metalcorp's updates looking wonderfulTHUNDER BAY— 13 October 2004 -- MetalCORP Limited (TSX-V:MTC) is pleased to provide an update on its exploration projects in Northwestern Ontario.
Red Lake Gold Camp
A program of geological mapping, prospecting and sampling is continuing on the Black Bear gold property to follow-up on the two (2) gold bearing zones discovered in the spring drill program and to identify structures from highly prospective geophysical trends to determine their potential to host gold mineralization. Also, a Mobile Metal Ion (MMI) survey is under way to determine potential areas of gold mineralization where overburden is too thick to determine the underlying bedrock type. A future drilling program in the coming months will target zones of mineralization and prospective geophysical targets identified during this program. The Black Bear exploration program is funded by Goldcorp Inc. (TSX:G) under an agreement whereby Goldcorp can earn a 50% interest in the property by spending $1.8 million over four (4) years.
Pickle Lake Gold Camp
MetalCORP announced on August 10, 2004 the discovery of new gold occurrences on the 100% owned Connell Property in the Pickle Lake area. The showing, called the Jigger, yielded a value from a grab sample of 95.63 g/t Au. Subsequent follow-up grab sampling yielded 19.58, 21.04, 29.32, 40.68, 62.65, 83.73 g/ton Au. The samples have been described as quartz-carbonate veining within a strongly sheared (quartz-carbonate-sericite schist) zone containing trace to 2% pyrite. Visible gold has been noted. The shear zone is a minimum of 50 metres wide and a minimum of 600 metres in strike length located within an airborne magnetic low anomaly. This zone has never been drilled.
MetalCORP exposed more of the shear zone using a backhoe and is presently channel sampling to reveal a more representative grade of this newly discovered gold zone. Visible gold has been noted in some of the channel samples with assays expected within the next two weeks. The company plans to drill this new gold zone during the winter months.
MetalCORP is currently presenting the Pickle Lake project results to several major gold mining companies with the intention of securing a suitable partner to assist in exploring the property further.
Big Lake Cu-Ni Project
A Phase 1 drill program to test nine (9) targets with twelve (12) drill holes totaling approximately 3000 metres will be completed within a few days. Assays for all holes should be received by the end of October. The company is very encouraged by the sulphide mineralization noted in several drill holes associated with the mafic-ultramafic intrusion. A program of down-hole pulse EM is presently being planned for these holes with a follow-up phase 2 drill program scheduled for this winter.
The programs are being carried out under the supervision of Allan MacTavish, P.Geo. (QP – NI43-101).
MetalCORP Limited is a mineral exploration and development company based in Thunder Bay, Ontario with 23,345,996 common shares outstanding. For further information contact: Mr. Aubrey Eveleigh, P.Geo, VP Exploration, Telephone: (807) 346-2760, Fax: (807) 346-2769. www.metalcorp.ca.
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