News Releases
| June 13, 2007 MetalCORP; Drilling Commences on Nickel-Copper-Platinum Targets at North Rock | |
| THUNDER BAY---13 June 2007 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce that drilling has commenced on the North Rock Nickel-Copper-Platinum (Ni-Cu-Pt) Property, located 25km east of Fort Frances, Ontario. This Phase 3 drill program will test various Ni, Cu and Pt targets with approximately 25 holes (8000 metres) and represents the first drilling by MetalCORP at North Rock since the discovery of high grade Pt at the East Zone area in 2006. The North Rock property shows considerable potential given the various metals (Platinum (Pt), Copper (Cu), Nickel (Ni), Gold (Au), Silver (Ag) and Palladium (Pd)) discovered to date. In 2006 drilling yielded up to 46.1 grams per tonne (g/t) Pt, 4.4% Cu, 1.2% Ni, 7.9 g/t Au, 9.8 g/t Ag and 5.0 g/t Pd from different drill holes. MetalCORP acquired the property to expand on the known Beaver Pond COPPER Zone. In the process of expanding this copper zone with an intersection of 0.9% Cu over 46.0m, the Company has made significant new discoveries of Pt, Cu, Ni and Au on the North Rock property. Nickel The East Zone, which is located 1.2km northeast of the Beaver Pond COPPER Zone, was first targeted to test a 1km long coincident airborne magnetic / EM anomaly believed to represent the presence of massive sulphides and, therefore Ni-Cu mineralization. This theory was confirmed by hole #21 which intersected a massive sulphide zone consisting of pyrrhotite, chalcopyrite and pentlandite which yielded 1.2% Ni, 1.0% Cu</b and 1.0 g/t Pd over 0.6m. The new massive sulphide zone remains open to the southwest and will be a prime target in the upcoming drill program. The success of the 2006 drilling program has underscored the importance of drilling other presently untested, high priority EM targets within the North Rock property for the presence of Ni-Cu-PGM massive sulphides. Another very important target for Ni on the North Rock property is an ultramafic komatiitic volcanic flow unit which strikes northeast-southwest for 20km and up to 1km thick. This unit is considered favourable for Kambalda type Ni mineralization. The Kambalda Nickel District in western Australia is one of the most prolific nickel regions in the world with production in excess of 1.0 Million tonnes of Ni valued at approximately US$45 Billion in current metal prices. Platinum: In 2006 MetalCORP announced an intersection of 3.7 metres (~ 2.5m true width) from 151.9 to 155.6m in hole #20, grading 12.2 g/t Platinum (Pt) and 0.6% Copper (Cu) in the "hangingwall" to the East Zone. One sample assayed 46.1 g/t Pt over 0.5m. Additional assay results were received for the lower portion of hole #20 that yielded 1.0 g/t Pt and 0.6% Cu over 47.4 metres (155.5 feet) (~ 28.5m true width) from 147.4 to 194.8m. This was the widest zone of mineralization intersected by MetalCORP to date on the North Rock property. Several other holes were drilled in the vicinity and also intersected similar mineralization, including hole #17 which yielded 3 intervals of Platinum mineralization that assayed 2.8 g/t Pt from 52.7 to 53.7m, 2.0 g/t Pt from 66.5 to 67.5m and 2.0 g/t Pt from 70.4 to 71.1m. Hole #16 intersected 0.8 g/t Pt and 1.2 g/t Pd over 1.0m from 87.0 to 88.0m, whereas hole #15 intersected 1.1 g/t Pt and 0.2 g/t Pd over 0.7m. Platinum mineralization on the North Rock property appears more widespread than first thought and is a remarkable surprise given that no Platinum Group Mineralization (PGM) was documented on the property prior to MetalCORP's exploration programs. Also, the North Rock PGM's are unusual for North American Archean age Cu-Ni-PGM systems in that they exhibit a high ratio of platinum to palladium. Copper-Gold: Two drill holes discovered substantial gold mineralization associated with 6 to 8% stringered and disseminated pyrrhotite and chalcopyrite at the contact between mafic volcanics and coarse grained gabbro. The gold appears to be spatially associated with these chalcopyrite-pyrrhotite veins in a similar manner to that of the PGM mineralization present within hole #20. Hole #23 assayed 2.8% Cu, 6.3 g/t Au, 9.8 g/t Ag and 0.2 g/t Pd over 0.6m and hole #28 yielded 1.9% Cu, 7.9 g/t Au, 5.0 g/t Ag and 5.0 g/t Pd over 0.5m. The best interval of copper mineralization intersected at the East Zone consists of a significant new zone within hole #31. This new copper zone remains open to the northeast and assayed 1.8% Cu, 0.1% Ni, 0.3 g/t Pt, 0.6 g/t Pd, 3.1 g/t Ag and 0.2 g/t Au over 11.4m (37.4 feet) from 126.1 to 137.5m. This included one sample which yielded 4.4% Cu, 0.2% Ni, 0.1 g/t Pt, 1.0 g/t Pd, 8.0 g/t Ag and 0.2 g/t Au over 0.6m. An upcoming drill program will test below and along strike of this new important copper mineralization. The North Rock Property is underlain by the 20km long ultramafic komatiite and the Grassy Portage layered mafic intrusion, which is known to contain several magmatic copper-nickel sulphide deposits, including the Beaver Pond COPPER Zone. MetalCORP's exploration activities have only tested approximately 10% of the property to date. Several airborne conductors associated with favourable geology have yet to be investigated. Importantly, much of the basal (northern) contact of the ultramafic komatiite and the Grassy Portage intrusion, where the most significant base and precious metals mineralization has been discovered to date, remains unexplored for a strike length in excess of 15km. The North Rock Property displays some of the classic Archean type mafic intrusion and komatiite hosted Ni-Cu-PGM characteristics, but with a later hydrothermal overprint. The Grassy Portage Intrusion is a cumulate mafic layered complex with the base metal deposits situated in paleo-depressions at the basal portion of the body with Precious Metal (Platinum-Palladium-Gold) mineralization apparently concentrated at the contact between mafic / ultramafic volcanics and gabbro. The precious metals appear to be spatially associated with 10 to 50cm thick chalcopyrite-pyrrhotite "footwall veins" within the volcanics adjacent to the intrusion. The North Rock drilling program is being carried out under the supervision of Michel Dumoulin, P.Geo (QP -- NI43-101). Core is split and sent to ALS Chemex Labs for analysis by ICP-AES. MetalCORP routinely introduces standards and blanks into the sample stream. MetalCORP has 44,091,636 common shares outstanding and approximately $13,000,000 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 | |