MetalCORP Limited
TSX VENTURE : MTC

MetalCORP Limited

July 08, 2008 11:20 ET

MetalCORP; DRILLING Intersects More COPPER-ZINC with STRONG Off-Hole Pulse EM Conductors at BL14 Zone; Titan 24 Geophysical Survey to Start Next Week

THUNDER BAY, ONTARIO--(Marketwire - July 8, 2008) - MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce assay results from the latest phase of drilling on its 100% owned BL14 Copper-Zinc project located on the Big Lake property 10km southeast of Marathon or 10km southwest of the Hemlo gold mines, Ontario. This program was designed to follow up on the Copper-Zinc-Silver-Gold (Cu-Zn-Ag-Au) mineralization at depth with four (4) holes totaling approximately 1500 metres (m). The discovery drill hole intersected 4.0m of high grade mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. To date, MetalCORP has identified two (2) high grade copper-zinc massive sulphide lenses with associated stringer mineralization measuring 300m in strike length by 250m deep and approximately 3.0m wide. Volcanogenic Massive Sulphide (VMS) type deposits (lenses) tend to occur in clusters of ten (10) or more as noted from the base metal mining camps of Canada and the rest of the World. MetalCORP believes that many more massive sulphide lenses may occur on the Big Lake property and will be carrying out a new geophysical survey called Titan 24 to help locate these copper-zinc deposits. The average size of a typical VMS copper-zinc deposit in the world is approximately 10 million tonnes.

"With the discovery of two (2) massive sulphide Cu-Zn lenses, the prospects for locating other lenses is very high. Given this potential, the BL14 copper-zinc-silver-gold zone remains a very important and valuable asset to MetalCORP" commented Aubrey Eveleigh, Vice President Exploration and Chief Operating Officer. "Given the great infrastructure at the Big Lake property, MetalCORP will continue to aggressively explore for additional massive sulphide bodies on the property in order to reach a certain threshold size to carry out a feasibility study." MetalCORP has posted a presentation on the BL14 zone at the Company website www.metalcorp.ca.

Drilling Results:

Hole #92 tested the BL14 Zone 50m down-dip from hole #23 (3.7% Cu, 2.2% Zn, 81.0 g/t Ag & 1.5 g/t Au over 3.1m. Hole 92 yielded 1.4% Cu, 1.2% Zn, 27.0 g/t Ag and 0.3 g/t Au over 0.4m from stringer type chalcopyrite-sphalerite-pyrrhotite mineralization. The drill hole was subsequently probed using Crone's down-hole Pulse Electromagnetic (EM) geophysical system which detected a strong off-hole conductive body east of hole #92. This off-hole anomaly remains untested by drilling and is believed to represent a larger concentration of Cu-Zn-Ag-Au sulphide mineralization.

Hole #73, which was drilled 150m east of hole #92, also intersected BL14 Zone stringer type chalcopyrite-sphalerite-pyrrhotite mineralization and yielded 0.7% Cu, 1.1% Zn, 13.2g/t Ag and 0.2 g/t Au over 1.5m. Hole #74 was drilled a further 200m east of hole #73 and intersected mafic and ultramafic intrusive rocks where the targeted BL14 Zone was projected to be located. Hole #72 which was drilled 100m west of the BL14 zone mineralization failed to intersect the projected copper-zinc sulphide mineralization. Hole #105 was drilled approximately 250m west of hole #92 and intersected a wide (40.0m) hydrothermal potassic alteration zone which appears to be related to the BL14 zone. More drilling will be conducted around this hole to determine the extent of alteration and its relationship to the copper-zinc mineralization.

Titan 24 Geophysical Survey:

MetalCORP has contracted Quantec Geoscience Ltd. to carry out a relatively new geophysical technique over the BL14 copper-zinc massive sulphide zone. The survey, called Titan 24, is designed to penetrate deeper than conventional surveys and therefore beyond the depths of drilling completed to date on the BL14 VMS deposit. The Titan 24 system records three different types of geophysical information called DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity) with the benefits of multi-parameter data and increased data accuracy and density. The survey is designed to focus MetalCORP's drilling in areas of higher potential to extend the BL14 mineralization and possibly find other massive sulphide lenses along strike and deeper. The Titan 24 survey is expected to start next week with data available for interpretation sometime in late July. At that point drill targets will be identified and a program planned for September-October.

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 by an earlier generation of the AeroTEM system 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 AeroTEM III airborne geophysical system and consequently have been assigned a higher level of priority for follow-up drilling.

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, gold and cobalt content. The mineralized zone resembles a high temperature Cu-Ag-Au rich VHMS 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.

The latest results on the Big Lake property have not only provided evidence of the continuity of the BL14 mineralized zone, but also helped in resolving managements understanding of the detailed geology of the deposit. 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 Big Lake 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 has 44,271,636 common shares outstanding and approximately $2,500,000 in cash and no debt. To find out more about MetalCORP Limited (TSX VENTURE: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.

Contact Information

  • MetalCORP Limited
    Mr. Aubrey Eveleigh, P.Geo
    COO & VP Exploration
    (807) 346-2760
    Website: www.metalcorp.ca