THUNDER BAY, Ontario, Aug. 03, 2017 (GLOBE NEWSWIRE) -- 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.
