TORONTO, ONTARIO, Jan. 28, 2010 (Marketwire) -- MetalCORP Limited (TSX VENTURE:MTC) is pleased to announce the commencement of the first phase of a deep drilling program on its 100% owned Hemlo East property, immediately east-southeast along trend from Barrick Gold's Hemlo mine, and approximately 35 km east of the town of Marathon in Northwestern Ontario. The initial three holes, to a minimum depth of 1000m, will test the first of two high priority targets identified in thorough data compilations done by MetalCORP's technical team. The Company has planned an additional phase of drilling to test the second target, Gouda Lake, which is farther to the southeast, later in the spring. The giant Hemlo gold deposit, located 2km from the Hemlo East claim boundary and still in production, hosts approximately 100 million tonnes @ 8.0 g/t Gold (Au) (representing approximately 23 million ounces of gold).
"We are extremely eager to begin this first phase of exploration on the Hemlo East property," commented Naomi Nemeth, CEO. "Our first target is immediately adjacent to the three Hemlo mines, and is structurally and stratigraphically along trend. This horizon is clearly traceable at surface, in anomalous geochemical and geophysical results and in existing drill hole data."
Over the past six months, MetalCORP's geological team has completed a thorough compilation of a multitude of geological, geochemical and geophysical surveys, which had been undertaken on the property following the discovery of the Hemlo deposit in the early 1980s. The compilation also incorporated the results of an Aeroquest AeroTEM II airborne magnetic and electromagnetic survey undertaken in late 2007 by MetalCORP. This airborne geophysics survey, in combination with the results of previous multi-parameter surveys, was used to outline the current drill targets.
The initial target, the Upper Anomalous Zone (UAZ), will be tested in combination with what is known as the Egg Lake Horizon, which lies stratigraphically and/or structurally below the UAZ. The UAZ dips northerly at moderate angles and has been traced at surface, outlined geophysically, and intersected predictably in a considerable number of holes drilled by Lac Minerals in the 1980s. The UAZ can be traced across a strike length of at least 2 km and to a depth of approximately 450 meters, where it remains open. The UAZ is typically on the order of several meters or more thick, and is essentially a white mica- and sulphide-bearing (pyrrhotite-pyrite) schist. Together with the Egg Lake Horizon, the UAZ displays broad zones of anomalous geochemistry, and, as demonstrated in the 1990s by research geologists Pan and Fleet, the rocks commonly contain a distinctive and unusual mineralogy which shows marked similarities to the gold mineralization at Hemlo. As a consequence, the rocks of the UAZ are considered to be the along-strike equivalent of the ore zones at Hemlo. Assay results of the UAZ in drill core by Lac yielded consistently anomalous gold values, typically in the range of 0.4 to 0.7 g/t gold across several meters or more, but with individual meter-scale samples ranging up to 5 g/t gold.
Prior to MetalCORP's initial acquisition of parts of the Hemlo East property in 2007, and its final consolidation in late 2009, the property had been held continuously by Lac Minerals since the discovery of the Hemlo deposit. During that time, Lac, along with optionees Placer Dome and Teck, thoroughly tested many near-surface targets, and drilled nearly 150 diamond drill holes on a variety of targets. One of the areas tested was the Gouda Lake gold zone on the southern part of the property, which hosts a modest non-compliant NI 43-101 gold resource. As a consequence, there is a rich exploration database on the property that is largely available in the public domain.
Charles Greig, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
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 56,349,471 common shares outstanding and approximately $2,000,000 in cash and no long-term debt. To find out more about MetalCORP visit its website at www.metalcorp.ca.
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. While historical results mentioned in this press release are not 43-101 compliant and should not be relied upon, they have been filed in government offices with assessment reports.
Note: Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.