May 12, 2011
MetalCorp Announces Completion Of Pickle Lake Drilling And Discovery Of Two New Gold And Copper Mineralized Zones
THUNDER BAY, ONTARIO, CANADA (May 12, 2011) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV – MTC) is pleased to release the results of its drilling campaign at its 100% owned Pickle Lake property.
This program was a nine-hole exploratory campaign focused on testing areas of the North Tarp claim block previously unexplored by drilling. Drilling tested prospective targets identified from recent geophysical and geochemical surveys completed during the third quarter of 2010 (see press release November 30, 2010).
The drilling effort identified two new mineralized zones, the first a quart-vein related gold occurrence near on the north east part of the property and the second a copper occurrence on the west side of the property.
New Gold Discovery
The gold discovery, currently unnamed, was located in hole PL10-42 and consists of multiple quartz veins that returned values of 4.75 g/t, 0.31 g/t, and 0.67 g/t, over widths of 0.6, 0.6, and 0.3 meters each respectively. Given the long history of quartz-vein related gold in this area, this is an exciting discovery, and a target for further exploration for the company.
New Copper Discovery
The copper discovery, also currently unnamed, was located in hole PL10-44, and anomalous values were also returned from hole PL10-45. Copper values are as high as 0.5% over 1 meter within a 3.55 meter section averaging 0.2%, but anomalous values ranging from 0.02% to 0.5% extend over several broad sections within the hole, including an 8.5 meter section averaging 0.12%, with 1 meter at 0.26%. Similarly, PL10-45 returned strongly anomalous assays, ranging from 0.06% to 0.26% over significant widths. These intercepts were encountered at vertical depths between 29 and 100 meters. Finally, hole PL10-46 also yielded anomalous copper grades, ranging from 0.03% to 0.18% over broad widths, in depths ranging from 35 to 165 meters from surface. These three holes are nearly 500 meters apart, covering a distance of approximately 1km, demonstrating that this is a signifcant occurrence. (see the attached map).
"These two new zones are a significant discovery for Metalcorp and demonstrate the strength and depth of the potential in the Pickle Lake camp", said Chris Dougherty, President of MetalCorp.
"Discovering a very interesting copper occurrence is something we did not expect. Significant copper mineralization is known to occur elsewhere in the area, particularly at the past-producing Thierry Mine, and prior work in the area made no mention of significant copper values. To intersect significant copper values over widths of 3.6 to 8.5 meters, with assays up to 0.5% is very positive and encouraging, particularly as drilling completed in this effort were still at relatively shallow depths, and as the occurrence extends for a kilometer north to south", concluded Dougherty.
The 3000 meter campaign at Pickle Lake was carried out during March and early April of 2011 by Full Force Drilling. Assays were completed by Activation Laboratories of Thunder Bay, Ontario.
In addition to MetalCorp's drilling results, PC Gold (PKL-TSX) recently announced discovery of a new gold mineralized zone that appears to dip onto MetalCorp's property. Metalcorp is actively monitoring ongoing work on this PC Gold discovery.
"Our focus going forward on the Pickle Lake property is threefold. First, we will be working to complete our mapping effort in areas of the property which have not been fully explored. Second, we will plan to follow up our new discoveries through further fieldwork ahead of a new drilling campaign. Finally, we continue to monitor the progress made by our friends at PC Gold, which appear to extend onto our property. We envision many more positive developments to come", stated Dougherty.
MetalCorp's exploration programs are carried out under the supervision of Jim Garber, P. Geo., Manager of Exploration, who is the Qualified Person for the information contained in this press release and who is a Qualified Person within the meaning of National Instrument 43-101.
The full assays and drill results for this campaign will be posted on Metalcorp's website, at www.metalcorp.ca, in the coming days.
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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