Northern Ontario, Canada
The Playter Molybdenum (Mo) - Rhenium (Re) Project is located at the western end of the Company's 100% owned Big Lake claim group which is located approximately 20km southwest of the Hemlo gold deposit, Marathon, Ontario. The Project is focused on a large Mo-Re bearing quartz vein that was discovered in the 1930's and was first drilled to only 200 metres depth with a 20 hole diamond drill program in 1972.
The Mo/Re mineralization is associated with a steeply dipping, east-west striking quartz vein that varies between one and 10 metres in width. It is approximately one kilometre long and is hosted in an amphibolite metamorphic facies ultramafic/mafic volcanic sequences.
MetalCorp has drilled 23 diamond drill holes for a total of 12,055 metres and has intersected the quartz vein from 200 to 600 metres deep. The drilling has shown the Mo-Re vein to be 750m in strike length, 600m deep with an average true width of approximately 7.0m. The vein remains open at depth, with a possible plunge to the west. Molybdenum intercepts range from 0.04% to 0.29% and rhenium grades range from 0.6 g/t to 1.7 g/t.
Although MetalCorp drilled to depths of 650 metres it did not test the upper 200 metres. However, historical drilling and surface exposures of the vein had demonstrated similar styles of mineralization and tenors within this interval. The continuity of the geology, especially the mineralized quartz vein, is well established and the quartz vein and mineralization is open at depth.
In the second quarter ended June 30, 2008 the Company retained Amec Americas Ltd to complete an NI 43-101 report and resource estimate of the Playter vein.
Molybdenum is used as an alloying agent in steel to enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure applications.
Rhenium is a rare metal with unique characteristics and is becoming a vital part of the aerospace industry. Demand for Rhenium continues to grow as environmentally friendly airplane engines become more popular. The metal is mainly used in high temperature super-alloy turbine blades in jet engines, land based gas powered turbines and petroleum-reforming Platinum-Rhenium catalysts.
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