Projects

Property Description and Location

The 100% owned Hemlo East property (formerly referred to as the Fearless and Python properties) consists of more than 530 claims covering some 8,500 hectares (21,400 acres) that were staked by MetalCORP in 2007 and is located immediately east along the regional structural-stratigraphic trend of the 23-million-ounce Barrick Hemlo gold mine. The Hemlo East property was originally staked by Lac Minerals (since acquired by Barrick Gold) during the Hemlo Gold rush in 1981 and MetalCORP is the only company to hold the claims since that time. The Hemlo East property has excellent infrastructure with access provided by the Trans Canada Highway (Hwy 17) from which all weather roads lead into the property. The Hemlo gold mine and the Company's property are located approximately 30 km east of Marathon, Ontario.
Eastward Along Trend from Hemlo

On the northwestern part of the MetalCORP's property, immediately east of the Hemlo Mine, the overall structural and stratigraphic setting, as well as the nature of the alteration, are very similar to the Hemlo deposit. The continuous alteration zones in this generally poorly exposed area also host local gold occurrences. These have been drill-tested in part in the past, but generally to relatively shallow depths (see Longitudinal Section). MetalCORP intends to further test the mineralized and altered zones, both along trend and to depth.

The Gouda Lake Zone

Exploration work on the Hemlo East property prior to MetalCORP's staking had discovered a gold occurrence, called Gouda Lake, and base metal mineralization contained in the Heron Bay - Playter Harbour rock sequence. This same sequence of rocks underlies MetalCORP's Big Lake property located 12km southwest where the Company made a copper - zinc massive sulphide discovery in 2006.

The eastern part of the Hemlo East property hosts the Gouda Lake gold zone which is underlain by Hemlo-like rocks with the mineralization hosted by an east-west striking, 20 metre thick zone of quartz-sericite-pyrite (2-25%) schist containing 2-5% sphalerite (zinc sulphide) and trace galena (lead sulphide). Minor amounts of chalcopyrite (copper sulphide) and streaks of molybdenite (molybdenum sulphide) occur locally. Assay values have ranged from as high as 21.0 g/t gold, 648.0 g/t silver and 2.0% zinc. In 1996, Placer Dome Canada Limited, which optioned the ground from Lac Minerals, estimated an inventory of 253,000 tonnes @ 4.1 g/t Au at the Gouda Lake zone (this historically-reported estimate is not 43-101 compliant).

2008/2009 Work by MetalCORP

In early 2008, the Company completed an Aeroquest AeroTEM III airborne magnetic and electromagnetic (EM) geophysical survey to identify high priority targets for follow-up drilling. This is the most advanced airborne survey to be carried out over the property since the discovery of the Hemlo gold deposit in 1981. A preliminary review of the data indicates that several new high priority magnetic and EM anomalies exist, which will require follow-up systematic exploration work, including drilling. One significant conductor on the eastern part of the property occurs adjacent to locally-exposed sulphide mineralization occurring as massive sulphide pods up to 3.0 metres thick and disseminations up to 15.0 metres thick. Grab samples taken by MetalCORP field crews have assayed as high as 1.2% Ni and 0.2% Co.

In the second quarter of 2009, the Company contracted Aeroquest Limited to carry out a thorough compilation and interpretation of new airborne geophysical survey and previously-existing ground and airborne geophysical data, while at the same time, a geological and geochemical compilation and evaluation was being carried out by a crew based in the Company's Marathon field office. The results of the field work were included in an extensive compilation, in a computer-based GIS (Geological Information System) that included a vast amount of previous exploration data for the property. To MetalCORP's knowledge, this kind of in-depth compilation had never before been carried out on this property. The information from the GIS, combined with Aeroquest's interpretation, should prove invaluable for the next phase of work at Hemlo East.

2009/2010 Exploration Program

While excessive rain in the summer and fall of 2009 made the primary exploration target areas of Hemlo East difficult to access, MetalCORP's plans for this area include a program consisting primarily of diamond drill-testing coincident geochemical-geophysical anomalies generated by the results of the work outlined above. Access to this area is greatly improved in the winter.