December 09, 2009
MetalCorp Commences Second Drill Program at its Big Lake Cu-Zn-Ag-Au Property
- 3-4 drill holes planned with 1500 to 2000 metres of drilling
- focusing on the area of MetalCorp's BL-14 zone, to the north-northwest of previous intersections
Toronto, Ontario Canada (December 9, 2009) - MetalCorp Limited (TSX-V:MTC) is pleased to announce that it has begun a follow-up drill program focused on its 100% owned Big Lake project, which is located approximately 25km southeast of the town of Marathon and 20 km southwest of the Hemlo gold deposit, in northwestern Ontario. The drilling will, in part, test targets arising from a largely geological and geophysical reevaluation of previouslyobtained data which was completed this year by Quantec Geoscience, a geophysical consulting firm. This phase of drilling may continue beyond the end of 2009 following a break for the December holidays.
In March 2006 the Company announced a new discovery of mineralization at Big Lake, at what is referred to as the BL14 zone. The discovery hole returned 7.5% Copper, 2.2% Zinc, 138.0 g/t Silver and 9.2 g/t Gold over 4.0 metres from an interval of stringer-style and semi-massive sulphides. After a significant amount of successful follow-up drilling in between 2006 and 2008, the company contracted Quantec Geoscience to undertake a deep-penetrating Titan 24 DCIP geophysical survey in late 2008 and, in March 2009, the Company announced that the survey identified 24 targets. In the third quarter of 2009, Quantec completed a re-interpretation of the survey data which incorporated the results from a number of previous airborne, ground with a geological model and downhole geophysical surveys. The reinterpretation resulted in a reassessment of the Titan 24 targets and included a number of recommendations for drill targets.
"We have selected a number of the highest priority drill targets in the vicinity of the BL14 zone," commented Charles Greig, VP Exploration of MetalCorp. "The targets take into consideration the recommendations put forward by Quantec as well as an abundance of diamond drill and surface geological data acquired previously by MetalCorp on the Big Lake property. Our focus
is on locating an extension to the known mineralization at the BL14 zone, and/or discovery of a new, associated, mineralized zone nearby."
The BL14 Cu-Zn-Ag-Au Zone displays characteristics of a high temperature Archean Volcanic Hosted Massive Sulphide (VHMS) mineralizing system but with locally very high grade copper, silver and gold contents. The thickest drill intersection to date yielded 7.0 metres (23.0 feet) of mineralization assaying 5.7% Cu, 1.8% Zn, 95.0 g/t Ag and 1.0 g/t Au. The highest grade intersection was in the discovery hole, which returned 4.0 metres (13.1 feet) assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. To date, drill holes have intersected the mineralized zone over a strike length of approximately 300 metres and to a depth of 250 metres; the average thickness of the zone is approximately 3.0 metres, and it appears to plunge moderately to the northwest. The mineralized zone consists of 20-80% stringer-style to semi-massive sulphides containing variable quantities of chalcopyrite, pyrrhotite, and sphalerite. The sulphides are hosted in, and underlain by, schistose, variably biotite-chlorite (+/-phologopite-talc-anthophyllitecordierite-sillimanite) altered m afic rocks (commonly komatiitic basalt). The mafic rocks dip moderately to the north and are interpreted to be overturned.
In November 2009, MetalCorp signed a Memorandum of Understanding (MOU) with the Pic River First Nation (PFRM), the First Nation in closest proximity to the Big Lake property. An MOU such as this outlines the terms within which a company will work with the First Nation and defines the terms of access to the property for exploration activities.
The Big Lake exploration program is being carried out under the supervision of MetalCorp Vice President, Exploration, Charles Greig, 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 Limited is a mineral exploration company based in Thunder Bay, Ontario with gold and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with a total area of more than 85,000 acres, include the Hemlo East, Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties, the Big Lake copper-zinc-silver-gold property, and the North Rock copper-nickel-platinum property. MetalCorp has 49,106,636 common shares outstanding and approximately $700,000 in cash and no long-term debt. To find out more about MetalCorp, please visit the website at www.metalcorp.ca.
For further information, please contact:
Naomi Nemeth, President and CEO
T: +1 416 363 9428
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Except for statements of historical fact contained herein, the information in this press release may constitute "forwardlooking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. While historical results mentioned in this press release are not 43-101 compliant and should not be relied upon, they have been filed in government offices with assessment reports.
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