MetalCORP Intersects High Grade
Molybdenum (Mo) � Rhenium (Re) Bearing Quartz Vein on 200 metre
Step-Out; 0.29% Mo, 0.6 g/t Re and 1.4 g/t Ag over 11.6
metres
THUNDER BAY�20 February 2008 -- MetalCORP
Limited (MTC: TSXV) is pleased to announce the latest results of
drilling on its 100% owned Molybdenum (Mo) � Rhenium
(Re) � Silver (Ag) bearing quartz vein called 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. This drill program was designed to test
this large
Mo-Re-Ag bearing quartz vein further along strike 200 metres west of
the previously announced results in November. Drill hole 88 was
drilled at -60 degrees to test the vein at the 300 metre level and
intersected 0.29% Mo, 0.6
g/t Re and 1.4 g/t Ag
over 11.6 metres.
This represents the highest grades intersected by MetalCORP to date
on the Mo-Re bearing quartz vein. Hole 87, drilled from the same
setup but at -50 degrees to test at the 200 metre level, intersected
0.13% Mo, 0.6 g/t Re
and 2.6 g/t Ag over 5.4
metres. This second
(2nd) phase drilling will further test the Mo-Re
mineralization along strike length for 1000 metres and down to the
800 metre level. The
program will continue until the Fall 2008 and consist of greater
than ~15,000 metres or ~30 drill holes.
The first (1st) phase drill
program in November tested this large
Mo-Re-Ag 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 g/t Re and 2.9 g/t Ag over 6.2m within a wider section
yielding 0.11% Mo, 1.1 g/t
Re and 1.9 g/t Ag
over 12.0m (see
News Release 06 November 07).
A plan map and
longitudinal section showing the drill holes for the first
(1st) and second (2nd) phase can be viewed at
the Company website www.metalcorp.ca.
�To hit this
high grade Mo-Re-Ag bearing quartz vein on a 200 metre step-out is
quickly showing the considerable size of this mineralized system. We
are very encouraged with the latest drill results and excited with
the resumption of drilling on the Playter Moly Project� commented
Aubrey Eveleigh, Vice President, Exploration and Chief Operating
Officer. �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 drilling for 600 metres. Surface grab samples of the
quartz vein have yielded up to 5.36% Mo, >50.0 g/t 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 these historical 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 increased from $3/lb to over $35/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 increased 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 $7,000,000 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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