MetalCORP Reports Encouraging Results of Drilling on the Tarp Lake Zone, Pickle Lake Gold Property, Northwestern Ontario
24 December 2009 - 1:15AM
Marketwired
MetalCORP Limited (TSX VENTURE: MTC) is pleased to announce the
results of its drilling program at the Tarp Lake Zone on the
northern part of its 100%-owned Pickle Lake property. A total of
seven drill holes were completed for a total of 2264 metres of
drilling, and all holes intersected broad zones of highly anomalous
precious and/or base metals (see Table 1 below). Mineralization
occurs mainly as disseminations of pyrite and stringers of
pyrrhotite, but local semi-massive to massive pyrite also occurs
locally. The sulphides are typically hosted by well foliated
chlorite-carbonate-(sericite) altered and locally silicified mafic
and local felsic metavolcanic rocks.
Table 1 - Select drill results -Tarp Lake Zone, north Pickle Lake Property
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Hole No. Grade Width (m) Depth (m)
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PL09-31 1.12 g/t Au 17.25 108.5
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0.36 g/t Au 11.9 195.5
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PL09-32 0.409 g/t Au 6.55 52.5
----------------------------------------------
633 ppm Cu 22.5 222.5
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PL09-33 0.222 g/t Au 17.95 254
----------------------------------------------
0.139 g/t Au 8.65 232
----------------------------------------------
PL09-34 0.2% Zn 13 109
----------------------------------------------
2.26 g/t Ag 13 109
----------------------------------------------
PL09-35 0.391 g/t Au 8.5 126.5
----------------------------------------------
10.53 g/t Ag 1.5 298.9
----------------------------------------------
PL09-36 0.759 g/t Au 3.5 111.4
----------------------------------------------
619 ppm Cu 18.3 160.7
----------------------------------------------
PL09-37 6.7 g/t Ag 8.4 160
----------------------------------------------
Sulphide content generally increases southerly in the holes
drilled in this program, and this heavier sulphide mineralization
is typically pyrrhotite-dominant and more base metals- and
silver-rich, as opposed to pyrite-dominated disseminated styles
that are more gold-rich in the north.
In previous work at the Tarp Lake Zone in the mid-1990s by
Inmet, values of up to 7.2 g/t Au over 4.6 metres and 1.4 g/t Au
over 36 metres were returned. The present program followed-up and
extended the zones intersected by Inmet, which mainly targeted
Induced Polarization (IP) geophysical anomalies.
"Our findings suggest that a mineralizing system of significant
extent exists on the property and its full extent remains to be
tested," commented Charlie Greig, VP Exploration. "Our geologists
are encouraged by the width of the intersections and the overall
size of the mineralizing and accompanying alteration system."
Geophysical surveys are planned for early 2010, and diamond
drilling may be undertaken if the results of the survey results are
encouraging.
In addition, other parts of the property show good potential for
shear zone hosted vein gold deposits, and perhaps at depth for iron
formation-hosted gold deposits similar to those mined at the nearby
Pickle-Crow deposit. The Tarp Lake area of MetalCORP's Pickle Lake
property is located beside an all-weather road, approximately 15 km
north of the past-producing Pickle Crow Mine near Pickle Lake,
Ontario.
MetalCORP's geological team worked in cooperation with the
Mishkeegogamang First Nation on the diamond drilling program and
the Company looks forward to continuing its relationship in the
future.
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. Assay
results are from core samples sent to ALS-Chemex Laboratories, an
accredited mineral analysis laboratory, for preparation and
analysis.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: MetalCORP Limited Naomi Nemeth President and CEO +1
416-903-0811 naomi.nemeth@metalcorp.ca
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