Dec 3 2010
MetalCorp Limited (TSX VENTURE:MTC) has completed the first phase of drilling at the Gouda Lake Zone on its 100% owned Hemlo East property, which lies 13 km ESE of Barrick's Hemlo Mine.
Results from the final 7 holes of the 29 hole program demonstrate that the mineralization represents a significant new precious metals-rich VMS-style zone.
"We are very pleased with the results of the drilling program - it has exceeded all of our expectations. Based on the historical data, we initiated this effort hoping to prove up and perhaps expand slightly, a localized gold deposit of modest grade and tonnage. Instead, we have encountered what appears to be a VMS- style system with good continuity, with a strike length of several hundred meters, and with a downdip length of more than 200 meters. Given the established extent of the related alteration, this find has the potential to be very large" says Chris Dougherty, President of MetalCorp.
"Our information casts a new light on historical data which indicates that the same system was intercepted nearly 1200 meters north of our initial fence of drill holes. That work confirmed gold values in excess of 1 g/t, but did not assay for silver or base metals. This has us very excited indeed, and we are now planning a second phase of drilling, to begin early in the New Year."
The best results from the final group of holes include a 1.5 meter (true width) intercept which returned 11.2 g/t gold, 200 g/t silver, and over 1% combined zinc and lead; this was part of a 6 meter intercept which grades 3.83 g/t gold, 91 g/t silver, and 0.83% combined zinc and lead.
"We have every reason to believe that this system will continue to expand in size. The intent of the second phase of drilling is to track the higher-grade core of the mineralized trend northward with the drill, as well as to test new targets nearby." stated Dougherty.
Amongst the nearby targets is a 9.1 g/t gold intercept from hole HEGZ10-10, which lies approximately 200 m east of the main trend. The mineralization in hole 10, which was part of an 3.48m thick (true width) sulphide-rich interval averaging 4.41 g/t gold and 33.2 g/t silver, may represent a second mineralized trend.
"The Gouda Lake Zone is going to be one of our main focuses going forward, and we are excited about undertaking the 2nd phase of drilling," concluded Dougherty.
MetalCorp's exploration programs are carried out under the supervision of Charles Greig, P. Geo., who is the Qualified Person for the information contained in this press release and who is a Qualified Person within the meaning of National Instrument 43-101.