THUNDER BAY, ON, Dec. 3 /CNW/ - MetalCORP Limited (MTC: TSXV) is pleased
to announce that drilling has resumed 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 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 significant 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. It is anticipated that more drill rigs will be added early
in 2008 to speed the process in preparation for a deposit inventory. Assay
results will be released in batches, to allow for interpretation, once
received from the lab.
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 and Silver grades over an extensive area. We are very encouraged with
the initial drill program and excited with the startup 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
8.2 metres. 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
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
projects. MetalCORP has terminated its investor relations contract dated
January 30, 2007 with Daniel J. Courtney and North Star Consulting Inc.
MetalCORP has 44,216,636 common shares outstanding and approximately
$9,000,000 in cash and no debt.
To find out more about MetalCORP Limited (TSX-V: MTC), visit our website
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