THUNDER BAY, ON, Jan. 17 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce that drilling has resumed on its 100% owned Molybdenum (Mo) -
Rhenium (Re) bearing quartz vein on the Playter Moly Project. The project is
located in Northern Ontario, Canada, approximately 20km southwest of the Hemlo
gold deposit, on the western end of the Company's Big Lake property. The first
(1st) phase drill program tested this large Mo-Re bearing quartz vein down to
the 200 and 300 metre levels and a strike length of 400 metres with 6 drill
holes. All holes intersected high grades of Mo-Re over wide intervals with
hole 4 intersecting 0.16% Mo, 1.7 gpt Re and 2.9 gpt Ag over 6.2m within a
wider section yielding 0.11% Mo, 1.1 gpt Re and 1.9 gpt Ag over 12.0m (see
News Release 06 November 07).
This second (2nd) phase drilling will further test the Mo-Re
mineralization at the 200, 300, 400 and 500 metre levels and for a strike
length of 1000 metres. This program will continue until May 2008 and consist
of 11,000 metres or 22 drill holes. A third (3rd) phase (14,000 metre) drill
program will start shortly thereafter testing the vein at the 600, 700 and
800 metre levels. One hole was completed before Christmas with results
expected in the next 2-3 weeks.
A plan map and longitudinal section showing the planned drill holes for
the second (2nd) phase can be viewed at the Company website www.metalcorp.ca.
"This large quartz vein is showing remarkable consistency of Molybdenum,
Rhenium grades over an extensive area. We are very encouraged with the initial
drill program and excited with the resumption of our second (2nd) phase
drilling on the Playter Moly Project" commented Aubrey Eveleigh, Vice
President, Exploration and Chief Operating Officer. "The quartz vein shows
considerable size and remains open in all directions; given the strong market
demand for molybdenum and rhenium, the Playter Moly Project represents a very
important asset in MetalCORP's portfolio of properties."
The Mo-Re-Ag occurrence is hosted in a quartz vein up to 23.5 metres wide
and has been traced by historical drilling for 500 metres. Surface grab
samples of the quartz vein have yielded up to 5.36% Mo, (greater than)50.0 gpt
Re and 112.0 g/t Ag and traced on surface for 1200 metres in length. A total
of 17 drill holes were completed by Citadel Mines and Galex Mines from 1969 -
1971 testing the vein down to the 90 metre level. All holes intersected the
molybdenum bearing quartz vein with the best intersection being 0.26% Mo over
Molybdenum is used as an alloying agent in steel to enhance strength and
resistance to wear and corrosion. It is also used in lubricants developed for
high temperature and pressure applications. There are no known substitutes for
molybdenum's unique properties, which is used in most of the present day
super-alloys. The price of molybdenum oxide has gone from $3/lb to over $30/lb
over the last couple of years due to the strong demand and short supply.
Rhenium is a rare metal with unique characteristics, including an
ultra-high melting point (3,186 degrees C), and is becoming a vital part of
the aerospace industry. The metal is mainly used in high temperature
super-alloy turbine jet engines, land based power turbines,
petroleum-reforming catalysts and Platinum-Rhenium catalysts. The metal also
improves the high-temperature strength properties of some nickel-base
super-alloys. Demand for Rhenium continues to grow as environmentally friendly
airplanes become more popular. The price of the rhenium has gone from $500/lb
to $5000/lb in the last couple of years due to short supply and strong demand.
Demand is expected to increase over the next few years including new demand
coming from technology that converts gas to liquid. The United States of
America Department of Defense considers Rhenium a critical mineral because of
its use in the high temperature jet engines used in the stealth aircraft.
Exploration on the Playter Moly Project is carried out under the
supervision of Aubrey Eveleigh, P.Geo. (QP - NI43-101). MetalCORP samples are
sent to ALS Chemex Labs for analysis by ICP-AES.
MetalCORP is a mineral exploration company based in Thunder Bay, Ontario
with base metal and gold projects in the Canadian Shield of Northern Ontario,
Canada, one of the most prolific mineral districts in the world. The projects,
with an area of more than 65,000 acres, include the Big Lake
copper-zinc-silver-gold property, the North Rock copper-nickel-platinum
property, the new Python nickel-copper-zinc property and the new Fearless
zinc-copper-gold property, all of which are under active exploration.
MetalCORP's four gold projects, with a claim area of more than 20,000 acres,
include the Dorset, Pickle Lake, Black Bear and Keezhik Lake properties. By
identifying early stage properties that may be enhanced by exploration,
MetalCORP's experienced management team has assembled a great portfolio of
MetalCORP has 44,216,636 common shares outstanding and approximately
$8,000,000 in cash and no debt.
To find out more about MetalCORP Limited (TSX-V: MTC), visit our website
at www.metalcorp.ca. The statements used in this Press Release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially from the
Company's forward-looking statements and expectations. The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: Mr. Aubrey Eveleigh, P.Geo, COO & VP
Exploration, Tel (807) 346-2760