March 26, 2010
MetalCorp Limited Completes First Hole at Hemlo East Project & Expands Program at Pickle Lake
- Completion of first Hemlo East drill hole to depth of approximately 1500m
- Ground geophysical survey underway at Pickle Lake; to be followed by extensive geochemical survey
- Also initiating geochemistry & geophysical surveys at Black Bear gold property near Red Lake
Toronto, Canada (March 26, 2010) - MetalCorp Limited (TSX-V:MTC) has completed the first deep drill hole at its Hemlo East property. The hole was drilled to a depth of 1500 metres and the Company is awaiting assay results to assess its next steps. The area immediately east of the Hemlo gold mine, where the bulk of the nearly 25 million ounce gold deposit lies below 500 metres depth, was drilled by Lac Minerals in the 1980s and Teck Exploration in the late 1990s and early 2000s, but mainly to depths less than 500 metres.
In this first Hemlo East hole, the main target, the Upper Anomalous Zone (UAZ) (see News Releases dated January 28, 2010 and March 16, 2010), was intersected at approximately 1 km depth. Logging and sampling is underway and the Company anticipates that assay results will be available within several weeks.
"As we await the results of our first Hemlo East hole, we will shift our focus to the expanded program we have planned for our Pickle Lake property, "commented Naomi Nemeth, President and CEO.
MetalCorp holds an extensive land position in the Pickle Lake area and has increased the size of its land holdings over the past several months, adding over 6000 acres for a total land position of more than 18,000 acres in a northeast-trending belt adjacent to the northern boundary of PC Gold's Pickle Crow property. The Company is currently undertaking a systematic compilation and analysis of previous work on its property and a program of Induced Polarization (IP) and magnetometer (Mag) surveying of the northern part of the ground, mainly on the newly-staked claims.
In addition, MetalCorp has planned both IP-Mag and Mobile Metal Ion (MMI) soil geochemical surveys for the southern portion of the property. In this area, which has received more exploration attention than to the north, and which abuts PC Gold's property, assay results from previous drilling are suggestive of further exploration potential. At MetalCorp's Mitchell zone, which is less than 1 km north of the MetalCorp/PC Gold claim boundary, assays which have been reported in documents in the Provincial MNDM Assessment files include intersections of up to 0.32 opt (10.97 gpt) Au over 4.0 ft (1.22 m) and 0.24 opt (8.23 gpt) Au over 2.0 ft (3.60 m). The gold intersections appear to occur in association with a silicified felsic intrusion hosted by mafic metavolcanic rocks, in a setting similar to that of some of the mineralization on the PC Gold property. In addition, approximately 2 km to the east-northeast at the Esso zone, which is even closer to the property boundary with PC Gold, diamond drillhole intersections within iron formation include intersections of 9.5 gpt Au over 1.20 m, 4.33 gpt Au over 3.40 m, 2.10 gpt Au over 4.70 m, and 3.07 gpt Au over 4.60 m.
It is anticipated that the combination of IP geophysical and MMI soil geochemical surveys, as yet untried on the southern part of the Pickle Lake property, will assist in targeting mineralization. Like the rest of MetalCorp's Pickle Lake property, the southern part of the property is largely covered by thick overburden.
As access and the spring thaw allows, MetalCorp will also begin an MMI geochemical survey on its Black Bear gold property, which lies 20 km northeast of the community of Red Lake in northwestern Ontario. The Company anticipates that this will be followed by a ground geophysical survey in a second phase of exploration. The property covers a key part of the northeast extension of the East Bay Deformation Zone in the historic Red Lake gold camp, which hosts a number of known gold occurrences including three past producers, of which the Cochenour-Willans mine with 1.24 million ounces of historical gold production is the most significant. The East Bay trend is also host to a number of exciting exploration plays, including the F2 Zone (Phoenix gold project) of Rubicon Minerals Corp., the GAZ Gold zone (East Bay property) of Premier Gold Mines Ltd. and Goldcorp Inc., and the Sidace Lake property of Planet Exploration Inc. and Goldcorp Inc.
MetalCorp's exploration programs are carried out under the supervision of Charles Greig, P. Geo., who is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
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 property, the Big Lake copper-zincsilver-gold property, the North Rock copper-nickel-platinum property, and the Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties.
MetalCorp has 56,349,471 common shares outstanding and approximately $1,000,000 in cash and no long-term debt. To find out more about MetalCorp Limited visit its website at www.metalcorp.ca.
For further information, please contact:
Naomi Nemeth, President and CEO
T: +1 416-363-9428
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.
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