High-Priority Coincident Anomalies Returned on Both Properties - Follow-Up Surveys Underway and Drill Campaign Planned for New Year
THUNDER BAY, ONTARIO -- (Marketwire) -- 11/30/10 -- MetalCorp Limited ('MetalCorp' or the 'Company') (TSX VENTURE: MTC) has completed a review of the results of its combined geophysical and geochemical surveys on the Connell and North Tarp sections of its 100% owned Pickle Lake property, which lies immediately north of Pickle Lake, Ontario, and on its Black Bear Property, near Red Lake, Ontario. The Company has initiated follow-up surveys in both areas.
At Pickle Lake, geochemical work (Mobile Metal Ion (MMI)) sampling on the Connell and North Tarp grids, which lie near opposite ends of MetalCorp's extensive property package, highlighted a number of large-scale multi-element geochemical anomalies. A number of these coincide with chargeability and magnetometer highs outlined in Induced Polarization (IP) and Magnetometer (Mag) work completed by MetalCorp on the same grids this past fall. In order to fully outline and better define several of the anomalies, MetalCorp is extending the North Tarp grid by a further 30 to 40 line-kilometers. Further geophysical surveying (IP and Mag) will be completed on the new grid lines prior to drilling this winter.
In the Red Lake area, combined MMI, IP, and Mag surveys on MetalCorp's Black Bear Property, which lies astride the well-mineralized East Bay Deformation Zone, in an area between the 'Gaz Zone' of Goldcorp and Premier Gold, and the Sidace Lake play of Goldcorp and Planet Exploration, have yielded a number of coincident multi-element geochemical and geophysical anomalies. At Black Bear, the anomalies highlight at least three areas of potential precious and/or base metals mineralization. MetalCorp has already completed the fieldwork on a higher definition (25m x 25m grid) follow-up MMI survey on the highest priority anomalies, and is now awaiting receipt of the interpretive report. Once received, the results will be compiled with the results of the geophysical surveys, so that the Company can plan its next steps in exploration, which will include diamond drill-testing.
'The work committed to by MetalCorp on these properties is beginning to yield positive results. We now have a very strong basis on which to expand that work, and move toward confident drill testing of both properties' stated Chris Dougherty, President of MetalCorp.
'We are looking forward to continuing our work on the Pickle and Red Lake properties, and have begun planning for the drill campaigns.' 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
