MetalCORP; DRILLING Commences on High Grade Cu-Zn-Ag-Au (VMS) Zone at BIG LAKE Project near Hemlo, Ontario, CANADA



    THUNDER BAY, ON, Oct. 16 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased
to announce that drilling has commenced on its 100% owned Big Lake project
located 10km southeast of Marathon or 10km southwest of the Hemlo gold
deposit, Ontario. The drilling will test the lateral and depth extensions of
the BL14 Copper(Cu)-Zinc(Zn)-Silver(Ag)-Gold(Au) Zone and a number of other
airborne EM (electro-magnetic) conductors on the Big Lake Property. This drill
phase will continue until mid-December and consist of 10-15 drill holes
(~3,000 metres). "MetalCORP management is very excited with the resumption of
this program to further define the extent of Cu-Zn-Ag-Au mineralization at
greater depths," commented Aubrey Eveleigh, COO and VP Exploration. "Our drill
program at Big Lake was delayed for two months due to logistical issues with
the positioning of the drill on the property, but this has been resolved and
we look forward to continued drilling on this highly prospective property."
    The BL14 Cu-Zn-Ag-Au Zone displays characteristics of a high temperature
Archean Volcanic Hosted Massive Sulphide (VHMS) mineralizing system but with a
very high grade copper, silver and gold content. The thickest drill
intersection to date was from hole 32 which yielded 7.0 metres (23.0 feet) of
high grade mineralization assaying 5.7% Cu, 1.8% Zn, 95.0 g/t Ag and 1.0 g/t
Au. The highest grade interval was from hole 24 which intersected 4.0 metres
(13.1 feet) of high grade mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t
Ag and 9.2 g/t Au. To date, all holes have intersected the mineralized zone
consisting of 20-80% stringered to semi-massive, with local sections of
massive chalcopyrite, pyrrhotite, sphalerite occurring within an altered
komatiitic basalt. This altered unit is composed of strongly brecciated
chlorite-biotite/phlogopite-talc-anthophyllite schist, often containing
fragments of siliceous sediment. The footwall alteration sequence consists of
a highly variable, often banded, schistose assemblage of chlorite,
biotite-phlogopite and anthophyllite with lesser amounts of talc, cordierite
and sillimanite. The BL14 stratigraphy is interpreted as an overturned and
south facing (north dipping) sequence.
    Dr. Jim Franklin, who has over 35 years experience as a geologist
specializing in VMS type mineral deposits, made the following observations 1)
The geological sequence "is typical of many productive VMS settings;" 2)
Drilling to date shows "The VMS mineralization in the Big Lake volcanic
sequence is primarily stringer type, and originated from a high temperature
hydrothermal fluid." 3) "The host rocks are primarily basaltic
komatiite.....the best example is the Potter Mine, in the Kidd Monroe
assemblage near Lake Abitibi, Ontario. The Kidd Creek deposit is also
associated with ultramafic strata. Its size has been attributed to the
exceptional amount of heat available in such sequences from ultramafic
subvolcanic heat sources. A similar source may be present in the Big Lake
area, and may have generated a very large hydrothermal system." 4) "the
exceptionally high gold content of the sulphides is more associated with
copper than zinc, a partitioning typical of a high temperature VMS system. The
unusually high gold (and zinc) contents may be the result of partial
assimilation and/or recrystallization of the stringer sulfides through contact
metamorphism with the intrusions of the Big Lake mafic complex. This process
occurred in the Winston Lake area, forming very metal-rich deposits." 5)
"Special attention should be paid to the Ni-Cu-PGE potential of the intrusions
immediately adjacent to the VMS-related sulfide zones. These latter zones must
have provided sulfur through assimilation for the intrusions, forcing them
into liquid immiscibility, and thereby potentially forming economic
concentrations of magmatic sulfides."
    The Big Lake program is being carried out under the supervision of Aubrey
Eveleigh, 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 with check assays being carried out by SGS Minerals
Services. 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
Cu-Zn-Ag-Au property, the North Rock Cu-Ni-Pt property, the new Python
Ni-Cu-Zn property and the new Fearless Cu-Zn-Au 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.

    MetalCORP has 44,216,636 common shares outstanding and approximately
$11,500,000 in cash and no debt. To find 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
release.

    %SEDAR: 00002399E




For further information:

For further information: Mr. Aubrey Eveleigh, P.Geo, COO & VP
Exploration, Tel (807) 346-2760 or Dan Courtney, Director of Investor
Relations, (807) 346-2767

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