MTC MetalCorp Limited

MetalCorp Limited ("MetalCorp" or the "Company") (TSX VENTURE:MTC) is pleased to
announce that a second phase of drilling at its 100% owned Hemlo East Property
is planned to start later this month. This new campaign, designed to include up
to 3000 meters of drilling, will focus on extending the Gouda Lake mineralized
zone, which appears to be a metamorphosed precious metals-enriched VMS system.


The first phase of drilling, completed in mid-November, 2010, outlined a
significant mineralized zone extending several hundred meters along strike, and
at least 300 meters down dip. The drilling yielded gold values of up to 19.7 g/t
over 1.2 meters, silver values of up to 388 g/t over 0.8 meters, and combined
zinc and lead values of up to 6.64% over 0.5 meters with 226 g/t silver in the
same interval. The central trend of the mineralized zone, which has been
intersected by 8 holes, has shown true widths averaging 4.6 meters, has returned
gold grades averaging 2.9 g/t, silver grades averaging 81 g/t, and combined base
metals values averaging 1.06%.


"The Gouda Lake Project will be one of several projects that we intend to focus
on in 2011 and will be our main focus for the first few months of 2011. We are
looking forward to advancing this project to bring it to a resource status" said
Chris Dougherty, President of MetalCorp.


"The objective of the second phase of drilling is to track out the central,
higher-grade and thicker core of the main mineralized zone down dip. In
addition, we intend to confirm its bounds, including near where it comes to
surface at its southern end. Furthermore, several holes may be drilled to test
other targets in the immediate area, including a pyrrhotite-rich part of the
Gouda Lake horizon east of the central zone, which yielded 4.4 g/t gold and 34
g/t silver across 3.5 meters, and included a 1.3 meter interval that assayed at
9.1 g/t gold and 14 g/t silver. With the successful completion of the second
campaign, we will assess whether a third campaign in the summer should be
undertaken to complete any necessary infill drilling on the central core, with
the aim of satisfying the requirements of a 43-101 resource estimate." stated
Dougherty.


The second phase of drilling will commence before the end of January, 2011, with
an anticipated completion date of mid-March. Later in the winter, MetalCorp also
plans to extend its cut grid to the north, northwest and east, to establish
control for further planned geophysical surveys.


The results from the Phase 1 campaign can be viewed on our website at
www.metalcorp.ca.


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. To find out more about
MetalCorp visit its website at www.metalcorp.ca.


Except for statements of historical fact contained herein, information in this
press release may constitute "forward-looking information" within the meaning of
Canadian securities laws. Other than statements of historical fact, all
statements that involve various known and unknown risks, uncertainties and other
factors are "forward-looking statements". 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 news
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 intention or obligation to
update publicly any forward-looking information, whether as a result of new
information, future events or otherwise. Historical results mentioned in this
press release are not NI 43-101 compliant and should not be relied upon.

MetalCorp (TSXV:MTC)
Historical Stock Chart
From Jun 2024 to Jul 2024

MetalCorp (TSXV:MTC)
Historical Stock Chart
From Jul 2023 to Jul 2024