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THUNDER BAY, ONTARIO--(Marketwire
- May 12, 2011) - MetalCorp Limited ("MetalCorp" or the "Company")(TSX VENTURE:MTC) is pleased to release the results
of its drilling campaign at its 100% owned Pickle Lake property.
This program was a nine-hole exploratory campaign focused on testing
areas of the North Tarp claim block previously unexplored by drilling.
Drilling tested prospective targets identified from recent geophysical
and geochemical surveys completed during the third quarter of 2010 (see
press release November 30, 2010).
The drilling effort identified two new mineralized zones, the first a
quart-vein related gold occurrence near on the north east part of the
property and the second a copper occurrence on the west side of the
property.
New Gold Discovery
The gold discovery, currently unnamed, was located in hole PL10-42 and
consists of multiple quartz veins that returned values of 4.75 g/t,
0.31 g/t, and 0.67 g/t, over widths of 0.6, 0.6, and 0.3 meters each
respectively. Given the long history of quartz-vein related gold in
this area, this is an exciting discovery, and a target for further
exploration for the company.
New Copper Discovery
The copper discovery, also currently unnamed, was located in hole PL10-44, and anomalous values were also
returned from hole PL10-45. Copper values are as high as 0.5% over 1
meter within a 3.55 meter section averaging 0.2%, but anomalous values
ranging from 0.02% to 0.5% extend over several broad sections within
the hole, including an 8.5 meter section averaging 0.12%, with 1 meter
at 0.26%. Similarly, PL10-45 returned strongly anomalous assays,
ranging from 0.06% to 0.26% over significant widths. These intercepts
were encountered at vertical depths between 29 and 100 meters. Finally,
hole PL10- 46 also yielded anomalous copper
grades, ranging from 0.03% to 0.18% over broad widths, in depths
ranging from 35 to 165 meters from surface. These three holes are
nearly 500 meters apart, covering a distance of approximately 1km,
demonstrating that this is a significant occurrence. (see the attached map).
"These two new zones are a significant discovery for MetalCorp and demonstrate the strength and depth of
the potential in the Pickle Lake camp", said Chris Dougherty,
President of MetalCorp.
"Discovering a very interesting copper occurrence is something we
did not expect. Significant copper mineralization is known to occur
elsewhere in the area, particularly at the past-producing Thierry Mine,
and prior work in the area made no mention of significant copper
values. To intersect significant copper values over widths of 3.6 to
8.5 meters, with assays up to 0.5% is very positive and encouraging,
particularly as drilling completed in this effort were still at
relatively shallow depths, and as the occurrence extends for a
kilometer north to south", concluded Dougherty.
The 3000 meter campaign at Pickle Lake was carried out during March and
early April of 2011 by Full Force Drilling. Assays were completed by
Activation Laboratories of Thunder Bay, Ontario.
In addition to MetalCorp's drilling results,
PC Gold recently announced discovery of a new gold mineralized zone
that appears to dip onto MetalCorp's property.
MetalCorp is actively monitoring ongoing work
on this PC Gold discovery.
"Our focus going forward on the Pickle Lake property is threefold.
First, we will be working to complete our mapping effort in areas of
the property which have not been fully explored. Second, we will plan
to follow up our new discoveries through further fieldwork ahead of a
new drilling campaign. Finally, we continue to monitor the progress
made by our friends at PC Gold, which appear to extend onto our
property. We envision many more positive developments to come",
stated Dougherty.
MetalCorp's exploration programs are carried
out under the supervision of Jim Garber, P. Geo., Manager
of Exploration, who is the Qualified Person for the information
contained in this press release and who is a Qualified Person within
the meaning of National Instrument 43-101.
The full assays and drill results for this campaign will be posted on MetalCorp's website, at www.metalcorp.ca, in
the coming days.
MetalCorp is a mineral exploration company
based in Thunder Bay, Ontario, with gold and base metal projects in the
Canadian Shield of Northern Ontario, Canada, one of the most prolific
mineral districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca.
Except for statements of historical fact contained herein, information
in this press release may constitute "forward-looking
information" within the meaning of Canadian securities laws. Other
than statements of historical fact, all statements that involve various
known and unknown risks, uncertainties and other factors are
"forward-looking statements". There can be no assurance that
such statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers of
this news release are cautioned not to place undue reliance on these
"forward-looking statements". Except as otherwise required by
applicable securities statutes or regulation, the Company expressly
disclaims any intention or obligation to update publicly any
forward-looking information, whether as a result of new information,
future events or otherwise. Historical results mentioned in this press
release are not NI 43-101 compliant and should not be relied upon.
To view a map associated with this release, please visit the link below:
http://media3.marketwire.com/docs/mtcmap512.pdf
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy, accuracy or contents of this
news release.
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