MetalCORP; Drilling Intersects Molybdenum (Mo) Bearing Quartz Vein in All Six (6) Drill Holes on its Big Lake Property in Northern Ontario



    THUNDER BAY, ON, Sept. 27 /CNW/ - MetalCORP Limited (MTC: TSXV) is
pleased to announce that drilling has intersected the Molybdenum (Mo) bearing
quartz vein in all six (6) holes 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 Big Lake property. This initial drill
program tested this large Mo bearing quartz vein down to the 200 and 275 metre
levels 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 approximately
8.7 metres of molybdenum bearing quartz vein whereas hole 2 intersected
approximately 8.2 metres. 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 approximately 23.0 metres of
molybdenum bearing quartz vein whereas hole 4 intersected approximately 15.4
metres. 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 approximately 13.5 metres of molybdenum
bearing quartz vein whereas hole 6 intersected approximately 8.0 metres. All
intersections are core lengths of the Playter structural zone consisting
mostly of quartz veining but with minor amounts of sheared host rock. A plan
map and longitudinal section can be viewed at the Company website
www.metalcorp.ca. Samples have been submitted for analysis to ALS Chemex Labs
with assays pending.
    "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, the Playter Moly Project represents
another important asset in MetalCORP's portfolio of properties."
    The Mo-Ag occurrence is hosted in a quartz vein up to 18.0 metres wide
and has been traced by historical drilling for 500 metres. Surface grab
samples of the vein have yielded up to 5.36% Mo and 112.0 g/t Ag and indicated
by prospecting to be a total of 1200 metres in length, associated with a
granodiorite porphyry. A total of 20 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 27.0 feet (8.2 metres). The molybdenum vein
has not been drill tested since the early 70's and never had previous
reporting of silver values. Recent grab sampling by MetalCORP has also shown
this large quartz vein to contain silver (Ag) with a value up to 112.0 grams
per tonne or 3.3 ounces per ton. A visit of the area by Ontario's Geological
Survey (OGS) in 1988 described the occurrence as a 6.0 metre wide crack-seal
quartz vein exposed in trenches for in excess of 400 metres. Two (2) grab
samples consisting of quartz with seams of molybdenite, chalcopyrite, pyrite
and galena mineralization taken by the OGS geologist were sent for analyses
and yielded 5.36% Mo and 1.27% Mo respectively. (source: Resident Geologist,
Ministry of Northern Development and Mines Assessment Files, Thunder Bay; The
historical assays have not been verified and, as such, should not be relied
upon). A map showing the location and photos of the Mo-Ag 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.
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
projects.

    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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