October 29, 2009

MetalCorp Extends Exploration Program at Pickle Lake Gold Property, Northwestern Ontario

  • Over 2000m of drilling completed on the Tarp Lake Shear Zone
  • Tarp Lake mineralized zone extended to the south and to depth

Toronto, Canada (October 29, 2009) - MetalCorp Limited (TSX-V:MTC) has extended its current exploration program at Pickle Lake to further test the Tarp Lake Shear Zone in the northern part of its 100%-owned Pickle Lake property. Six drill holes have been completed in October, representing just over 2000m of drilling. In previous work at the Tarp Lake Shear Zone in the mid-1990s by Inmet/Minnova, values of up to 7.2 g/t Au over 4.6 metres and 1.4 g/t Au over 36 metres were returned. The program is located beside an all-weather road, approximately 15 km north of the past-producing Pickle Crow Mine near Pickle Lake, Ontario.

The six holes drilled as part of the first exploration phase are testing an Inmet/Minnova Induced Polarization (IP) geophysical anomaly. While assay results are pending, initial findings suggest that the program has extended the mineralized zone southward and to depth.

Initial Results from Current Drilling
Current drilling has encountered a strongly altered well-foliated sequence of felsic and mafic metavolcanic rocks. All of the drill holes show broad intervals (typically several tens of metres) of disseminated sulphides, mainly pyrite, which in previous drilling correlated well with the highest gold grades. Several of the most recent holes have intersected more pyrrhotite-rich "stringer" style sulphides (up to 20-25% total sulphides, based on visual assessment, with accessory sphalerite, chalcopyrite and, more locally galena.). Other parts of the property show good potential for shear zone hosted vein gold deposits, and for iron-formation-hosted gold deposits similar to those mined historically at the nearby Pickle-Crow deposit.

Next Steps
While MetalCorp's drill program for Pickle Lake has been completed for the 2009 field season, MetalCorp is formulating plans for a winter geophysical program which will follow rehabilitation of pre-existing grids established by a number of exploration companies between the late 1980s and 2004. "A combination of effective geophysical surveys, including Induced Polarization (IP) and Magnetometer work, along with a thorough evaluation of previous work in light of MetalCorp's most recent drilling, should lead to a much clearer understanding of the geology and controls on the mineralization at the Pickle Lake property," commented Naomi Nemeth, President and CEO. "This will allow us to generate a number of intelligent, compelling drill targets to be tested in 2010."

"MetalCorp's field teams have been working in cooperation with the Mishkeegogamang First Nation for the initial phase of the Pickle Lake exploration program and look forward to continuing our successful relationship as we enter the second phase," commented Ms. Nemeth.

MetalCorp 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 property, the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, and the Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties.

The Pickle Lake program is being carried out under the supervision of Charles Greig, P.Geo. (QP - NI 43-101). Core will be split and shipped to ALS-Chemex Labs in Thunder Bay for analysis. MetalCorp routinely introduces standards and blanks into the sample stream.

MetalCorp has 49,106,636 common shares outstanding and approximately $1,100,000 in cash and no long-term debt. To find out more about MetalCorp visit its website at www.metalcorp.ca.

For further information, please contact:
Naomi Nemeth, President and CEO
T: +1 416-903-0811
E: naomi(dot)nemeth(at)metalcorp(dot)ca

Note: Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking 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.