BL 14 Cu-Zn-Ag-Au Zone Drill Hole Locations
Cross Section
BL 14 Zone Weighted Averages
Big Lake Treasure Map – Click on Map to Explore
DDH Locations and Airborne
Geophysics
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New Photos (July 17th, 2006) Of Cu-Zn-Ag-Au
Mineralization
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Airborne Magnetics & EM Conductors
Regional Geology Map
BL14 ZONE – PHOTOS OF CORE
(March 6th, 2006)
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Property Description,
Location and Access
The 100% owned Big
Lake Cu-Zn-Ag-Au VMS property is located in the Mussy
Lake map area, approximately 30km southeast of Marathon, Ontario and
300 km east of Thunder Bay. The property consists of 399
claim units covering an area of 15,775 acres. The eastern part of the property
is accessible by a private road heading south off the Trans Canada
Highway 17 at a point some 20km east of Marathon. Access to the
western part of the property, where the topography is quite rugged,
requires helicopter support.
A major power
transmission line crosses the western part of the property in a
northwest-southeast direction. The west boundary of the property
coincides with the boundary of Pukaskwa National Park.
Significantly, by agreement between the federal and provincial
governments when the park was established, a natural deep-water
harbour occurring on Lake Superior west of the property boundary and
within the park, remains accessible to natural resource developers
in the local area.
PROJECT BACKGROUND
In 2004, MetalCORP carried out a $1.1 million
exploration program on the Big Lake property consisting of a Fugro
MEGATEM airborne magnetic/electromagnetic survey, Crone Pulse EM
ground geophysical surveys to detail the airborne anomalies,
geological mapping and prospecting, 2386 metres of diamond drilling
in 12 holes and borehole Pulse EM surveys. This program was financed
from the proceeds of a $4.8 million brokered private placement
arranged by Research Capital Corp. in December, 2003.
The MEGATEM survey
identified 14 anomalous EM responses warranting further
investigation. Ground follow-up with Crone Pulse EM resulted in the
selection of 8 anomalies for drilling. These were tested with 10
holes and two additional holes tested an attractive magnetic
anomaly. Drill hole locations and significant results are compiled
in Tables 1 and 2. The drilling was successful in confirming the
presence of significant magmatic nickel copper (�Ni-Cu�) sulphide
mineralization associated with one of the conductors (#A2). This was
one of three separate and distinct mineralized zones, representing
three different styles of mineralization intersected during the
Phase 1 drilling program.
The new A2
zone of Magmatic Copper-Nickel mineralization discovered in
holes BL04-8 and 12 was characterized by disseminated to stringer
pyrite-pyrrhotite-chalcopyrite mineralization in a 30m wide complex
unit of varitextured, inclusion-rich melagabbro. This unit is very
similar in appearance to the units hosting the disseminated
copper-nickel ores associated with the Noril�sk deposits in Siberia
and the Voisey�s Bay deposit in Labrador. The sulphide mineralized
intervals produced assays of up to 1.0% copper and 0.7% nickel
over narrow widths of less than one metre. Significantly, the
volume of mineralization intersected was clearly inadequate to
explain the EM conductor and it is now interpreted to represent part
of a �halo� of disseminated mineralization around a more massive
concentration of sulphides represented by the conductor. Such a halo
lies above the massive sulphides of the Eagle deposit. Subsequent
borehole Pulse EM surveys detected a strong off-hole EM conductor to
the west and below the hole and this anomaly represents the
top-priority target for follow-up in the Phase 2 program.
A zone of
�Reef-Style� Platinum-Palladium (�Pt-Pd�) mineralization was
discovered in drill holes BL04-5 and 6, which targeted an EM
anomaly within the Big Lake Peridotite. A peridotite layer called
the J4 Reef was intersected containing less than 1% finely
disseminated chalcopyrite and pyrrhotite. This zone assayed 0.5
grams per tonne (gpt) Pt, 0.6 gpt Pd (1.1 gpt Pt+Pd), 0.2% Ni, and
0.1% Cu over 2.11 m in hole 5, while hole 6, located 150 m to
the south-southeast, intersected an almost identical interval
grading 0.6 gpt Pt, 0.5 gpt Pd (1.1 gpt Pt+Pd), 0.2% Ni, and 0.1%
Cu over 1.50 m. The two PGE-rich intercepts correlate with two
surface showings discovered the summer during prospecting which
produced similar assays of up to 0.4 gpt Pt, 0.4 gpt Pd, 0.2% Ni,
0.2% Cu and 0.4 gpt Pt from grab samples.
Further drilling is planned for this zone during the Phase 2
program.
A third mineralized
zone known as BL-14 enriched in Copper, Zinc and Silver
(�Cu-Zn-Ag�) was intersected by hole BL04-7 which consisted of a
fine-grained, chlorite-talc-biotite schist containing 8 to 30%
disseminated to stringer chalcopyrite, pyrite, sphalerite, and minor
galena that graded 0.8% Cu, 0.5% Zn and 21.3 gpt Ag over 2.62
metres. This intersection included 2 higher-grade
intervals that contained 0.9% Cu, 0.5% Zn and 18.8 gpt Ag over
0.90 metres and 1.0% Cu, 0.8% Zn and 33.5 gpt Ag over 1.05
metres. The style of mineralization and metal association is
reminiscent of volcanogenic massive sulphide (�VMS�) type system.
Significantly, follow-up borehole Pulse EM surveys in this hole
detected a broad off-hole anomaly of moderate conductivity that also
represents a high priority target for the Phase 2 drilling program.
RECENT WORK PROGRAM
In the last year
MetalCORP made significant base metal and PGM discoveries on the Big Lake property. The A2 Cu-Ni
Zone, which has been traced along strike and to depth for
approximately 200m, yielded up 1.7% Ni and 1.4% Cu over narrow
intersections in drilling. The J4 and J5 Pt-Pd Reef Zones,
which have both been traced by drilling over strike lengths of
approximately 1.5km and to a depths of 200m, have returned up to 0.9
gpt Pt, 1.0 gpt Pd, 0.2% Ni and 0.2% Cu over 1.5m. The third
discovery called the BL14 Cu-Zn-Ag-Au Zone returned a value
of 2.5% Cu, 1.0% Zn, 46 gpt Ag and 1.6 gpt Au over 0.9m in drilling.
Strong airborne
conductors were located over the A2 Cu-Ni and BL14
Cu-Zn-Ag-Au zones where down-hole Pulse EM surveys completed
after the 2005 winter diamond drilling program detected nearby
off-hole conductors. The strong conductor detected northwest of the
BL14 Zone was a top priority target for drilling in February.
MetalCORP
Limited announced in March a new significant discovery of high grade
mineralization assaying 7.5%
Copper (Cu), 2.2% Zinc (Zn), 138.0 g/t Silver (Ag) and 9.2 g/t Gold
(Au) over 4.0 metres (13.1 feet)
in hole 24 from the BL14 Zone. The massive sulphide zone was
discovered while testing a broad off-hole conductor detected west
and north of the BL14 Zone from a Crone Pulse EM survey
completed after the 2005 winter diamond drilling program.
Hole 23, which
was drilled under this program approximately 200m northeast of hole
24 also intersected the BL14 Zone and yielded 3.7%
Cu, 2.2% Zn, 81.0 g/t Ag and 1.5 g/t Au over 3.1
metres (10.2 feet).
The area, which is swamp covered, was
initially targeted to test EM conductors discovered by the Fugro (MegaTEM)
and later by the AeroQuest (AeroTEM III) airborne geophysical
surveys.
The BL14 Zone
displays characteristics of an Archean Volcanic Hosted Massive
Sulphide (VHMS) mineralizing zone but with very high grade copper,
silver and gold content. The footwall to the BL14
mineralized zone is composed of a strongly to intensely biotitized
and strongly chloritized breccia. A total of 5 holes have been
drilled in the zone since the Company staked the property in 2003.
All holes have intersected varying amounts of chalcopyrite,
sphalerite and pyrrhotite occurring within an intensely altered
breccia zone hosted by a strongly to intensely hydrothermally
altered package of mafic metavolcanic rocks and associated interflow
clastic metasedimentary rocks with deformed bands of chert.
The Company plans to carry out down-hole pulse
EM surveys on all holes to define additional targets for drilling in
2006. Also, MetalCORP will be carrying out an aggressive drilling
program on other airborne conductors west of the new discovery which
may represent additional massive sulphides.
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