january 5, 2011
METALCORP ANNOUNCES PLANNED START OF NEXT PHASE OF HEMLO EAST DRILLING
Up to 3000 meters planned at Gouda Lake Zone to follow up successful 2010 Campaign. Drilling to start January, 2011.
THUNDER BAY, ONTARIO, CANADA (January 5, 2011) - MetalCorp Limited (“MetalCorp” or the “Company”) (TSXV – MTC) is pleased to announce that a second phase of drilling at its 100% owned Hemlo East Property is planned to start later this month. This new campaign, designed to include up to 3000 meters of drilling, will focus on extending the Gouda Lake mineralized zone, which appears to be a metamorphosed precious metals-enriched VMS system.
The first phase of drilling, completed in mid-November, 2010, outlined a significant mineralized zone extending several hundred meters along strike, and at least 300 meters down dip. The drilling yielded gold values of up to 19.7 g/t over 1.2 meters, silver values of up to 388 g/t over 0.8 meters, and combined zinc and lead values of up to 6.64% over 0.5 meters with 226 g/t silver in the same interval. The central trend of the mineralized zone, which has been intersected by 8 holes, has shown true widths averaging 4.6 meters, has returned gold grades averaging 2.9 g/t, silver grades averaging 81 g/t, and combined base metals values averaging 1.06%.
“The Gouda Lake Project will be one of several projects that we intend to focus on in 2011 and will be our main focus for the first few months of 2011. We are looking forward to advancing this project to bring it to a resource status” said Chris Dougherty, President of MetalCorp.
“The objective of the second phase of drilling is to track out the central, higher- grade and thicker core of the main mineralized zone down dip. In addition, we intend to confirm its bounds, including near where it comes to surface at its southern end. Furthermore, several holes may be drilled to test other targets in the immediate area, including a pyrrhotite-rich part of the Gouda Lake horizon east of the central zone, which yielded 4.4 g/t gold and 34 g/t silver across 3.5 meters, and included a 1.3 meter interval that assayed at 9.1 g/t gold and 14 g/t silver. With the successful completion of the second campaign, we will assess whether a third campaign in the summer should be undertaken to complete any necessary infill drilling on the central core, with the aim of satisfying the requirements of a 43-101 resource estimate.” stated Dougherty.
The second phase of drilling will commence before the end of January, 2011, with an anticipated completion date of mid-March. Later in the winter, MetalCorp also plans to extend its cut grid to the north, northwest and east, to establish control for further planned geophysical surveys.
The results from the Phase 1 campaign can be viewed on our website at www.metalcorp.ca.
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. To find out more about MetalCorp visit its website at www.metalcorp.ca.
For further information, please contact:
Chris Dougherty, P.Eng., President
Phone: (807) 683-1731
Except for statements of historical fact contained herein, information in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are "forward-looking statements". 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 news 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 intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise. Historical results mentioned in this press release are not NI 43-101 compliant and should not be relied upon.
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