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 - 3:27PM
Marketwired Canada
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.
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SAMPLE
WIDTH SAMPLE ASSAY GRADE / WIDTH
CHANNEL (meters) NUMBER (g/t Au) (g/t Au /m)
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0.7 877401 0.03
---------------------------------------------
1.0 877402 9.02
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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
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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
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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
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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.
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