MetalCORP Discovers Several High Grade Molybdenum-MetalCORP Discovers Several High Grade Molybdenum-Rhenium Occurrences Over an Extensive Area on the Fearless Property
09:03 EDT Thursday, October 09, 2008
THUNDER BAY, ONTARIO--(Marketwire - Oct. 9, 2008) - MetalCORPLimited (TSX VENTURE:MTC) is pleased to announce assay results from itsrecently completed prospecting exploration program on the FearlessProperty. The 100% owned property (25,000 hectares) is located 20kmeast of the Playter Molybdenum - Rhenium deposit on the Big Lakeproperty or 350km east of Thunder Bay, Ontario.
This initial exploration work on the Fearless property resulted inthe discovery of several new Molybdenum (Mo) and Rhenium (Re) zonesoccurring in pegmatitic intrusive rocks up to several metres wide. Thefollowing significant assays were yielded from grab samples taken ofdifferent outcrop locations north of the Gouda Lake gold zone in alarge area measuring 1500m by 500m : #1 - 5.87% Mo & 15.2 g/t Re,#2 - 0.95% Mo & 1.7 g/t Re, #3 - 0.39% Mo & 1.9 g/t Re, #4 -0.28% Mo & 1.6 g/t Re, #5 - 0.11% Mo & 0.2 g/t Re and #6 -0.13% Mo & 0.2 g/t Re.
"These are very high grade Mo and Re values over an extensive areafrom grab samples of surface outcrops. It is important, at this point,to determine the full extent of the mineralization by carrying outadditional exploration in the form of trenching and drilling" commentedAubrey Eveleigh, Vice President, Exploration and Chief OperatingOfficer. "The Company is extremely pleased with these resultsconsidering the fact that it is a first phase exploration program.MetalCORP has established a Mo-Re deposit (Playter) on the Big Lakeproperty and now made additional discoveries of these key minerals atthe Fearless property. The Company believes it has discovered a regionthat is highly favourable for Mo-Re bearing deposits."
The Fearless property is adjacent to the Hemlo gold mine propertiesowned by Teck-Cominco, Barrick Gold and Newmont Mining. The giant Hemlogold deposit, located 2km west of the Fearless boundary, containedapproximately 100 Million tonnes @ 8.0 g/t Gold (Au) (approximately 23Million ounces of Au). A map showing the Hemlo, Fearless and Big Lakeproperties can be viewed on the Company website at www.metalcorp.caunder the Fearless property section. Exploration on the FearlessProperty is carried out under the supervision of Aubrey Eveleigh,P.Geo. (QP - NI43-101). MetalCORP samples are sent to ALS Chemex Labsfor analysis by ICP-AES.
Molybdenum is used as an alloying agent in steel to enhance strengthand resistance to wear and corrosion. It is also used in lubricantsdeveloped for high temperature and pressure applications. There are noknown substitutes for molybdenum's unique properties, which is used inmost of the present day super-alloys. The price of molybdenum oxide hasincreased from $3/lb to $35/lb over the last couple of years due to thestrong demand and short supply.
Rhenium is a rare metal with unique characteristics, including anultra-high melting point (3,186 degreesC), and is becoming a vital partof the aerospace industry. Demand for Rhenium continues to grow asenvironmentally friendly airplane engines become more popular. Themetal is mainly used in high temperature super-alloy turbine blades injet engines, land based gas powered turbines and petroleum-reformingPlatinum-Rhenium catalysts. Recently, the United States of AmericaDepartment of Defense has deemed Rhenium to be a strategic and criticalmineral because of its use in the high temperature jet engines used inthe stealth aircraft. The price of the rhenium has increased from$500/lb to $6000/lb in the last couple of years due to short supply andstrong demand.
MetalCORP is a mineral exploration company based in Thunder Bay,Ontario with mineral projects in the Canadian Shield of NorthernOntario, Canada, one of the most prolific mineral districts in theworld. The projects covering more than 35,000 hectares (86,000 acres)include the Big Lake copper-zinc property, the North Rock diamond andcopper-platinum property and the new Python nickel-copper-zincproperty. MetalCORP has 46,291,636 common shares outstanding andapproximately $2,800,000 in cash and no debt. To find out more aboutMetalCORP Limited (TSX VENTURE:MTC), visit our website atwww.metalcorp.ca. The statements used in this Press Release may containforward-looking statements that may involve a number of risks anduncertainties. Actual events or results could differ materially fromthe Company's forward-looking statements and expectations. The Companyassumes no obligation to update such forward -looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
MetalCORP Limited
Mr. Aubrey Eveleigh, P.Geo
COO & VP Exploration
(807) 346-2760
Website: www.metalcorp.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.