News Releases
| August 14, 2007 MetalCORP Acquires Additional Land Along Strike of Hemlo & New Fearless Project; New Property has Several Significant Nickel Occurrences | |
| THUNDER BAY---14 August 2007 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce the acquisition by staking of a 100% interest in 299 claim units (11,960 acres) in the Hemlo gold camp of Northwestern Ontario. The new property, called Python, is located 350km east of Thunder Bay, Ontario, adjacent to the Fearless project announced by MetalCORP last week (see News Release 08 August 2007). The Python property is also underlain by the Hemlo fault zone which is host to Hemlo gold deposit owned by Teck-Cominco (TSX:TCK.B), Barrick Gold (TSX:ABX) and Newmont Mining (TSX:NMC). The giant Hemlo gold deposit, located 10km west of the Python boundary, contained approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (~ 23 Million ounces of Au). MetalCORP now holds a total of 934 claims or 37,360 acres (14,944 hectares) in the Hemlo gold camp. A map showing the Hemlo, Fearless, Big Lake and Python properties can be viewed on the Company website at www.metalcorp.ca. The lands underlying the Python property were previously owned by Lac Minerals which staked them during the Hemlo gold rush in 1981. Limited exploration work on the Python property over the last 26 years has discovered several base metal occurrences and indications of Volcanogenic Massive Sulphide (VMS) mineralization related to the Heron Bay - Playter Harbour rock sequence. This same sequence of rocks underlie MetalCORP's Big Lake property located 22km southwest, where the Company made a significant new VMS discovery in 2006 with drill results as high as 5.7% Copper, 1.8% Zinc, 95.0 g/t Silver and 1.0 g/t Gold over 7.0 metres. Geochemical sampling confirmed the presence of base and precious metal mineralization with gold (Au), silver (Ag), zinc (Zn), copper (Cu), molybdenum (Mo), nickel (Ni) and cobalt (Co) anomalies in at least six (6) locations. Most anomalies occurred in felsic rock units associated with high strain areas similar to the Hemlo shear zone, but a lack of outcrop exposure (<5%) has made it difficult in the past to carry out a complete geological mapping and sampling program. Five drill holes by Lac in the early 1990's intersected various mineralized zones with anomalous Cu, Zn, Mo and Ni. One drill hole discovered a sulphide unit with pyrrhotite and pentlandite. North of this drill hole, trenching by Lac Minerals revealed sulphide occurrences occurring over a 3 square km area. The sulphide mineralization occurs as massive sulphide pods up to 3.0 metres thick and disseminations up to 15.0 metres thick with grab samples assaying as high as 1.2% Ni, 0.2% Co, 0.4% Zn. (Source: Teck-Cominco, 2002 -- These are historical assays that have not been verified by a Company qualified geologist). The Python property was considered to be a high priority after extensive research by MetalCORP staff revealed the property to host base metal (VMS) potential based on extending the rock stratigraphy from the Big Lake property. It was also noted that rocks and structure underlying the property are similar to those at the Hemlo gold deposit. Recently, the Lac Mineral's (Barrick Gold) claims came open for staking and the MetalCORP field crew immediately acquired this very strategic land position. MetalCORP is the only company to hold these lands, other than Lac Minerals, since the Hemlo gold rush in 1981. MetalCORP plans to immediately carry out an Aeroquest AeroTEM II airborne magnetic and electromagnetic survey to identify high priority sulphide targets for follow-up drilling. This will be the most advanced airborne survey to be carried out over these lands since the discovery of the Hemlo gold deposit in 1981. The Python program is being carried out under the supervision of Aubrey Eveleigh, P.Geo (QP -- NI43-101). MetalCORP has 44,216,636 common shares outstanding and approximately $12,500,000 in cash and no debt. For further information contact: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760 or Dan Courtney, Director of Investor Relations, (807) 346-2767. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. | |