MetalCorp Plans Exploration Program at North Rock
THUNDER BAY, ONTARIO--(Marketwired - Jun 29, 2017) - MetalCorp Ltd. ("MetalCorp", "MTC" or the "Company") (TSX VENTURE:MTC) is pleased to announce its plans for an exploration program at its North Rock Project near Fort Frances in northwestern Ontario. The program comprises six drill holes (2,000 meters) in the Beaver Pond, East Zone and Belacoma zones. The program is designed to test for additional occurrences of platinum/palladium and cobalt. The Company expects to start drilling within the next upcoming weeks.
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 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 resource 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. A qualified person has not done sufficient work to classify the historical estimate as current 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 very 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 .02% 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 metres. 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.
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, MetalCorp 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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