MetalCorp Limited (TSX VENTURE:MTC) has announced that ongoing drilling at its 100%-owned Gouda Lake Zone continues to yield very positive results.
With the first phase of drilling nearing completion, assays have been received for 19 of the first 20 holes in a 30-hole program. Work completed to date has given MetalCorp insights into the nature of the mineralizing system, and has returned a number of excellent intersections centered on a gently northerly plunging zone.
"Through this, our first drill campaign at Gouda, we have come to the conclusion that the mineralizing system is a VMS-style system, with very significant gold and silver content combined with some significant base metal grades, " stated Chris Dougherty, President of MetalCorp.
"The best intersection in this group of assays is a 1.2 meter interval in hole 20 which returned 19.7 g/t Au, 155 g/t Ag, and 1.05% Zn, and the mineralized zone in that hole has a true width of over 4 meters. However, we also have intersections of over one meter which returned 11.4 g/t and 9.2 g/t, as well as silver intersections of up to 388 g/t over 0.8 meters, and zinc assays as high as 4.34%." Dougherty stated.
The mineralized zone has been intersected in every hole in the campaign and has been tested for over 500 meters along strike and over 200 meters down-dip. Gold intersections in the thicker and higher-grade "core zone" that MetalCorp has been tracing northerly average 4.65 g/t gold, 129 g/t silver, with 0.84% zinc across 5.6 meters true width.
The core of the mineralized zone remains open along strike and at depth and, when all results have been returned and analyzed, MetalCorp plans to undertake a second phase of drilling this coming winter.
"We are very excited as a Company, as this is proving to be a very significant mineralized zone. It appears to be showing good continuity and has locally excellent grades. The geologic setting, while obscured somewhat by a strong metamorphic overprint, suggests strongly that the mineralizing system is of large extent, with plenty of scope for further exploration. As our initial drill program is nearing completion, we plan to leverage the knowledge we have gained and utilize it in further evaluating the Gouda Lake system in a larger second campaign.", 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 is a Qualified Person within the meaning of National Instrument 43-101.
Source: MetalCorp Limited