THUNDER BAY, ONTARIO--(Marketwire - May 17, 2011) - MetalCorp Limited ("MetalCorp" or the "Company") (News - Market indicators) is pleased to announce that the Company is moving ahead toward development of its 100% owned Big Lake copper-zinc-precious metal deposit.
The Big Lake deposit – more particularly, the BL 14 zone - was first identified in 2006 through a series of diamond drill hole intercepts, including hole 24 which assayed 7.5% copper (Cu), 2.2% zinc (Zn), 138.0 g/t silver (Ag) and 9.2 g/t gold (Au) over 4.0 metres. Drill hole 23, located approximately 200m northeast of hole 24 also intersected the BL14 Zone yielding assays of 3.7% Cu, 2.2% Zn, 81.0 g/t Ag and 1.5 g/t Au over 3.1 metres.
In late 2010, MetalCorp engaged P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, to complete a block model/mineralization estimate for internal purposes only. This was further updated in April 2011. Based on these models, MetalCorp completed an internal review of the project, and firmly believes that this project has the potential to be developed as a small producing mine which could net significant revenue for the Company.
In order to verify the internal work, MetalCorp plans to engage P&E to upgrade the mineralization estimate to NI 43-101 compliance. This will provide the basis of a Preliminary Economic Assessment to be completed by a third party consultant who will review the project concept and assess its economic viability. This work will take place through the summer of 2011.
Concurrently, MetalCorp will begin field work and consultations necessary to allow the project to move forward in an efficient manner.
"This project has the potential to be a milestone for our Company. If it proves to be economically viable as our internal reviews indicate, the Company could generate a significant revenue stream, allowing us to fund our exploration efforts for many years to come, and provide us with the financial wherewithal to seek out and acquire other advanced projects that are ready for development," says Chris Dougherty, President of MetalCorp.
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.
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