THUNDER BAY, ON, June 13 /CNW/ - MetalCORP Limited (TSX-V:MTC) is pleased
to announce that drilling has commenced on the North Rock
Nickel-Copper-Platinum (Ni-Cu-Pt) Property, located 25km east of Fort Frances,
Ontario. This Phase 3 drill program will test various Ni, Cu and Pt targets
with approximately 25 holes (8000 metres) and represents the first drilling by
MetalCORP at North Rock since the discovery of high grade Pt at the East Zone
area in 2006. The North Rock property shows considerable potential given the
various metals (Platinum (Pt), Copper (Cu), Nickel (Ni), Gold (Au), Silver
(Ag) and Palladium (Pd)) discovered to date. In 2006 drilling yielded up to
46.1 grams per tonne (g/t) Pt, 4.4% Cu, 1.2% Ni, 7.9 g/t Au, 9.8 g/t Ag and
5.0 g/t Pd from different drill holes. MetalCORP acquired the property to
expand on the known Beaver Pond COPPER Zone. In the process of expanding this
copper zone with an intersection of 0.9% Cu over 46.0m, the Company has made
significant new discoveries of Pt, Cu, Ni and Au on the North Rock property.
The East Zone, which is located 1.2km northeast of the Beaver Pond COPPER
Zone, was first targeted to test a 1km long coincident airborne magnetic/EM
anomaly believed to represent the presence of massive sulphides and, therefore
Ni-Cu mineralization. This theory was confirmed by hole No. 21 which
intersected a massive sulphide zone consisting of pyrrhotite, chalcopyrite and
pentlandite which yielded 1.2% Ni, 1.0% Cu and 1.0 g/t Pd over 0.6m. The new
massive sulphide zone remains open to the southwest and will be a prime target
in the upcoming drill program. The success of the 2006 drilling program has
underscored the importance of drilling other presently untested, high priority
EM targets within the North Rock property for the presence of Ni-Cu-PGM
Another very important target for Ni on the North Rock property is an
ultramafic komatiitic volcanic flow unit which strikes northeast-southwest for
20km and up to 1km thick. This unit is considered favourable for Kambalda type
Ni mineralization. The Kambalda Nickel District in western Australia is one of
the most prolific nickel regions in the world with production in excess of
1.0 Million tonnes of Ni valued at approximately US$45 Billion in current
In 2006 MetalCORP announced an intersection of 3.7 metres (~ 2.5m true
width) from 151.9 to 155.6m in hole No. 20, grading 12.2 g/t Platinum (Pt) and
0.6% Copper (Cu) in the "hangingwall" to the East Zone. One sample assayed
46.1 g/t Pt over 0.5m. Additional assay results were received for the lower
portion of hole No. 20 that yielded 1.0 g/t Pt and 0.6% Cu over 47.4 metres
(155.5 feet) (~ 28.5m true width) from 147.4 to 194.8m. This was the widest
zone of mineralization intersected by MetalCORP to date on the North Rock
Several other holes were drilled in the vicinity and also intersected
similar mineralization, including hole No. 17 which yielded 3 intervals of
Platinum mineralization that assayed 2.8 g/t Pt from 52.7 to 53.7m, 2.0 g/t Pt
from 66.5 to 67.5m and 2.0 g/t Pt from 70.4 to 71.1m.
Hole No. 16 intersected 0.8 g/t Pt and 1.2 g/t Pd over 1.0m from 87.0 to
88.0m, whereas hole No. 15 intersected 1.1 g/t Pt and 0.2 g/t Pd over 0.7m.
Platinum mineralization on the North Rock property appears more
widespread than first thought and is a remarkable surprise given that no
Platinum Group Mineralization (PGM) was documented on the property prior to
MetalCORP's exploration programs. Also, the North Rock PGM's are unusual for
North American Archean age Cu-Ni-PGM systems in that they exhibit a high ratio
of platinum to palladium.
Two drill holes discovered substantial gold mineralization associated
with 6 to 8% stringered and disseminated pyrrhotite and chalcopyrite at the
contact between mafic volcanics and coarse grained gabbro. The gold appears to
be spatially associated with these chalcopyrite-pyrrhotite veins in a similar
manner to that of the PGM mineralization present within hole No. 20. Hole
No. 23 assayed 2.8% Cu, 6.3 g/t Au, 9.8 g/t Ag and 0.2 g/t Pd over 0.6m and
hole No. 28 yielded 1.9% Cu, 7.9 g/t Au, 5.0 g/t Ag and 5.0 g/t Pd over 0.5m.
The best interval of copper mineralization intersected at the East Zone
consists of a significant new zone within hole No. 31. This new copper zone
remains open to the northeast and assayed 1.8% Cu, 0.1% Ni, 0.3 g/t Pt, 0.6
g/t Pd, 3.1 g/t Ag and 0.2 g/t Au over 11.4m (37.4 feet) from 126.1 to 137.5m.
This included one sample which yielded 4.4% Cu, 0.2% Ni, 0.1 g/t Pt, 1.0 g/t
Pd, 8.0 g/t Ag and 0.2 g/t Au over 0.6m. An upcoming drill program will test
below and along strike of this new important copper mineralization.
The North Rock Property is underlain by the 20km long ultramafic
komatiite and the Grassy Portage layered mafic intrusion, which is known to
contain several magmatic copper-nickel sulphide deposits, including the Beaver
Pond COPPER Zone. MetalCORP's exploration activities have only tested
approximately 10% of the property to date. Several airborne conductors
associated with favourable geology have yet to be investigated. Importantly,
much of the basal (northern) contact of the ultramafic komatiite and the
Grassy Portage intrusion, where the most significant base and precious metals
mineralization has been discovered to date, remains unexplored for a strike
length in excess of 15km.
The North Rock Property displays some of the classic Archean type mafic
intrusion and komatiite hosted Ni-Cu-PGM characteristics, but with a later
hydrothermal overprint. The Grassy Portage Intrusion is a cumulate mafic
layered complex with the base metal deposits situated in paleo-depressions at
the basal portion of the body with Precious Metal (Platinum-Palladium-Gold)
mineralization apparently concentrated at the contact between mafic /
ultramafic volcanics and gabbro. The precious metals appear to be spatially
associated with 10 to 50cm thick chalcopyrite-pyrrhotite "footwall veins"
within the volcanics adjacent to the intrusion.
The North Rock drilling program is being carried out under the
supervision of Michel Dumoulin, P.Geo (QP - NI43-101). Core is split and sent
to ALS Chemex Labs for analysis by ICP-AES. MetalCORP routinely introduces
standards and blanks into the sample stream.
MetalCORP has 44,091,636 common shares outstanding and approximately
$13,000,000 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