MetalCORP; New Diamond Discovery Located 300km
West of Thunder Bay, Ontario; Diamond Bearing Rock Unit (Ultramafic
Pyroclastic) Extends For Several Kilometres
THUNDER BAY—05 February 2008 -- MetalCORP Limited
(MTC: TSXV) is pleased to announce a significant new diamond discovery in
an area not previously known to contain diamonds. The North Rock and Cousineau
properties consists of ~15,000 acres, located 300km west of Thunder Bay
or 25km east of Fort Frances, Ontario. The diamonds are hosted in a large
rock unit known as the Grassy Ultramafic Pyroclastic (GUP) which extends
for several kilometers across the property.
A 100kg sample was processed by Kennecott Canada
Exploration Inc. in their Mineral Processing Laboratory, located in
Thunder Bay, Ontario by using the caustic fusion procedure. A total of six diamonds were
recovered with one (1) sitting on the 0.212mm sieve. Three (3) other diamonds were on
the 0.106mm sieve, while two (2) more were less than the 0.106mm sieve
size.
A powerpoint presentation on the GUP diamond discovery can be viewed at the Company
website www.metalcorp.ca.
“The Company is very
excited with this unexpected discovery of diamonds on our North Rock
project” commented Aubrey Eveleigh, Vice President, Exploration and Chief
Operating Officer. “This
opens up a whole new area of Ontario to explore for diamonds on the heels
of the first diamond mine opened in the province, the Victor Mine of De
Beers Canada Inc.”
These initial results
are from a single 100kg grab sample of an outcrop from a large prospective
diamond bearing rock unit. The ultramafic rock (pyroclastic & flow) unit has been mapped
for approximately 16km in length and up to 1km wide with a distinctive
magnetic high anomaly. In
order to fully assess the potential of this rock unit a more thorough and
rigorous sampling program is needed.
Exploration on the North Rock Project is carried
out under the supervision of Michel Dumoulin, P.Geo. (QP – NI43-101) with
the GUP diamond project supervised by Kevin Kivi, P.Geo. of KIVI
Geoscience Inc. (QP-NI43-101).
MetalCORP samples were sent to Kennecott’s Mineral Processing
Laboratory (ISO 9001:2000 Certified) in Thunder Bay for caustic fusion
analysis.
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. 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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