MetalCorp Starts Drilling Program at Polymetallic North Rock
August 03 2017 - 4:50PM
MetalCorp Limited (“MetalCorp”, “MTC” or the “Company”) (TSXV:MTC)
is pleased to announce that it has started drilling in its
previously announced exploration program at its polymetallic North
Rock Project near Fort Frances in northwestern Ontario (see News
Release dated June 29, 2017). The exploration program is
planned to be comprised of six drill holes (aggregating up to 2,000
meters) in the Beaver Pond, East Zone and Belacoma zones. The
program is designed to test for additional occurrences of cobalt,
platinum/palladium, copper and nickel.
To fund the exploration work, the Company is
pursuing a non-brokered private placement of up to 5,000,000
flow-through shares at $0.05 per share for gross proceeds of up to
$250,000. The Company has completed its first tranche of the
financing with gross proceeds of $140,000 and also has the ability
to rely on a strong treasury derived from some significant property
sales and options over the past few years.
North Rock Property, a highly prospective
Copper-Nickel-PGE property formerly held by Noranda, contains a
historical estimate of 1 Million tons at 1.2% Cu (Bergman 1973),
and underground work that delineated two copper zones of 3.59% Cu
over 30m and 3.51% Cu over 55m (The historical estimate pre-dates
National Instrument 43-101 and no category of resource was
stated. A qualified person has not done sufficient work to
classify the historical estimate as current mineral
resources. Confirmatory drilling, assay analysis and
computation by a Qualified Person (within the meaning of National
Instrument 43-101) would be required to determine and categorize
the mineral resources. MetalCorp is not treating the
historical estimate as current mineral resources. However,
the historical estimate provides a good basis for focusing and
developing an exploration program for the Project.).
The Company’s prior exploration efforts on this
property yielded compelling results from drilling programs,
including drill hole NR06-20 which intersected 3.7
metres (2.5m true width) grading 12.2 g/t platinum
(Pt), 0.1 g/t palladium (Pd), 0.1 g/t gold (Au), 0.6% copper (Cu)
and 0.2% nickel (Ni). The entire zone assayed 1.7 g/t Pt, 0.1
g/t Pd, 0.1 g/t Au, 0.7% Cu and 0.1% Ni over 28.5m (19.3 m true
width) from 147.4 to 175.9.(see March 6 and April 19, 2006
news releases). Of note is that drill hole NR07-040
intersected 0.8% cobalt (Co) over 0.5
metre. Another drill hole testing the Beaver Pond
Zone intersected 4.0 g/t Pd, 0.3 g/t Pt, 1.0% Cu, and 0.4%
Ni over 3.8 metres (true width unknown) (see March 27,
2008 news release).
John Corkery, MSc, (formerly North American
Palladium, Stillwater Mining Company) will direct and manage the
exploration program at North Rock with participation by Mitch
Dumoulin (formerly Goldcorp), P. Geo. Mitch Dumoulin, a
Qualified Person, has reviewed and approved the technical
information of this news release.
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.
For further information, please contact:Pierre
Gagné, DirectorPhone: (807) 626-3621info@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, MetalCorp 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.
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