February 2, 2011
METALCORP ANNOUNCES PLANS TO DRILL AT PICKLE LAKE
- Up to 3000 meters drilling planned for Pickle Lake North Tarp property
- Work at Hemlo East continuing
THUNDER BAY, ONTARIO, CANADA (February 2, 2011) - MetalCorp Limited (“MetalCorp” or the “Company”) (TSXV – MTC) is pleased to announce that it will commence drilling on its 100% owned Pickle Lake property in late February.
The first phase of drilling will initially target an extensive coincident geophysical and geochemical anomaly outlined in grid-based work late 2010. During that work, an extensive multi-element, multi-sample, and multi-line geochemical anomaly was found to coincide well with an IP chargeability high. Geophysical crews are currently at work on surveying a further 27 line-kms of extensions to the North Tarp grid to more fully outline the geophysical expression of both the main anomaly, as well as several anomalies farther to the east.
MetalCorp has also just recently completed staking a number of new claims at Pickle Lake. They lie to the southwest of our current holdings and are contiguous with them.
Pickle Lake has been an area of increasing activity as of late, including recent new discoveries by PC Gold Inc. which border on MetalCorp’s property.
“We are moving forward aggressively with this effort, and are very excited about both the targets outlined during last year’s surveys, and undertaking our first drill campaign at the North Tarp area,” said Chris Dougherty, President of MetalCorp.
Work at the Gouda Lake Zone on the Hemlo East property is also continuing, but planning for additional geophysical surveying, which will help in targeting the northern continuation of the Gouda Lake zone, is taking longer than anticipated. As a consequence, drilling on the property will begin later in the winter.
“The work at Gouda has been delayed by about six weeks, pending final planning and start-up of the geophysical work. As the site is road-accessible year-round, and can be drilled at any time, this is not a significant issue. We look forward to the information derived from the survey, and continuing with Phase 2 drilling in March,” stated Chris Dougherty.
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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