News Releases
| April 02, 2008 MetalCORP Identifies Strong Airborne EM Conductors on Python Property Adjacent to Hemlo | |
| Sampling of Bedrock Next to Strong Conductor Yields 1.2% Nickel & 0.2% Cobalt THUNDER BAY---02 April 2008 -- MetalCORP Limited (TSX-V:MTC) is pleased to announce the results of the recently completed Aeroquest AeroTEM III airborne magnetic and electromagnetic (EM) survey over its 100% owned Python Property in the Hemlo gold camp of Northwestern Ontario. The Python property, which is located 15km east of the Hemlo gold deposit, is also underlain by the gold bearing structure called the Hemlo fault zone. The Hemlo gold deposit is owned by Teck-Cominco (TSX:TCK.B), Barrick Gold (TSX:ABX) and Newmont Mining (TSX:NMC). The giant Hemlo gold deposit contained approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (~ 23 Million ounces of Au). A location map showing the Python property can be viewed on the Company website at www.metalcorp.ca. The EM portion of this new advanced airborne survey was used to locate zones of conductive base metal mineralization on the property to greater depths than were detectable with any airborne survey in the 1980's. The magnetic survey portion was designed to better identify structure and geology for gold exploration. A preliminary review of the data indicates that several new high priority magnetic and EM anomalies were detected which will require follow-up work in the form of drilling during the summer months. One very important conductor is located adjacent to sulphide mineralization occurring as massive sulphide pods up to 3.0 metres thick and disseminations up to 15.0 metres thick. Grab samples taken by MetalCORP field crews have assayed as high as 1.2% Ni and 0.2% Co. Due to its geological context, this target is regarded as a top priority for follow-up in the next drilling program. "Given the favourable geology and these recently identified airborne anomalies, we are very encouraged with the potential of the Python property" commented Aubrey Eveleigh, Vice President, Exploration and Chief Operating Officer. "We feel this property is incredibly underexplored considering it is next door to the world class Hemlo gold deposit." Previous geochemical sampling elsewhere on the Python property confirmed the presence of base and precious metal mineralization with gold (Au), silver (Ag), zinc (Zn), copper (Cu), molybdenum (Mo), nickel (Ni) and cobalt (Co) anomalies in at least six (6) locations. Most anomalies occurred in felsic rock units associated with high strain areas similar to the Hemlo shear zone, but a lack of outcrop exposure (<5%) has made it difficult in the past to carry out a complete geological mapping and sampling program. The lands underlying the Python property were previously owned by Lac Minerals which staked them during the Hemlo gold rush in 1981. Limited exploration work on the Python property over the last 26 years has discovered several base metal occurrences and indications of Volcanogenic Massive Sulphide (VMS) mineralization related to the Heron Bay - Playter Harbour rock sequence. This same sequence of rocks underlie MetalCORP's Big Lake property located 22km southwest, where the Company made a significant VMS discovery in 2006 with drill results as high as 5.7% Copper, 1.8% Zinc, 95.0 g/t Silver and 1.0 g/t Gold over 7.0 metres. The Python program is being carried out under the supervision of Aubrey Eveleigh, P.Geo (QP -- NI43-101). Samples are sent to ALS Chemex Labs for analysis by ICP-AES. MetalCORP routinely introduces standards and blanks into the sample stream. MetalCORP is a mineral exploration company based in Thunder Bay, Ontario with base metal and gold projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with an area of more than 65,000 acres, include the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, the new Python nickel-copper-zinc property and the new Fearless gold property, all of which are under active exploration. By identifying early stage properties that may be enhanced by exploration, MetalCORP's experienced management team has assembled a great portfolio of projects. MetalCORP has 44,271,636 common shares outstanding and approximately $5,500,000 in cash and no debt. For further information contact: Mr. Aubrey Eveleigh, P.Geo, COO & VP Exploration, Tel (807) 346-2760. To find out more about MetalCORP Limited (TSX-V: MTC), visit our website at www.metalcorp.ca. 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. | |