News Releases
| May 16, 2006 MetalCORP; DRILLING Intersects More COPPER-ZINC-SILVER-GOLD with STRONG | |
| THUNDER BAY---16 May 2006 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce assay results from the latest phase of drilling on its 100% owned Big Lake project located 10km southeast of Marathon or 10km southwest of the Hemlo gold mines, Ontario. This program was designed to follow up on the BL14 Copper-Zinc-Silver-Gold (Cu-Zn-Ag-Au) discovery with three (3) holes totaling approximately 1000 metres. Highlights: ● Drill Hole #29 intersected 3.0% COPPER, 1.3% ZINC, 57.4 g/t SILVER and 0.4 g/t GOLD over 1.6m ● Strong off-hole Pulse EM conductors detected in all holes suggest greater concentrations of Cu-Zn-Ag-Au sulphide mineralization nearby ● Airborne EM conductors detected 1.0km along strike to the west with coincident Cu-Zn-Ag-Au soil and lake sediment geochemical anomalies represent new targets ● Dr. Jim Franklin report confirms Big Lake discovery to be a Volcanogenic Massive Sulphide (VMS) type and its geological setting to be similar to the Kidd Creek mine area ● Drilling to resume within next several weeks with a major 10,000 metre program to test all targets Drilling Results: Hole #29 tested the BL14 Zone 50 metres down-dip from hole #23 (3.7% Cu, 2.2% Zn, 81.0 g/t Ag & 1.5 g/t Au over 3.1m, see News Release 06 March 06). Hole 29 yielded 3.0% Cu, 1.3% Zn, 57.4 g/t Ag and 0.4 g/t Au over 1.6m from stringer type chalcopyrite-pyrrhotite mineralization. The drill hole was subsequently probed using Crone's down-hole Pulse EM geophysical system which detected a strong offhole conductive body south and east of the hole. This off-hole anomaly is believed to represent a larger concentration of Cu-Zn-Ag-Au sulphide mineralization. Hole #30 also intersected BL14 Zone stringer type chalcopyrite-pyrrhotite mineralization and yielded 1.6% Cu, 0.75% Zn, 18.0g/t Ag over 0.4m. This hole was drilled 50m west of hole #23. This hole was probed with Pulse EM and an off-hole anomaly was also detected in a south and east direction. This area south and east of holes #29 and #30 will be a top priority target for follow-up during our upcoming phase of drilling. Hole #31, which was drilled 50m down-dip of hole #24 (7.5% Cu, 2.2% Zn, 138.0 g/t Ag & 9.2 g/t Au over 4.0m, see News Release 06 March 06), intersected the BL14 Zone and yielded 1.9% Cu, 0.5% Zn, 28.7 g/t Ag and 0.2 g/t Au over 0.4m A second, Zinc rich zone, was intersected 15m further up the hole and assayed 1.4% Zn, 10.9 g/t Ag, 0.2% Cu and 0.2 g/t Au over 0.3m. The 15m section between the mineralized zones contained an intensely altered interval of biotite, anthophyllite, sillimanite, tremolite, chlorite and talc which is commonly associated with VMS deposits. The BL14 Zone was partially 'dyked out' by a 1.0m thick breccia dyke and a 3.9m thick gabbroic dyke. Crone Pulse EM surveys in both holes #24 and #31 detected a strong off-hole anomaly in a south and west direction. This anomaly indicates the possible presence of massive sulphide mineralization and represents another high priority drill target. Airborne EM Conductors: AeroQuest Limited interpreted an AeroTEM III EM anomaly at a location 1.0km west of the BL14 Cu- Zn-Ag-Au Zone. Further review of the airborne data indicates that this new 400m long EM conductor is related to a shallow north dipping source and its up-dip projection correlates with a coincident soil and lake sediment Cu-Zn-Ag-Au geochemical anomaly. MetalCORP believes that this EM conductor may also represent sulphide mineralization and will be a significant target for drilling in the upcoming program. Several other new and strongly conductive airborne EM anomalies were detected on the north side and within the Big Lake peridotite. A number of these were previously identified as weak, low priority anomalies but now appear to be stronger under the new airborne geophysical system and consequently have been assigned a higher level of priority for follow-up drilling. A map showing these conductors will be posted on the website at www.metalcorp.ca . Dr. Jim Franklin Report: Dr. J. Franklin has over 35 years experience as a geologist specializing in mineral deposits, primarily VMS type mineral deposits. At the request of MetalCORP he reviewed the recent Cu-Zn-Ag-Au discovery on the Big Lake project and made the following observations: 1) The geological sequence "is typical of many productive VMS settings;" 2) Drilling to date shows "The VMS mineralization in the Big Lake volcanic sequence is primarily stringer type, and originated from a high temperature hydrothermal fluid." 3) "The host rocks are primarily basaltic komatiite..... The Kidd Creek deposit is also associated with ultramafic strata. Its size has been attributed to the exceptional amount of heat available in such sequences from ultramafic subvolcanic heat sources. A similar source may be present in the Big Lake area, and may have generated a very large hydrothermal system." 4) "the exceptionally high gold content of the sulphides is more associated with copper than zinc, a partitioning typical of a high temperature VMS system. The unusually high gold (and zinc) contents may be the result of partial assimilation and/or recrystallization of the stringer sulfides through contact metamorphism with the intrusions of the Big Lake mafic complex. This process occurred in the Winston Lake area, forming very metal-rich deposits." Geological Setting of BL14 Cu-Zn-Ag-Au Mineralization: The BL14 Zone displays many characteristics of an Archean Volcanic Hosted Massive Sulphide (VHMS) mineralizing zone but with unusually high grade copper, silver and gold content. The mineralized zone resembles a high temperature Cu-Ag-Au rich VMS stringer or feeder zone. The footwall to the BL14 mineralized zone is composed of strongly chloritized and biotitized metavolcanics. All holes have intersected varying amounts of chalcopyrite, sphalerite and pyrrhotite hosted by an intensely hydrothermally altered package of mafic metavolcanic rocks and associated interflow clastic metasedimentary rocks with deformed bands of chert. MetalCORP management is very encouraged by the latest results on the Big Lake property, which has not only provided evidence of the continuity of the BL14 mineralized zone, but has also helped in resolving the detailed geology of the new discovery. Significantly, this latest program shows the BL14 zone to have considerable potential for expansion given the identification of several new high priority off-hole pulse and airborne EM conductors for the next phase of drilling. The other zones of dominantly copper-nickel and platinum-palladium mineralization on the Big Lake property also merit further work but are presently ranked as second priority to the high grade VMS style copper-zinc-silver-gold discovery in the BL14 zone. 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. MetalCORP Limited is a mineral exploration company based in Thunder Bay, Ontario with a focus on base metals in northwestern Ontario. The company has 33,449,780 common shares outstanding and approximately $2,500,000 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. | |