March 2, 2017
MetalCorp Provides an Update to Shareholders
THUNDER BAY, ONTARIO, CANADA (March 2, 2017) - MetalCorp Limited (“MetalCorp”, “MTC” or the “Company”) (TSXV – MTC) is pleased to update shareholders on progress within the Company on its various efforts.
Having focused over the past five years on minimizing expenditures, maintaining most of our material landholding positions, and executing transactions of value to the Company, MTC has come out of the downturn with its material properties intact, and with more than $1.2 Million in cash and marketable securities.
In 2014, MTC sold its Pickle Lake landholding to PC Gold Inc., which was subsequently acquired by First Mining Finance Corporation (TSXV – FF) (see our press release dated September 24, 2015).and, more recently, early this year MTC optioned the western half of its Hemlo East property to Golden Peak Minerals Inc (TSXV – GP) (see our press release dated February 1, 2017).
With the financial markets now improving, the Board has approved a plan to move forward with a strategic review of the Company’s material properties – North Rock (near Fort Francis, Ontario), Big Lake (near Marathon, Ontario), Black Bear (Red Lake, Ontario) and the eastern half of Hemlo East.
The first step will be an exploration campaign focused on our North Rock Property, a highly prospective Copper-Nickel-PGE property formerly held by Noranda, which noted that it had an historical resource of 1 Million tons at 1.2% Cu (Bergman 1973 – The historical resource estimate pre-dates National Instrument 43-101,was calculated in 1973 and is not current. A qualified person within the meaning of NI 43-101 has not done the necessary work to classify it as a resource. It does not comply with NI 43-101 and, accordingly, should not be relied upon. Metalcorp is not treating the historical estimate as a current mineral resource.). Our prior exploration efforts on this property yielded very compelling results from drilling efforts, including drillhole 06-20 which intersected 3.7 metres (2.5 metres true width) grading 12 g/t platinum (Pt), 0.1 g/t palladium (Pd), 0.1 g/t gold (Au), 0.6% copper (Cu) and 0.2% nickel (Ni) from 151.9 to 155.6 metres (see March 6 and April 19, 2006 news releases).
To further those efforts on North Rock, Metalcorp has secured the services of John Corkery, noted expert in Copper and PGE geology and exploration, who was formerly Manager of Exploration for North American Palladium, where he was instrumental in greatly increasing their resources on site. John also worked for Stillwater Mining Company in Montana and with Boliden in Sweden, amongst others.
“John Corkery’s addition to our team is a huge plus, and his expertise in these types of deposits will be a benefit to MetalCorp and its shareholders,” said Chris Dougherty, Director with MTC.
John Corkery, MSc, will be working at MTC to direct and manage its exploration efforts on North Rock and, with Mitch Dumoulin, P. Geo., on its other properties.
The Company will be releasing further information on its planned activities at North Rock in the coming weeks, with planning and budgeting efforts currently underway.
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., Director
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, MetalCorp expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.
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© 2018 MetalCorp Inc.