News Releases
| June 09, 2007 MetalCORP Ltd. Commences DRILLING On The PICKLE LAKE Gold Property | |
| THUNDER BAY--- 9 June 2004 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce that a 2100 metre Phase 1 drill program has commenced on the 100% owned Metcalfe Property in the Pickle Lake Gold Camp. Drilling will focus on establishing continuity of and extensions to the Metcalfe Vein where historical exploration in the 1940's reported, from 25 drill intersections (Norpick Gold Mines -- 1947), an average width of 1.17m (3.84ft) for a length of 320m (1050ft) with an average value of 12.61g/tonne (0.37oz/ton) gold (Source: Ontario Ministry of Northern Development and Mines assessment files). Additional drilling was completed in the 1970's by a junior mining company called Dora Exploration. An article printed in the Northern Miner on Dora Exploration in November 1979 reported "the deepest hole, S- 18, gave 6.0 ft. of 2.15oz. gold per ton at a vertical depth of 82m (270ft). Another hole gave 6.0 ft. of 0.83oz. gold per ton at a vertical depth of 101m (330ft)." The vein remains open along strike and at depth. Four other quartz veins were identified to run parallel to the Metcalfe Vein also yielding visible gold. The Metcalfe property covers 2560 acres (1024 hectares) located 12km northeast of the town of Pickle Lake with access provided by highway 808. MetalCORP trenching and sampling in 2003 confirmed the presence of four (4) narrow but high grade gold bearing quartz veins hosted in strongly carbonatized mafic volcanics and spatially associated with quartz feldspar porphyries. Visible gold was commonly seen in the grab samples. Sampling yielded gold assays from grab samples up to 2232.92 g/t (65.13 opt) in 10-20cm wide quartz veins. A new gold zone discovered in 2003, called the Seven (7) Zone, contained two (2) narrow veins located approximately 200 metres north of the Metcalfe Vein. Vein 1 yielded 34.15 gpt Au (1.00 oz/T Au) in a 12 cm channel sample and Vein 2 yielded 21.56 gpt Au (0.63 oz/T Au) in a 10 cm channel sample. The veins are 5 metres apart and hosted in strongly carbonatized mafic volcanics. Drilling will also target this vein system. Quartz-carbonate vein gold systems are common in the established mining camps such as Red Lake, Timmins, Kirkland Lake and gold camps of Quebec. They have been Canada's most important gold producers. These vein systems are planar objects, which tend to have a much greater length and depth than width. MetalCORP also holds 100% interest in two (2) adjoining gold properties called Tarp Lake and Connell. The Tarp Lake property covers 2600 acres (1040 hectares) located 15km northeast of the town of Pickle Lake with access provided by highway 808. The property is underlain by the Tarp Lake Shear zone (TLS), which has yielded assay values from drilling of up to 7.20 g/t Au over 4.60m (0.21 opt Au/15ft) and 1.5 g/t Au over 36 metres (0.045 opt Au/118 ft). The TLS has a maximum thickness of 122m (400ft) and consists of quartz-sericite-carbonate schist bounded by magnetite-rich mafic flows. A second gold zone, named the TL-7, is located in the southern portion of the property. One drill hole yielded an average assay of 1.0 gpt Au over 10 metres. (Source: Ontario Ministry of Northern Development and Mines assessment files) The Connell property covers 4200 acres (1680 hectares) located 8km northeast of the town of Pickle Lake with access provided by highway 808. One showing, called the Mitchell showing yielded values from grab samples, ranging up to 17.2 g/ton Au (0.50 opt Au). A drill program in 1947 returned gold values of 11.0 g/ton Au (0.32 opt Au) over a core length of 1.2m and 8.3 g/ton Au (0.24 opt Au) over 3.7m. The vein and adjoining altered quartz feldspar porphyry yielded the best assays. A second showing, called the Esso zone has yielded assay values of 9.5 g/ton Au (0.28 opt Au) over 1.2 metres from an iron formation. (Source: Ontario Ministry of Northern Development and Mines assessment files). The Pickle Lake area has seen past production of 2.5 million ounces of gold from the Pickle Crow Mine (1935-1966), now owned by Wolfden Resources (TSX:WLF), Central Patricia Mine (1934-1951) and Dona Lake Mine (Placer Dome (TSX:PDG)1987-1993). MetalCORP plans to concentrate exploration of its Pickle Lake properties on a major northeast trending deformation zone consisting of pervasive, broad zones of carbonate alteration that contain several significant gold occurrences trending across all 3 properties for a strike length of 12km. It is the first time in the history of exploration on this deformation zone that one company has held the entire gold bearing structure. The Metcalfe property drilling program is carried out under the supervision of Allan MacTavish, P.Geo. (QP -- NI43-101). The core is split with half sent to Accurassay Labs for analysis in Thunder Bay, Ontario. Gold analysis is performed by fire assay with an atomic absorption finish. MetalCORP Limited is a mineral exploration and development company based in Thunder Bay, Ontario with 23,045,992 common shares outstanding. For further information contact: Mr. Aubrey Eveleigh, P.Geo, VP Exploration, Telephone: (807) 346-2760, Facsimile: (807) 346-2769. www.metalcorp.ca. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. | |