MetalCORP Commences Second Drill Program at its Big Lake Cu-Zn-Ag-Au Property
December 09 2009 - 7:00AM
Marketwired
MetalCORP Limited (TSX VENTURE: MTC) is pleased to announce that it
has begun a follow-up drill program focused on its 100% owned Big
Lake project, which is located approximately 25km southeast of the
town of Marathon and 20 km southwest of the Hemlo gold deposit, in
northwestern Ontario. The drilling will, in part, test targets
arising from a largely geological and geophysical reevaluation of
previously-obtained data which was completed this year by Quantec
Geoscience, a geophysical consulting firm. This phase of drilling
may continue beyond the end of 2009 following a break for the
December holidays.
In March 2006 the Company announced a new discovery of
mineralization at Big Lake, at what is referred to as the BL14
zone. The discovery hole returned 7.5% Copper, 2.2% Zinc, 138.0 g/t
Silver and 9.2 g/t Gold over 4.0 metres from an interval of
stringer-style and semi-massive sulphides. After a significant
amount of successful follow-up drilling in between 2006 and 2008,
the company contracted Quantec Geoscience to undertake a
deep-penetrating Titan 24 DCIP geophysical survey in late 2008 and,
in March 2009, the Company announced that the survey identified 24
targets. In the third quarter of 2009, Quantec completed a
re-interpretation of the survey data which incorporated the results
from a number of previous airborne, ground with a geological model
and downhole geophysical surveys. The reinterpretation resulted in
a reassessment of the Titan 24 targets and included a number of
recommendations for drill targets.
"We have selected a number of the highest priority drill targets
in the vicinity of the BL14 zone," commented Charles Greig, VP
Exploration of MetalCORP. "The targets take into consideration the
recommendations put forward by Quantec as well as an abundance of
diamond drill and surface geological data acquired previously by
MetalCORP on the Big Lake property. Our focus is on locating an
extension to the known mineralization at the BL14 zone, and/or
discovery of a new, associated, mineralized zone nearby."
The BL14 Cu-Zn-Ag-Au Zone displays characteristics of a high
temperature Archean Volcanic Hosted Massive Sulphide (VHMS)
mineralizing system but with locally very high grade copper, silver
and gold contents. The thickest drill intersection to date yielded
7.0 metres (23.0 feet) of mineralization assaying 5.7% Cu, 1.8% Zn,
95.0 g/t Ag and 1.0 g/t Au. The highest grade intersection was in
the discovery hole, which returned 4.0 metres (13.1 feet) assaying
7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. To date, drill holes
have intersected the mineralized zone over a strike length of
approximately 300 metres and to a depth of 250 metres; the average
thickness of the zone is approximately 3.0 metres, and it appears
to plunge moderately to the northwest. The mineralized zone
consists of 20-80% stringer-style to semi-massive sulphides
containing variable quantities of chalcopyrite, pyrrhotite, and
sphalerite. The sulphides are hosted in, and underlain by,
schistose, variably biotite-chlorite
(+/-phologopite-talc-anthophyllite-cordierite-sillimanite) altered
m afic rocks (commonly komatiitic basalt). The mafic rocks dip
moderately to the north and are interpreted to be overturned.
In November 2009, MetalCORP signed a Memorandum of Understanding
(MOU) with the Pic River First Nation (PFRM), the First Nation in
closest proximity to the Big Lake property. An MOU such as this
outlines the terms within which a company will work with the First
Nation and defines the terms of access to the property for
exploration activities.
The Big Lake exploration program is being carried out under the
supervision of MetalCORP Vice President, Exploration, Charles
Greig, P.Geo. (QP - NI43-101). Core is split and sent to ALS Chemex
Labs for analysis by ICP-AES. MetalCORP routinely introduces
standards and blanks into the sample stream.
MetalCORP Limited 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. The projects, with a total
area of more than 85,000 acres, include the Hemlo East, Dorset,
Pickle Lake, Black Bear and Keezhik Lake gold properties, the Big
Lake copper-zinc-silver-gold property, and the North Rock
copper-nickel-platinum property. MetalCORP has 49,106,636 common
shares outstanding and approximately $700,000 in cash and no
long-term debt. To find out more about MetalCORP, please visit the
website at www.metalcorp.ca.
Except for statements of historical fact contained herein, the
information in this press release may constitute "forward-looking
information" within the meaning of Canadian securities law. Other
than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. 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 press 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 intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise. While
historical results mentioned in this press release are not 43-101
compliant and should not be relied upon, they have been filed in
government offices with assessment reports.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: MetalCORP Limited Naomi Nemeth President and CEO +1
416 363 9428 naomi.nemeth@metalcorp.ca
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