating Officer. “We feel this property is
incredibly underexplored considering it is next door to the world class
Hemlo gold deposit”
Previous geochemical sampling
elsewhere on the Python property confirmed the presence of base and
precious metal mineralization with gold (Au), silver (Ag), zinc (Zn),
copper (Cu), molybdenum (Mo), nickel (Ni) and cobalt (Co) anomalies in at
least six (6) locations. Most
anomalies occurred in felsic rock units associated with high strain areas
similar to the Hemlo shear zone, but a lack of outcrop exposure (<5%)
has made it difficult in the past to carry out a complete geological
mapping and sampling program.
The lands
underlying the Python property were previously owned by Lac Minerals which staked them during the Hemlo gold rush in 1981. Limited exploration work on the
Python property over the last 26 years has discovered several base metal
occurrences and indications of Volcanogenic Massive Sulphide (VMS) mineralization related to the Heron Bay - Playter Harbour rock sequence. This same sequence of rocks
underlie MetalCORP’s Big Lake property located 22km southwest, where the
Company made a significant VMS discovery in 2006 with drill results as
high as 5.7% Copper, 1.8% Zinc, 95.0 g/t Silver and 1.0 g/t Gold over 7.0
metres.
The Python program is being carried
out under the supervision of Aubrey Eveleigh, P.Geo (QP – NI43-101).
Samples are sent to ALS Chemex Labs for analysis by ICP-AES. MetalCORP routinely introduces
standards and blanks into the sample stream.
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 gold
property, all of which are under active exploration. 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 44,271,636 common
shares outstanding and approximately $5,500,000 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.