MetalCORP; 100% Ownership in High Grade Molybdenum (Mo) - Silver (Ag) Project in Ontario
THUNDER BAY, ON, April 16 /CNW/ - MetalCORP Limited (MTC : TSXV) is
pleased to announce that it has identified, through research, a significant
molybdenum (Mo) - silver (Ag) project on the western end of the Big Lake
property, 10km from the new Copper-Zinc-Silver-Gold-Cobalt discovery known as
the BL14 Zone. The 100% owned property, located 20 km south west of the Hemlo
gold mines in northwestern Ontario, is called the Playter Moly-Silver Project
where grab samples have yielded up to 5.36% Mo and 112.0 gpt Ag.
The Mo-Ag is hosted in a quartz vein up to 9.0 metres wide (average 4.0m)
and has been traced by drilling for 500 metres. Quartz veining has been noted
by prospecting for a total of 1200 metres associated with a granodiorite
porphyry. A total of 20 drill holes were completed by Citadel Mines and Galex
Mines from 1969 - 71 testing the vein down to the 90 metre level. All holes
intersected the Mo bearing quartz vein with the best intersection being
0.26% Mo over 27.0 feet (8.2 metres). The Moly vein has not been drill tested
since the early 70's and never had previous reporting of silver values. A
visit of the area by Ontario's Geological Survey (OGS) in 1988 described the
occurrence as a 6.0 metre wide crack-seal quartz vein exposed in trenches for
in excess of 400 metres. Two (2) grab samples consisting of quartz with seams
of molybdenite, chalcopyrite, pyrite and galena mineralization taken by the
OGS geologist were sent for analyses and yielded 5.36% Mo and 1.27% Mo
respectively. (source: Resident Geologist, Ministry of Northern Development
and Mines Assessment Files, Thunder Bay; The historical assays have not been
verified and, as such, should not be relied upon). A map showing the location
and photos of the Mo-Ag bearing quartz vein can be seen at the Company website
at www.metalcorp.ca.
Recent grab sampling by MetalCORP has also shown this large quartz vein
to contain silver (Ag) with a value up to 112.0 grams per tonne or 3.3 ounces
per ton. These large planar quartz vein systems are common in the Canadian
Shield as evidenced by the numerous gold-bearing quartz vein systems in the
established mining camps such as Red Lake, Timmins, Kirkland Lake and Val
d'Or. They have been Canada's most important gold producers and tend to have a
much greater length and depth than width.
As part of the drill program to continue defining the BL14
Copper-Zinc-Silver-Gold-Cobalt VMS discovery further to the east, MetalCORP
plans to immediately drill test this large Mo-Ag bearing quartz vein down to
the 150 metre and 200 metre levels.
Molybdenum is used as an alloying agent in steel to enhance strength and
resistance to wear and corrosion. It is also used in lubricants developed for
high temperature and pressure applications. There are no known substitutes for
Molybdenum's unique properties which is used in most of the present day
super-alloys. The price of Molybdenum oxide has gone from $3/lb to $30/lb over
the last couple of years due to the strong demand and short supply.
The Playter Moly-Silver Project is under the supervision of Aubrey
Eveleigh, P.Geo. (QP - NI43-101). MetalCORP samples are sent to ALS Chemex
Labs for analysis by ICP-AES.
MetalCORP has 44,091,636 common shares outstanding and approximately
$14,000,000 in cash and no debt. The statements used in this Press Release may
contain forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially from the
Company's forward-looking statements and expectations. The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
release.
%SEDAR: 00002399E
For further information: Mr. Aubrey Eveleigh, P.Geo, COO & VP
Exploration, Tel (807) 346-2760 or Dan Courtney, Director of Investor
Relations, (807) 346-2767
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