MetalCorp Announces Results of Channel Sampling From Solomon Pillars Property Gold Values of 23.5 g/t and 22.8 g/t Over 1 Met...
November 24 2011 - 4:27PM
Marketwired
MetalCorp Limited ("MetalCorp" or the "Company") (TSX VENTURE:MTC)
is pleased to announce the results of channel sampling, completed
at its recently optioned Solomon Pillars Property, located in the
Beardmore-Geraldton Greenstone belt near Jellicoe, Ontario.
Four channels were cut to sample altered and mineralized iron
formation in the historic shaft area of the property under the
supervision of Jim Garber, P.Geo., MetalCorp's Manager of
Exploration. Sites were selected to confirm results of previous
work by other companies and sampling was continuous within each
channel. Assay results from this sampling are presented in the
following table.
----------------------------------------------------------------------------
SAMPLE
WIDTH SAMPLE ASSAY GRADE / WIDTH
CHANNEL (meters) NUMBER (g/t Au) (g/t Au /m)
----------------------------------------------------------------------------
0.7 877401 0.03
---------------------------------------------
1.0 877402 9.02
---------------------------------------------
1.0 877403 10.10
---------------------------------------------
SPC-11-01 1.0 877404 13.20 8.92 / 4.9
---------------------------------------------
1.0 877405 5.79
---------------------------------------------
0.9 877406 6.20
---------------------------------------------
0.7 877407 0.15
----------------------------------------------------------------------------
1.0 877409 23.4
---------------------------------------------
1.0 877410 0.15
---------------------------------------------
SPC-11-02 1.0 877411 4.94 11.52 / 6.0
---------------------------------------------
1.0 877412 9.30
---------------------------------------------
1.0 877413 22.80
---------------------------------------------
1.0 877414 8.51
----------------------------------------------------------------------------
SPC-11-03 1.0 877415 8.23 8.23 / 1.0
----------------------------------------------------------------------------
1.0 877416 8.75
---------------------------------------------
1.0 877417 9.10
---------------------------------------------
1.0 877418 7.95
---------------------------------------------
SPC-11-04 1.0 877419 2.12 4.67 / 7.0
---------------------------------------------
1.0 877420 0.10
---------------------------------------------
1.0 877421 0.09
---------------------------------------------
1.0 877422 4.59
----------------------------------------------------------------------------
These four channels are located between utm grid coordinates of
454620E / 5504146N and 454672E / 5504165N (Projection: Nad 83 Zone
16).
"This early work completed on the site demonstrates the fact
that this property has considerable potential," said Chris
Dougherty, President of MetalCorp.
"These results are very encouraging, and these along with other
data collected during ongoing field work in preparation for the
upcoming geophysical surveys and drilling efforts, continue to
impress us," Dougherty concluded.
MetalCorp recently announced a proposed $1.75 million financing
primarily to support ongoing efforts on this property. See
MetalCorp news release dated November 18, 2011.
MetalCorp also announces that the Company has sold its Keezhik
Lake property to Landore Resources Canada Inc. for a cash sum with
MetalCorp retaining a Net Smelter Royalty on the property. Keezhik
Lake is a gold property, located on the north shore of Keezhik
Lake, 120km east-northeast of Pickle Lake, Ontario.
"This is a positive development for MetalCorp, as it allows us
to focus on other projects, while maintaining value for our
shareholders through an NSR on the Keezhik Lake effort," said Chris
Dougherty, President of MetalCorp.
Finally, the Company also announces that Charles Greig has
resigned as the Vice-President, Exploration, effective immediately,
to allow him to pursue other ventures. Mr. Greig will continue to
work with the Company in an advisory and consulting role. MetalCorp
wishes to extend thanks to Mr. Greig for his efforts to date as a
senior officer of the Company, and looks forward to continuing to
work with him in the future.
Jim Garber, P.Geo., will continue in his role as the Manager of
Exploration, directing MetalCorp's exploration efforts.
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.
Assays for channel samples reported in this news release were
completed by Actlabs, Thunder Bay, ON, (ISO/IEC) 17025
accreditation. All results reporting greater than 3 grams per ton
gold were assayed using the fire assay method with gravimetric
finish on a 50 gram charge.
The technical content of this news release relating to the
Solomon Pillars project channel sampling has been reviewed by Jim
Garber, P.Geo., who is a Professional Geologist. Jim supervised the
sampling effort, and is a Qualified Person in accordance with the
Canadian regulatory requirements as set out in NI43-101.
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.
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.
Contacts: MetalCorp Limited Chris Dougherty, P.Eng. President
(807) 683-1731info@metalcorp.cawww.metalcorp.ca
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