19 of first 20 holes reporting. Silver grades of up to 388 g/t and Zinc of up to 4.3% also encountered. Second phase of drilling planned on what appears to be a precious metals-enriched VMS-style mineralizing system
THUNDER BAY, ONTARIO -- (Marketwire) -- 11/11/10 -- MetalCorp Limited ('MetalCorp' or the 'Company')(TSX VENTURE: MTC) is pleased to announce that ongoing drilling at its 100%-owned Gouda Lake Zone continues to yield very positive results.
With the first phase of drilling nearing completion, assays have been received for 19 of the first 20 holes in a 30-hole program. Work completed to date has given MetalCorp insights into the nature of the mineralizing system, and has returned a number of excellent intersections centered on a gently northerly plunging zone.
'Through this, our first drill campaign at Gouda, we have come to the conclusion that the mineralizing system is a VMS-style system, with very significant gold and silver content combined with some significant base metal grades, ' stated Chris Dougherty, President of MetalCorp.
'The best intersection in this group of assays is a 1.2 meter interval in hole 20 which returned 19.7 g/t Au, 155 g/t Ag, and 1.05% Zn, and the mineralized zone in that hole has a true width of over 4 meters. However, we also have intersections of over one meter which returned 11.4 g/t and 9.2 g/t, as well as silver intersections of up to 388 g/t over 0.8 meters, and zinc assays as high as 4.34%.' Dougherty stated.
The mineralized zone has been intersected in every hole in the campaign and has been tested for over 500 meters along strike and over 200 meters down-dip. Gold intersections in the thicker and higher-grade 'core zone' that MetalCorp has been tracing northerly average 4.65 g/t gold, 129 g/t silver, with 0.84% zinc across 5.6 meters true width.
The core of the mineralized zone remains open along strike and at depth and, when all results have been returned and analyzed, MetalCorp plans to undertake a second phase of drilling this coming winter.
Assay results from drill holes HEGZ10-20 through HEGZ10-04 are set out below:
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BEST RESULTS FROM EACH DRILL HOLE
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HOLE INTERVAL ASSAYED GRADES
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FROM TO AU AG CU PB ZN WIDTH
m m g/t g/t % % % m
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HEGZ10-20 119.4 120.9 2.38 82.10 0.00 0.00 0.83 1.34
120.9 122.4 2.47 82.00 0.00 0.14 1.03 1.34
122.4 123.9 11.40 253.00 0.00 0.00 0.43 1.34
123.9 125 4.43 171.00 0.00 0.17 1.68 0.98
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AVERAGE 119.4 125 4.65 129.47 0.00 0.06 0.84 5.60
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HEGZ10-19 108.86 110.04 0.25 34.30 0.00 0.18 2.37 1.15
110.04 110.54 0.81 226.00 0.00 2.30 4.34 0.49
111.41 112.23 0.25 50.10 0.00 0.40 3.08 0.80
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AVERAGE 108.86 112.23 0.26 56.25 0.00 0.49 2.17 3.37
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HEGZ10-17 75.8 76.2 1.11 75.30 0.00 0.23 1.44 0.40
79.25 80.24 0.94 27.40 0.00 0.00 0.00 0.99
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AVERAGE 75.8 80.24 0.31 12.89 0.00 0.02 0.13 4.44
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HEGZ10-16 75 76.5 19.70 155.00 0.16 0.00 1.05 1.19
80 81.5 1.57 22.80 0.00 0.00 0.00 1.43
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AVERAGE 75 81.5 3.95 33.39 0.03 0.00 0.19 6.50
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HEGZ10-15 85.05 86.02 1.50 56.80 0.00 0.00 1.15 0.86
86.02 86.85 1.90 72.80 0.00 0.00 1.43 0.74
86.85 87.84 6.23 105.00 0.00 0.00 2.00 0.88
87.84 88.69 2.15 204.00 1.36 0.15 1.45 0.76
88.69 90.06 0.17 72.90 0.00 0.00 0.00 1.22
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AVERAGE 85.05 90.06 2.25 98.35 0.23 0.03 1.10 4.46
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HEGZ10-14 79.45 80.25 2.22 388.00 0.11 0.44 1.37 0.76
80.25 82 0.43 49.60 0.00 0.00 0.54 1.66
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AVERAGE 79.45 82 0.99 155.76 0.03 0.14 0.80 2.43
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HEGZ10-13 58.2 59.5 1.68 39.70 0.00 0.00 0.89 1.12
59.5 60.7 0.41 40.50 0.00 0.14 0.17 1.11
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AVERAGE 58.2 60.7 1.05 40.10 0.00 0.07 0.53 2.24
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HEGZ10-12 NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT
HEGZ10-11 NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT
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HEGZ10-10 51.5 52.9 9.11 13.40 0.00 0.00 0.00 1.33
52.9 54.1 0.12 48.10 0.00 0.00 0.14 1.15
54.1 55.2 3.07 42.40 0.00 0.00 0.00 1.00
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AVERAGE 51.5 55.2 4.41 33.19 0.00 0.00 0.05 3.48
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HEGZ10-09 NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT
HEGZ10-08 NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT
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HEGZ10-07 77.2 78.5 0.62 59.40 0.00 0.20 1.77 1.21
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78.5 79.9 0.95 65.70 0.00 0.20 0.83 1.35
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AVERAGE 77.2 79.9 0.79 62.72 0.00 0.20 1.27 2.56
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HEGZ10-06 80 80.8 0.37 47.10 0.00 0.00 0.01 0.71
80.8 81.44 0.38 38.40 0.00 0.00 0.00 0.57
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AVERAGE 80 81.44 0.37 43.23 0.00 0.00 0.00 1.28
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HEGZ10-05 NO SIGNIFICANT RESULTS, BUT SULFIDE ZONE PRESENT
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HEGZ10-04 81.33 82 0.05 21.50 0.00 0.23 2.40 0.64
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'We are very excited as a Company, as this is proving to be a very significant mineralized zone. It appears to be showing good continuity and has locally excellent grades. The geologic setting, while obscured somewhat by a strong metamorphic overprint, suggests strongly that the mineralizing system is of large extent, with plenty of scope for further exploration. As our initial drill program is nearing completion, we plan to leverage the knowledge we have gained and utilize it in further evaluating the Gouda Lake system in a larger second campaign.', concluded Dougherty.
MetalCorp's exploration programs are carried out under the supervision of Charles Greig, P. Geo., who 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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.
Contacts:
MetalCorp Limited
Chris Dougherty, P.Eng.
President
(807) 683-1731
info@metalcorp.ca
www.metalcorp.ca
