MetalCORP Reports Drill Results of up to 19.7 g/t Au and 11.4 g/t Au as Drilling Continues
November 11 2010 - 10:27AM
Marketwired
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
------------------------------------------------------- TRUE
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
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