October 20, 2009
MetalCorp Identifies New Drill Targets for its Big Lake Copper-Zinc Deposit, Marathon, Ontario
New Targets based on compilation and re-evaluation undertaken over the past six months of all Geophysical Surveys of the Big Lake Property
Thunder Bay, Ontario - 20 October 2009 - MetalCorp Limited (TSX-V:MTC) is pleased to announce preliminary results from a re-evaluation of a sequence of geophysical surveys on MetalCorp's 100% owned Big Lake property located 10km southeast of Marathon and 10km southwest of the Hemlo gold mines, Ontario. The re-evaluation was undertaken by Quantec Geoscience Ltd. of Toronto.
The preliminary re-evaluation has identified four zones for further exploration at and around MetalCorp's BL-14 copper-zinc deposit (see press release dated March 6, 2006 - BIG LAKE Drill Hole Yields 7.5% Copper, 2.2% Zinc, 138.0 g/t Silver & 9.2 g/t Gold Over 4.0 metres (13.1 feet)). These anomalies are referred to as:Zone 3 - a cluster of anomalies along the intersection of two faults potentially related to BL-14Zone 2 -- related to the previously identified J4 and J5 Pt-Pd bearing ultramaficsZone 1 -- a possible extension of base metal mineralization related to BL14 along strike to the east and west. Additionally a "large conductive plate" north and sub-parallel to the BL-14 zone has been identified.Zone 4 -- a possible down-dip extension to the A2 mineralization and an anomaly "similar to that of the BL-14 zone"
The program was designed to provide additional insights and information over the Big Lake exploration property following completion of Quantec's Titan 24 survey earlier this year. The Titan 24 system penetrates deeper than conventional surveys and therefore beyond the depths of drilling completed to date on the BL14 base metal deposit. It records three different types of geophysical information called DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity) with the benefits of multi-parameter data and increased data accuracy and density.
In this re-evaluation, the results of the Titan 24 survey were combined with, and reviewed in the context of, the airborne surveys flown by Fugro Airborne Surveys in 2004 and Aeroquest International in 2008, as well as airborne radiometric data from the Geological Survey of Canada. The data was further supplemented by previous ground geophysical surveys completed by Crone Geophysics and Exploration Ltd (borehole electromagnetic surveys), Gerard Lambert Geosciences (mise-a-la-masse) and Quantec Geoscience (Titan DCIP and MT). The various datasets were compiled to a common base map and subjected to higher order processing inversion modeling. The primary goal was to better delineate the BL-14 zone and to identify other potential zones of similar mineralization. The secondary goal was to try to define the characteristics of the A2 zone where nickel-copper mineralization had previously been identified and the J4 and J5 zones where platinum-palladium mineralization had previously been identified.
"The results from this re-evaluation of the Titan 24 geophysical survey in combination with other geophysical and geological data previously developed for the Big Lake property have provided new insights," commented Naomi Nemeth, President and Chief Executive Officer. "They have helped to reassess previous targets, identify new targets, re-prioritize the targets and define several high priority exploration programs, including not only possible extensions of the BL-14 deposit but also a second source of mineralization nearby. This latest program shows the BL14 Cu-Zn zone to have considerable potential for expansion. We are now planning our next exploration program at BL-14 and expect to be on the ground there soon. The latest geophysical results on the Big Lake property have also helped management's understanding of other mineralized zones on the property including the first mineralized area discovered by MetalCorp at Big Lake -- the A2 zone which had numerous nickel-copper stringers and semi-massive sulfide mineralization."
MetalCorp has made significant Copper(Cu), Nickel(Ni), Zinc(Zn), Silver(Ag), Gold(Au) and Platinum(Pt)-Palladium(Pd) discoveries on the Big Lake property. The A2 Cu-Ni Zone, which has been traced along strike and to depth for approximately 200m, yielded up 1.7% Ni and 1.4% Cu over narrow intersections in drilling. The J4 and J5 Pt-Pd Reef Zones, which have both been traced by drilling over strike lengths of approximately 1.5km and to a depths of 200m, have returned up to 0.9 gpt Pt, 1.0 gpt Pd, 0.2% Ni and 0.2% Cu over 1.5m. The third discovery called the BL14 Cu-Zn-Ag-Au Zone returned values of up to 7.5% Cu, 2.2% Zn, 138 gpt Ag and 9.2 gpt Au over 4.0m in drilling.
The BL14 discovery drill hole intersected 4.0m of high grade mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. To date, MetalCorp has identified two (2) high grade copper-zinc massive sulphide lenses with associated stringer mineralization measuring 300m in strike length by 250m deep and approximately 3.0m wide. Volcanogenic Massive Sulphide (VMS) type deposits (lenses) tend to occur in clusters as noted from the base metal mining camps of Canada and the rest of the World. The BL14 Zone displays many characteristics of a VMS mineralizing zone but with unusually high grade copper, silver, gold and cobalt content. The zone resembles a high temperature Cu-Ag-Au rich VMS stringer or feeder zone. The footwall to the BL14 mineralized zone is composed of strongly chloritized and biotitized metavolcanics. All holes have intersected varying amounts of chalcopyrite, sphalerite and pyrrhotite hosted by an intensely hydrothermally altered package of mafic metavolcanic rocks and associated interflow clastic metasedimentary rocks with deformed bands of chert.
Mr. Robert Hearst, P.Geo., is a Qualified Person as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.
MetalCorp has 49,106,636 common shares outstanding and approximately $1,250,000 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
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 forwardlooking statements and expectations. adequacy or accuracy of this release.
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