THUNDER BAY, ON, Aug. 14 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased
to announce the acquisition by staking of a 100% interest in 299 claim units
(11,960 acres) in the Hemlo gold camp of Northwestern Ontario. The new
property, called Python, is located 350km east of Thunder Bay, Ontario,
adjacent to the Fearless project announced by MetalCORP last week (see News
Release 08 August 2007). The Python property is also underlain by the Hemlo
fault zone which is host to Hemlo gold deposit owned by Teck-Cominco
(TSX:TCK.B), Barrick Gold (TSX:ABX) and Newmont Mining (TSX:NMC). The giant
Hemlo gold deposit, located 10km west of the Python boundary, contained
approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (~ 23 Million ounces of
Au). MetalCORP now holds a total of 934 claims or 37,360 acres (14,944
hectares) in the Hemlo gold camp. A map showing the Hemlo, Fearless, Big Lake
and Python properties can be viewed on the Company website at
The lands underlying the Python property were previously owned by Lac
Minerals which staked them during the Hemlo gold rush in 1981. Limited
exploration work on the Python property over the last 26 years has discovered
several base metal occurrences and indications of Volcanogenic Massive
Sulphide (VMS) mineralization related to the Heron Bay - Playter Harbour rock
sequence. This same sequence of rocks underlie MetalCORP's Big Lake property
located 22km southwest, where the Company made a significant new VMS discovery
in 2006 with drill results as high as 5.7% Copper, 1.8% Zinc, 95.0 g/t Silver
and 1.0 g/t Gold over 7.0 metres.
Geochemical sampling confirmed the presence of base and precious metal
mineralization with gold (Au), silver (Ag), zinc (Zn), copper (Cu), molybdenum
(Mo), nickel (Ni) and cobalt (Co) anomalies in at least six (6) locations.
Most anomalies occurred in felsic rock units associated with high strain areas
similar to the Hemlo shear zone, but a lack of outcrop exposure ((less
than)5%) has made it difficult in the past to carry out a complete geological
mapping and sampling program. Five drill holes by Lac in the early 1990's
intersected various mineralized zones with anomalous Cu, Zn, Mo and Ni. One
drill hole discovered a sulphide unit with pyrrhotite and pentlandite. North
of this drill hole, trenching by Lac Minerals revealed sulphide occurrences
occurring over a 3 square km area. The sulphide mineralization occurs as
massive sulphide pods up to 3.0 metres thick and disseminations up to
15.0 metres thick with grab samples assaying as high as 1.2% Ni, 0.2% Co, 0.4%
Zn. (Source: Teck-Cominco, 2002 - These are historical assays that have not
been verified by a Company qualified geologist).
The Python property was considered to be a high priority after extensive
research by MetalCORP staff revealed the property to host base metal (VMS)
potential based on extending the rock stratigraphy from the Big Lake property.
It was also noted that rocks and structure underlying the property are similar
to those at the Hemlo gold deposit. Recently, the Lac Mineral's (Barrick Gold)
claims came open for staking and the MetalCORP field crew immediately acquired
this very strategic land position. MetalCORP is the only company to hold these
lands, other than Lac Minerals, since the Hemlo gold rush in 1981.
MetalCORP plans to immediately carry out an Aeroquest AeroTEM II airborne
magnetic and electromagnetic survey to identify high priority sulphide targets
for follow-up drilling. This will be the most advanced airborne survey to be
carried out over these lands since the discovery of the Hemlo gold deposit in
The Python program is being carried out under the supervision of Aubrey
Eveleigh, P.Geo (QP - NI43-101).
MetalCORP has 44,216,636 common shares outstanding and approximately
$12,500,000 in cash and no debt.
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.
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