THUNDER BAY, ON, Aug. 22 /CNW/ - MetalCORP Limited (MTC : TSXV) is
pleased to announce that drilling has commenced on its 100% owned Playter
Molybdenum - Silver project located 20km southwest of the Hemlo gold deposit,
on the western end of the Big Lake property. This initial program will total 6
holes (~2,800 metres) testing this large Mo-Ag bearing quartz vein down to the
150 metre and 200 metre levels. This program will be part of a larger drill
campaign on its Big Lake property to continue defining the BL14
Copper-Zinc-Silver-Gold-Cobalt VMS discovery further to the east.
The Mo-Ag occurrence is hosted in a quartz vein up to 9.0 metres wide
(average 4.0m) and has been traced by 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 - 71 testing the vein down to the 90 metre
level. All holes intersected the Mo bearing quartz vein with the best
intersection being 0.26% Mo over 27.0 feet (8.2 metres). The Moly vein has not
been drill tested since the early 70's and never had previous reporting of
silver values. 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.
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. 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 $30/lb over
the last couple of years due to the strong demand and short supply.
Exploration on the Playter Moly-Silver 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 Kheezhik 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
$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