MetalCORP announces more discoveries

MetalCORP Limited is pleased to announce the discovery of additional Platinum Group Metal (PGM) and base metal mineralization on the North Rock Property, located 25 km east of Fort Frances.
This Phase 3 drill program was designed to test several airborne EM conductors over a 20-km strike length on the entire North Rock property.
Only one hole tested the Beaver Pond Zone and intersected 4.0 g/t Pd, 0.3 g/t Pt, 1.0 percent Cu, and 0.4 percent Ni over 3.8 metres (m) at a vertical depth of 430 metres.
These results represent the deepest intersection to date at this Platinum-Palladium zone.
Platinum Group Metal (PGM) mineralization was first discovered at the Beaver Pond Zone during the Phase 1 drill program in 2005.
The newly-discovered PGM zone was traced by drilling for roughly 500 metres along strike and to a vertical depth of 270 metres where it remained open.
Every drill hole targeting the Beaver Pond Zone during that program consistently intersected the PGM zone on the west side of the copper-nickel sulphide mineralization.
“Drilling has shown remarkable consistency of Platinum Group Metal mineralization over an extensive area on the North Rock property,” said Aubrey Eveleigh, MetalCORP’s COO and VP Exploration.
“The Platinum-Palladium mineralization remains open in all directions and given the strong market demand for these commodities, the property is a key asset in MetalCORP’s portfolio of properties,” Eveleigh added.
The best platinum mineralization intersected to date on the North Rock property was located 1.5 km along strike, northeast of the Beaver Pond Zone.
This platinum mineralization is called the East Zone, where drill hole 20 intersected 12.2 g/t Pt and 0.1 g/t Pd over 3.7 metres.
No holes were drilled during this Phase 3 program to test the East Zone, but are planned for a Phase 4 drill program in 2008.
It also is worth noting that no previous drilling has been carried out between the Beaver Pond Zone and the East Zone.
Drilling in the Belacoma area, about four km northeast of the Beaver Pond Zone, intersected platinum and palladium mineralization, as well.
In the last two years MetalCORP has now discovered Platinum Group Metal mineralization over a four-five km strike length extending from the Beaver Pond Zone to the Belacoma area.
Also, drilling under this program at the Belacoma area intersected a massive sulphide vein of cobaltite, which assayed a high grade of 0.5 percent Co, 0.1 percent Cu, and 0.1 percent Ni over 1.1 metres.
This was the first discovery of cobalt mineralization on the North Rock property and represents a new important target that will be explored in future drill programs.
Due to very strong demand and a low supply, cobalt prices recently have reached about $50 (U.S.)/lb.
A number of other drill holes were designed to test airborne EM conductors in the Belacoma and Nickel Lake areas. The majority were explained by pyrrhotite veins and/or sulphide iron formation.
The sulphide iron formation in the Nickel Lake area was found to be zinc-rich, with the best assay from hole #57 of 0.5 percent Zn over 19.6 metres.
MetalCORP will evaluate this area in the summer for potential VMS copper-zinc style mineralization.
The North Rock Property is underlain by the 20-km long Grassy Portage layered mafic intrusion, which is known to contain several magmatic copper-nickel sulphide deposits.
The North Rock property displays some of the classic Archean type mafic intrusion hosted Cu-Ni-PGM characteristics, but with a later hydrothermal overprint.
The Grassy Portage Intrusion is a cumulate layered complex with the base metal deposits situated in paleo-depressions at the basal portion of the body with platinum mineralization apparently concentrated at the contact with mafic and ultramafic volcanics and a fine grained gabbro.
The Platinum Group Metal mineralization at North Rock is unusual for Archean age Cu-Ni-PGM systems in that, in most cases, it has a relatively high ratio of platinum to palladium.
MetalCORP also recently announced a new diamond discovery on the North Rock property. The company presently is in discussions with several potential joint venture partners to further advance the exploration for diamonds on the Property.
The North Rock drilling program is being carried out under the supervision of Michel Dumoulin, P.Geo. Core is split and sent to ALS Chemex Labs for analysis by ICP-AES.
MetalCORP routinely introduces standards and blanks into the sample stream.
MetalCORP is a mineral exploration company based in Thunder Bay, with base metal and gold projects in the Canadian Shield of Northern Ontario, one of the most prolific mineral districts in the world.
The projects, with an area of more than 65,000 acres, include the Big Lake copper-zinc-silver-gold property, the North Rock copper-nickel-platinum property, the new Python nickel-copper-zinc property, and the new Fearless gold property—all of which are under active exploration.
MetalCORP’s four gold projects, with a claim area of more than 20,000 acres, include the Dorset, Pickle Lake, Black Bear, and Keezhik Lake properties.