News Releases
| April 11, 2007 MetalCORP Updates Drilling on BIG LAKE High Grade Copper-Zinc-Silver-Gold-Cobalt Project | |
| THUNDER BAY---11 April 2007 -- MetalCORP Limited (TSX-V:MTC) is pleased to provide an update of the on-going drill program at its 100% owned Big Lake project, located 10km southeast of Marathon or 10km southwest of the Hemlo gold mines, Ontario. BL14 Copper (Cu) -- Zinc (Zn) -- Silver (Ag) -- Gold (Au) -- Cobalt (Co) Zone A systematic drill investigation has taken place over a swamp northeast of the previously tested areas of the high grade BL14 Cu-Zn-Ag-Au-Co Zone intersected and announced in the last few months. The purpose of the program was to step-out further to define the Zone in that direction and to prepare for a preliminary deposit inventory. A total of 17 holes (~4000 metres) have been completed with greater than 1600 samples out for analysis at ALS Chemex Labs. Drilling continues to intersect copper-zinc sulphide mineralization over widths of 1.0 -- 5.0 metres and has now been traced for 250 metres along strike and to a depth of 250 metres, where it remains open. Reconnaissance Drill Program A second drill rig has been testing the numerous other airborne EM conductors and geochemical targets in the area immediately east and west of the BL 14 Zone. A total of 7 holes (~2500 metres) have been completed with greater than 1100 samples sent for analysis at ALS Chemex Labs. One hole located 400 metres west of the BL14 zone intersected the proper stratigraphic horizon with strong alteration and stringers of chalcopyrite-sphalerite mineralization. Another hole located 200 metres east of the BL14 zone also intersected this stratigraphic horizon with strong alteration and chalcopyrite stringers and veinlets. Under this recent drill program the Company has identified the BL14 stratigraphic horizon, alteration and copper sulphide mineralization to extend for a total of 850 metres in strike length up to this point. The BL14 Cu-Zn-Ag-Au Zone displays characteristics of a high temperature Archean Volcanic Hosted Massive Sulphide (VHMS) mineralizing system but with a very high grade copper, silver and gold content. The well mineralized zone consists of 20-80% stringered to semi-massive sulphides, with local sections of massive chalcopyrite, pyrrhotite, sphalerite occurring within an altered komatiitic basalt. This altered unit is composed of strongly brecciated chlorite-biotite / phlogopite-talc-anthophyllite schist, often containing fragments of siliceous sediment. The footwall alteration sequence consists of a highly variable, often banded, schistose assemblage of chlorite, biotite-phlogopite and anthophyllite with lesser amounts of talc, cordierite and sillimanite. Recent mineralogical and petrographic work by Dr. Ruslan Liferovich has concluded that the rich massive-to-semi massive copper-rich sulphide ores represent the stringer zone of a VMS system. You can view the Dr. Liferovich report at the MetalCORP website. The BL14 stratigraphy is interpreted as an overturned and south facing (north dipping) sequence. The thickest drill intersection to date was from hole 32 which yielded 7.0 metres (23.0 feet) of high grade mineralization assaying 5.7% Cu, 1.8% Zn, 95.0 g/t Ag and 1.0 g/t Au. The highest grade interval was from hole 24 which intersected 4.0 metres (13.1 feet) of high grade mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. A plan map and table showing previous holes drilled are available for viewing on the Company website at www.metalcorp.ca. The Company remains very excited with the on-going success in expanding this large mineralized system. Another 4000 metre drill program is expected to start-up in early June to further test the depth extent of the BL14 Zone and other airborne EM conductors and structures on the Big Lake Property. Several high priority Copper-Nickel, Platinum Group Metal as well as our newly discovered Volcanogenic Hosted Massive Sulphide targets remain to be tested by drilling. Management will provide additional news on the sample analysis as they become available from the lab in approximately 2-3 weeks. The Big Lake program is being carried out under the supervision of Allan MacTavish, 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 with check assays being carried out by SGS Minerals Services. MetalCORP Limited is a mineral exploration company based in Thunder Bay, Ontario with a focus on base metals in Northwestern Ontario. The Company has 44,091,636 common shares outstanding and approximately $14,000,000 in cash with no debt. For further information contact: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760. 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. | |