NEW YORK (Metal-Pages) 30-May-08. Canadian mine development group MetalCORP Ltd has increased the orebody estimate for its Playter molybdenum-rhenium project based on additional exploration results, according to a research report released this week.

MetalCORP over the past three months has completed an additional ten drill holes for a total of 16 holes bored out of a planned 20,000-meter [60-100 holes] exploration program during calendar 2008. Based on the additional results, the company has increased the size estimate for the orebody by 50% to 7.5 million tonnes, according to a report released May 28 by Canada-based brokerage Research Capital Corporation.

While primarily a molybdenum project, exploration to date has turned up unusually high rhenium grades, in addition to significant grades of silver. MetalCORP has calculated that the weighted average of mineralisation contained in the 16 drill holes was 5.8 metres grading 0.13% molybdenum, 1.05 grams/tonne rhenium, and 3.78 grams/tonne silver, according to the report.

A MetalCORP spokesperson told Metal-Pages earlier this year that the company hopes to begin the feasibility-study phase of the project by the end of the year. Once funding is secured, a mine could be developed quickly because the deposit appears to like at a relatively shallow depth, extending from surface down to about 550 metres.

The Playter project is located on the western end of the company's wholly owned Big Lake copper-zinc-gold prospect in northern Ontario, Canada.