MetalCORP Identifies Several High Priority Drill Targets From Titan 24 Geophysical Survey Over BL14 Copper-Zinc Deposit at Big Lake Property, Marathon
Thu Mar 26, 10:08 AM
ca.news.finance.yahoo.com
THUNDER BAY, ONTARIO--(Marketwire - March 26, 2009) - MetalCORP Limited (TSX VENTURE: MTC.V) is pleased to announce results from a Titan 24 Geophysical Survey on its 100% owned Copper-Zinc deposit, called the BL14, located on the Big Lake property 10km southeast of Marathon or 10km southwest of the Hemlo gold mines, Ontario. The program, carried out by Quantec Geoscience Ltd. was designed to penetrate deeper than conventional surveys and therefore beyond the depths of drilling completed to date on the BL14 VMS deposit. The Titan 24 system records three different types of geophysical information called DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity) with the benefits of multi-parameter data and increased data accuracy and density. A total of '21 high priority' geophysical targets were identified by Quantec and are now being interpreted in the context of geology and structure to allow for drilling at a later date.
"The results from Titan 24 geophysical survey have helped locate several drill targets, including a very important anomaly down-plunge from the known Cu-Zn deposit. Given the discovery of two (2) massive sulphide Cu-Zn lenses to date, the prospects for locating others remains very good," commented Aubrey Eveleigh, Vice President Exploration and Chief Operating Officer. "The latest geophysical results on the Big Lake property have not only provided evidence of the possible continuity of the BL14 Cu-Zn deposit, but will also help in resolving managements understanding of the detailed geology of the deposit. Significantly, this latest program shows the BL14 Cu-Zn zone to have considerable potential for expansion."
The BL14 discovery drill hole intersected 4.0m of high grade mineralization assaying 7.5% Cu, 2.2% Zn, 138.0 g/t Ag and 9.2 g/t Au. To date, MetalCORP has identified two (2) high grade copper-zinc massive sulphide lenses with associated stringer mineralization measuring 300m in strike length by 250m deep and approximately 3.0m wide. Volcanogenic Massive Sulphide (VMS) type deposits (lenses) tend to occur in clusters of ten (10) or more as noted from the base metal mining camps of Canada and the rest of the World. The average size of a typical VMS copper-zinc deposit in the world is approximately 10 million tonnes.
The BL14 Zone displays many characteristics of a VMS mineralizing zone but with unusually high grade copper, silver, gold and cobalt content. The zone resembles a high temperature Cu-Ag-Au rich VMS stringer or feeder zone. The footwall to the BL14 mineralized zone is composed of strongly chloritized and biotitized metavolcanics. All holes have intersected varying amounts of chalcopyrite, sphalerite and pyrrhotite hosted by an intensely hydrothermally altered package of mafic metavolcanic rocks and associated interflow clastic metasedimentary rocks with deformed bands of chert.
The Big Lake program is being carried out under the supervision of Aubrey Eveleigh, P.Geo (QP - NI43-101). MetalCORP has 49,223,302 common shares outstanding and approximately $1,800,000 in cash and no debt. To find out more about MetalCORP Limited (TSX VENTURE: MTC.V), visit our website at www.metalcorp.ca. 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.
Contacts
Mr. Aubrey Eveleigh, P.Geo
MetalCORP Limited
COO & VP Exploration
Tel (807) 346-2760
Website: www.metalcorp.ca |
