THUNDER BAY, ON, Nov. 6 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce the results of drilling on its 100% owned Molybdenum (Mo) -
Rhenium (Re) - Silver (Ag) 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 initial drill program tested this large Moly bearing quartz
vein down to the 200 and 300 metre levels and a strike length of 400 metres
with 6 drill holes. Previous drilling from the early 1970's had only tested
down to the 90 metre level.
Holes 1 & 2 (BL07-81 & 82) were drilled from the same setup but at angles
of -50 degrees and -60 degrees respectively. Hole 1 intersected 8.3 metres(m)
grading 0.14% Mo, 0.8 gpt Re and 3.0 gpt Ag within a wider section of 18.0m
yielding 0.08% Mo, 0.4 gpt Re and 1.6 gpt Ag. Hole 2 intersected 0.10% Mo,
0.5 gpt Re and 1.6 gpt Ag over 12.3m.
Holes 3 & 4 (BL07-83 & 84) were drilled from the same setup, but 175
metres east of holes 1 & 2, at angles of -50 degrees and -60 degrees
respectively. Hole 3 intersected 0.11% Mo, 1.7 gpt Re and 2.5 gpt Ag over
6.0m within a wider section of 23.5m grading 0.05% Mo, 0.6 gpt Re and 1.1 gpt
Ag. Hole 4 intersected 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.
Holes 5 & 6 (BL07-85 & 86) were drilled from the same setup, but 225
metres east of holes 3 & 4, at angles of -50 degrees and -60 degrees
respectively. Hole 5 intersected 0.11% Mo, 1.1 gpt Re and 1.7 gpt Ag over
10.0m within a wider section grading 0.07% Mo, 0.7 gpt Re and 1.9 gpt Ag over
17.7m. Hole 6 intersected 0.04% Mo, 0.6 gpt Re and 3.0 gpt Ag over 11.3m.
All intersections are core lengths of the Playter structural zone
consisting mostly of quartz veining but with minor amounts of sheared host
rock. True width is estimated to be 80% of core width. A plan map and
longitudinal section can be viewed at the Company website www.metalcorp.ca.
MetalCORP management is presently planning and budgeting a large exploration
drilling program to further define the full extent of the Mo-Re-Ag
mineralization and prepare for a deposit inventory.
"This large quartz vein is showing remarkable consistency of Molybdenum,
Rhenium and Silver grades over an extensive area. We are very encouraged with
this initial drill program on the Playter Moly Project, which shows
considerable size and remains open in all directions," commented Aubrey
Eveleigh, Vice President, Exploration and Chief Operating Officer. "These
results represent the first phase of a more extensive drilling program planned
for this significant new project. Given the strong market demand for
molybdenum and rhenium, the Playter Moly Project represents another valuable
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, more than 50.0 gpt Re
and 112.0 g/t Ag and traced on surface for 1200 metres in length. A total of
19 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
8.2 metres. The quartz vein has not been drill tested since the early 70's and
never had previous reporting of rhenium or silver values. A map showing the
location and photos of the Mo-Re bearing quartz vein can be seen at the
Company website at www.metalcorp.ca.
These large planar quartz vein systems are common in the Canadian Shield
as evidenced by the numerous gold-bearing quartz vein systems in the
established mining camps such as Red Lake, Timmins, Kirkland Lake and Val
d'Or. They have been Canada's most important gold producers and tend to have a
much greater length and depth than width.
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
aeroplanes become more popular. The price of the rhenium has gone from $500/lb
to $4000/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.
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
$10,500,000 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 or Dan Courtney, Director of Investor
Relations, (807) 346-2763