October 9, 2008
MetalCORP Discovers Several High Grade Molybdenum-Rhenium Occurrences Over an Extensive Area on the Fearless Property
MetalCORP Limited (TSX VENTURE: MTC) is pleased to announce assay results from its recently completed prospecting exploration program on the Fearless Property. The 100% owned property (25,000 hectares) is located 20km east of the Playter Molybdenum - Rhenium deposit on the Big Lake property or 350km east of Thunder Bay, Ontario.
This initial exploration work on the Fearless property resulted in the discovery of several new Molybdenum (Mo) and Rhenium (Re) zones occurring in pegmatitic intrusive rocks up to several metres wide. The following significant assays were yielded from grab samples taken of different outcrop locations north of the Gouda Lake gold zone in a large area measuring 1500m by 500m : #1 - 5.87% Mo & 15.2 g/t Re, #2 - 0.95% Mo & 1.7 g/t Re, #3 - 0.39% Mo & 1.9 g/t Re, #4 - 0.28% Mo & 1.6 g/t Re, #5 - 0.11% Mo & 0.2 g/t Re and #6 - 0.13% Mo & 0.2 g/t Re."These are very high grade Mo and Re values over an extensive area from grab samples of surface outcrops. It is important, at this point, to determine the full extent of the mineralization by carrying out additional exploration in the form of trenching and drilling" commented Aubrey Eveleigh, Vice President, Exploration and Chief Operating Officer. "The Company is extremely pleased with these results considering the fact that it is a first phase exploration program. MetalCORP has established a Mo-Re deposit (Playter) on the Big Lake property and now made additional discoveries of these key minerals at the Fearless property. The Company believes it has discovered a region that is highly favourable for Mo-Re bearing deposits."
The Fearless property is adjacent to the Hemlo gold mine properties owned by Teck-Cominco, Barrick Gold and Newmont Mining. The giant Hemlo gold deposit, located 2km west of the Fearless boundary, contained approximately 100 Million tonnes @ 8.0 g/t Gold (Au) (approximately 23 Million ounces of Au). A map showing the Hemlo, Fearless and Big Lake properties can be viewed on the Company website at www.metalcorp.ca under the Fearless property section. Exploration on the Fearless Property is carried out under the supervision of Aubrey Eveleigh, P.Geo. (QP - NI43-101). MetalCORP samples are sent to ALS Chemex Labs for analysis by ICP-AES.
Molybdenum is used as an alloying agent in steel to enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure applications. There are no known substitutes for molybdenum's unique properties, which is used in most of the present day super-alloys. The price of molybdenum oxide has increased from $3/lb to $35/lb over the last couple of years due to the strong demand and short supply.
Rhenium is a rare metal with unique characteristics, including an ultra-high melting point (3,186 degreesC), and is becoming a vital part of the aerospace industry. Demand for Rhenium continues to grow as environmentally friendly airplane engines become more popular. The metal is mainly used in high temperature super-alloy turbine blades in jet engines, land based gas powered turbines and petroleum-reforming Platinum-Rhenium catalysts. Recently, the United States of America Department of Defense has deemed Rhenium to be a strategic and critical mineral because of its use in the high temperature jet engines used in the stealth aircraft. The price of the rhenium has increased from $500/lb to $6000/lb in the last couple of years due to short supply and strong demand.
MetalCORP is a mineral exploration company based in Thunder Bay, Ontario with mineral projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. The projects covering more than 35,000 hectares (86,000 acres) include the Big Lake copper-zinc property, the North Rock diamond and copper-platinum property and the new Python nickel-copper-zinc property. MetalCORP has 46,291,636 common shares outstanding and approximately $2,800,000 in cash and no debt. To find out more about MetalCORP Limited (TSX VENTURE: MTC), visit our website at www.metalcorp.ca. The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The Company assumes no obligation to update such forward -looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: MetalCORP Limited Mr. Aubrey Eveleigh, P.Geo COO & VP Exploration (807) 346-2760 Website: www.metalcorp.ca
SOURCE: MetalCORP Limited