We are alive!!
THUNDER BAY, ON, Aug 31, 2004 (Canada NewsWire via COMTEX) --
MetalCORP Limited (TSX-V:MTC) is pleased to announce that it has acquired 100% interest, by staking, in 96 claim units (3840 acres) covering four (4) gold occurrences. The property, called Keezhik Lake, is located approximately 100km east of Pickle Lake, Ontario in the geological boundary referred to as the Uchi Subprovince. The Uchi Subprovince contains the prolific gold mining camps of Red Lake and Pickle Lake where gold production has exceeded 25 million ounces to date. The Keezhik Lake property can be accessed by a winter road to within 10km or by fixed wing aircraft from Pickle Lake to the property.
A number of gold occurrences were discovered at Keezhik Lake by Noramco Exploration in the 1980's, but no further work has been carried out since then. Exploration drilling at that time yielded the following significant gold zones:
The KL-12 gold zone, which is feldspar porphyry hosted, contains hydrothermal alteration in the form of sericite, carbonate, potassium and silica with pervasive pyrite (2%) mineralization throughout. Trace amounts of molybenite, galena, scheelite and sphalerite have been noted with specks of visible gold associated with the galena. Drilling on the KL-12 yielded the following: 12.1 gpt Au over 2.8 metres, 7.0 gpt Au over 3.5 metres and 6.0 gpt Au over 3.1 metres.
The KL-18 gold zone is hosted by brecciated and silicified felsic 'blue-grey' pyroclastics with quartz-carbonate veining. The zone is often sheared with abundant arsenopyrite, pyrite, pyrrhotite, chalcopyrite, sphalerite, galena and molybdenite. Visible gold can be found in the core. Drilling on the KL-18 yielded the following: 16.3 gpt Au over 2.0 metres.
The KL-27 gold zone is hosted by banded iron formation. Gold mineralization is associated with quartz veining in pervasive fractures with minor amounts of arsenopyrite. Drilling on the KL-27 yielded the following: 13.3 gpt Au over 1.4 metres, 13.0 gpt Au over 1.5 metres and 12.0 gpt Au over 1.5 metres.
The Hansen gold zone is a gold bearing quartz vein associated with iron formation and a quartz feldspar porphyry. Trace amounts of pyrite, chalcopyrite and pyrrhotite are related to the gold mineralization. Channel samples yielded the following: 23.0 gpt Au over 0.7 metres, 13.7 gpt Au over 0.5 metres and 11.7 gpt Au over 1.8 metres.
The company plans to carry out further drilling on each of the zones to define the full extent of the gold mineralization.
The outlook for gold remains strong for the next few years. Based on this forecast, MetalCORP will continue to seek opportunities that meet market demand to enhance growth and shareholder value.
MetalCORP Limited is a mineral exploration and development company based in Thunder Bay, Ontario. The company has 23,395,992 common shares outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=7559
For further information: Mr. Aubrey Eveleigh, VP Exploration, Tel (807) 346-2760, www.metalcorp.ca
News release via Canada NewsWire, Toronto 416-863-9350
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