March 29, 2012
MetalCorp Provides An Update On Efforts
- 2012 exploration focus on Solomon Pillars, Hemlo East and Black Bear properties
- Seeking joint venture partners or purchasers for North Rock and Pickle Lake properties
THUNDER BAY, ONTARIO, CANADA (March 29, 2012) - MetalCorp Limited ("MetalCorp" or the "Company") (TSXV – MTC) is pleased to update shareholders on progress within the Company on its various efforts.
MetalCorp has focused its efforts on three high - potential gold properties, namely Solomon Pillars, Hemlo East and Black Bear, as was stated in the Company's MD&A in the third quarter of 2011. To this end, the Company has been actively seeking potential purchasers or joint-venture partners for its other properties, including the North Rock PGM and copper property, and the Pickle Lake gold property . This effort is ongoing, and the Company is in discussion with several potential purchasers.
The Solomon Pillars property has been the primary focus of MetalCorp's efforts since acquisition of an option on the property in late 2011. This very exciting gold property is located in the Beardmore-Geraldton gold belt where extensive work has been conducted by companies such as Premier Gold Mines Ltd. and Prodigy Gold Inc. over the last several years.
During initial efforts on the property in October/November 2011, MetalCorp collected channel samples from channels SPC-11-01 to 04 that demonstrated the gold mineralization potential of the property, yielding results of 8.92 g/t gold ("Au") over 4.9 meters and 11.52 g/t Au over 6.0 meters (News Release dated November 23, 2011) .
The Company continues its efforts to compile the extensive geological information available on the property and the surrounding region, in preparation for further work this spring, with the intent of carrying out a drilling campaign this coming summer.
"This property has tremendous potential, and we are very active in preparing the groundwork to support further surveys and drilling efforts. We are anxious to begin that work as the snow recedes," said Chris Dougherty, President of MetalCorp.
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.
The technical content of this news release relating to the Solomon Pillars project channel sampling has been reviewed by Jim Garber, P.Geo., who is a Professional Geologist. Jim supervised the sampling effort, and is a Qualified Person in accordance with the Canadian regulatory requirements as set out in NI43-101.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.
© 2015 MetalCorp Inc.