April 28, 2010

MetalCorp Limited Confirms Continuity of Gold-rich Horizon at Hemlo East

  • Deep drilling intersects 0.85g/t gold over 7.4 metres from Upper Anomalous Zone

Toronto, Canada (April 28, 2010) - MetalCorp Limited (TSX-V:MTC) pleased to announce that deep drilling on its Hemlo East property has confirmed continuity of the Upper Anomalous Zone (UAZ) immediately east of the Hemlo area mines, with an intersection of 0.85g/t gold over 7.4 metres. MetalCorp's 100%-owned Hemlo East property is located immediately east-southeast along trend from Barrick Gold's Hemlo mine, and approximately 35 km east of the town of Marathon in Northwestern Ontario.

The results listed in Table 1 are the initial results from sampling of a deep drill hole on the first target in MetalCorp's deep drilling program on the Hemlo East property; the hole reached a total depth of approximately 1500 metres. The giant Hemlo gold deposit, located 2km from the Hemlo East claim boundary and still in production, hosts approximately 100 million tonnes @ 8.0 g/t Gold (Au) (representing approximately 23 million ounces of gold).

"The results of the UAZ drilling are particularly intriguing given that the zone is generally considered to represent the eastward equivalent of the mineralized horizon at the mines and because the intersection suggests that the horizon is traceable nearly a kilometre down-dip from the nearest intersection, and over 1.5 kilometres down-dip from where the UAZ outcrops at surface," commented Charlie Greig, VP, Exploration.

The UAZ has now been traced across a strike length at surface of at least 2 km, a down-dip length of 1.5 km, and to a depth of approximately 1 km, where it remains open. The UAZ is typically several meters or more thick, and is essentially a white mica- and sulphide-bearing (pyrrhotite-pyrite, local molybdenite) schist. Together with the Egg Lake Horizon, the UAZ displays broad zones of anomalous geochemistry, and, as demonstrated in the 1990s by research geologists Pan and Fleet, the rocks commonly contain a distinctive and unusual mineralogy which shows marked similarities to the gold mineralization at Hemlo. Assay results from the UAZ in drill core by Lac yielded consistently anomalous gold values, typically in the range of 0.4 to 0.7 g/t gold across several meters or more, but with individual meter-scale samples ranging up to 5 g/t gold.

Table 1 -- Intercepts from the Upper Anomalous Zone, Hemlo East

Hole ID

UTM Coordinates

Dip/Azimuth (degrees)

From (m)

To (m)

Interval (m)

Grade (g/tonne)

MTC-HE10-001

5392950N, 586200E

-85/180

974.40

975.50

1.00

0.905

975.40

976.40

1.00

0.665

976.40

977.00

0.60

0.111

977.00

977.75

0.75

1.785

977.75

978.45

0.70

1.675

978.45

978.95

0.50

0.225

978.95

979.95

1.00

1.275

979.95

980.80

0.85

0.312

980.80

981.80

1.00

0.473

974.40

981.80

7.40

0.848

 

The Company has plans to drill at least two other deep holes targeting the UAZ, both to the west of the hole reported herein (closer to Barrick Gold claim boundary), and to the east, toward where drilling by Teck in the late 1990s and early 2000s yielded broad zones of anomalous geochemistry associated with intense aluminosilicate alteration.

In addition, MetalCorp is planning work to test the depth extent of a second broad target on the Hemlo East property, the Gouda-Thor lakes area, farther to the southeast, where Lac Minerals Ltd. outlined a small gold resource (non-43-101 compliant) in the mid- to late 1980s.

Charles Greig, P. Geo., 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 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.

MetalCorp has 61,349,471 common shares outstanding and approximately $2,500,000 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.