TORONTO, CANADA, Oct. 26, 2009 (Marketwire) -- MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce commencement of the next phase of exploration on its Hemlo East property (formerly referred to as the Fearless and Python properties, and the former White River property of Lac Minerals Ltd.) located immediately east along trend from Barrick Gold's Hemlo mine (over 23 million ounces produced since its discovery in 1981). MetalCORP will begin a drill program 5 km east-southeast along trend from the mine. The program is designed to test targets identified, in part, by a re-interpretation of airborne geophysical data which was completed by Aeroquest International in late July. The 2009 fall drill program will consist of approximately 3000 meters of drilling in six to ten holes.
The highest priority drill targets generated from the re-interpretation of the geophysical data have also been selected on the basis of a thorough compilation of the historic geologic, geochemical and geophysical data acquired on the White River property since the early 1980s. Until MetalCORP staked the property in 2007, it had been held continuously by Lac Minerals. It has been the subject of several exploration programs through the years, not only by Lac Minerals through the 1980s and early 1990s, but also by Placer Dome Inc. in the mid-1990s and by Teck in the late 1990s and early this decade.
As a lead-up to this program, MetalCORP has consolidated and strengthened its Hemlo East land position. This has been accomplished with additional staking immediately east of the Hemlo mine along the northern boundary of its existing claims, and by staking the last of the recently-lapsed Lac Minerals units in the southeastern part of the property.
"Our immediate plans include advancing our knowledge on the Hemlo East properties as well as our gold and base metal projects in the Pickle Lake and Red Lake areas," commented Naomi Nemeth, President and CEO.
MetalCORP is a mineral exploration company based in Thunder Bay, Ontario with gold and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects, with a total area of more than 85,000 acres, include the Hemlo East property, the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, and the Dorset, Pickle Lake, Black Bear and Keezhik Lake gold properties.
MetalCORP has 49,106,636 common shares outstanding and approximately $1,100,000 in cash and no long-term debt. To find out more about MetalCORP visit its website at www.metalcorp.ca.