News Releases
| January 18, 2007 MetalCORP; DRILLING Commences with 2 DRILL RIGS on the BIG LAKE Cu-Zn-Ag-Au Project | |
| THUNDER BAY---18 January 2007 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce that drilling has commenced, using 2 drill rigs, on its 100% owned Big Lake project located 10km southwest of the Hemlo gold deposit. This drill program will total 40-50 holes (~10,000 metres) with the first rig testing the lateral and depth extensions of the BL14 Copper-Zinc-Silver-Gold Zone while the second rig tests the numerous other airborne EM conductors, structures and geochemical targets on the Big Lake Property. The first drill rig will immediately test a significant area between lines 119+50 E and 121+00 E that represents the strongest portion of the conductor (i.e. showing the best conductance) identified by a Crone pulse EM survey. The conductor is believed to indicate a continuation of the BL14 zone but possibly a more massive zone of Cu-Zn-Ag-Au mineralization. A plan map showing all holes drilled to date and the outline of the recently obtained Crone pulse EM survey results showing the conductor is available for viewing on the Company website at www.metalcorp.ca. 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. Turn-around time at the labs is estimated to be 4-6 weeks due to the increased volume of samples sent to the labs as a result of a very active exploration industry. Assay results will be released in batches, to allow for interpretation, once received from the lab. Other Projects MetalCORP's Dorset gold project is being explored by Trelawney Resources Inc. (TSX-V:TRR) under an option agreement signed 07 November 2005 whereby Trelawney will have the right to earn an initial 50% interest in the Dorset Property by spending $2.0 million on exploration; making cash and stock payments to MetalCORP totaling $220,000 and issuing 900,000 shares over five (5) years. A cash payment of $20,000 and share issuance of 150,000 are due on signing. Trelawney will be able to earn a further 20% interest by completing a feasibility study and paying $100,000 cash and issuing 500,000 shares. On completion of Trelawney's option, a joint venture will be formed between Trelawney and MetalCORP on either a 50-50 or 70-30 basis respectively. To see the latest results from the Dorset gold project please refer to Trelawney's website at www.trelawneyresources.com. MetalCORP's 100% owned North Rock platinum-copper project is scheduled to be drilled during March with approximately 5000 metres testing several other new copper occurrences with associated airborne EM conductors. MetalCORP Limited is a mineral exploration company based in Thunder Bay, Ontario with a focus on base metals in Northwestern Ontario. The Company has 43,871,636 common shares outstanding and approximately $15,500,000 in cash with no debt. For further information contact: Mr. Aubrey Eveleigh, P.Geo, VP Exploration, (807) 346-2760. 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. | |